(MENAFN- GetNews) Active Pharmaceutical Ingredients Market Analysis By Manufacturing Process (Captive Manufacturing and Contract Manufacturing), Type of Synthesis (Synthetic and Biotech), API Formulation (Generic API and Branded/Innovative API), Application (Cardiovascular Disease, Oncology, Neurological Disorders, Orthopedic Disorders, Respiratory, Gastrointestinal Disorders, Urology), Molecules and Region - Forecast till 2023
The Global Active Pharmaceutical Ingredients Market is expected to exhibit a strong 4.96% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The report studies the global active pharmaceutical ingredients market in detail to understand the market's historical growth trajectory and furthermore makes projections about the market's likely growth trajectory over the forecast period from 2018 to 2023. Key drivers and restraints affecting the global active pharmaceutical ingredients market are profiled in detail in the report.
Active pharmaceutical ingredients (APIs) are the core of any pharmaceutical formulation and comprise the part of the formulation that tackles the respective disease. As a result, active pharmaceutical ingredients are among the most valued and studied components of the pharmaceutical sector and are researched extensively in order to bring about steady drug development in various fields. The growing prevalence of various major diseases has led to a growing demand for new active pharmaceutical ingredients, which is likely to be a major driver for the global active pharmaceutical ingredients market. Capacity expansion as well as research and development into the development of new APIs are likely to be promising avenues for major players in the active pharmaceutical ingredients market over the forecast period. The increasing importance of generics across the healthcare sector is also likely to be a major driver for the active pharmaceutical ingredients market over the forecast period.
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The increasing interest in biopharmaceuticals is likely to be a key driver for the global active pharmaceutical ingredients market over the forecast period. Due to the increasing interest in biologically based, natural remedies, the biopharmaceuticals market has grown by leaps and bounds. Consumers widely prefer biopharmaceuticals to conventional pharmaceutical products, as the former represent safer formulations with less side effects. This is likely to be a key feature in the global active pharmaceutical ingredients market over the forecast period.
Competitive Analysis:
Leading players in the global active pharmaceutical ingredients market include Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Novartis AG, GSK plc, Boehringer Ingelheim GmbH, Merck & Co. Inc., Bayer AG, Abbott, Pfizer Inc., F. Hoffman-La Roche Ltd., and Sanofi SA.
In October 2019, Novartis announced plans to outsource API supply from its Ringaskiddy campus in Ireland, cutting 320 jobs in the process.
In September 2016, Pfizer Inc. completed the acquisition of Medivation Inc., expanding its capacity in the anti-infective segment.
In June 2015, Merck and Moderna announced a strategic collaboration to develop novel mRNA-based cancer vaccines for treating a number of cancers.
Segmentation:
The global active pharmaceutical ingredients market is segmented on the basis of manufacturing process, type of synthesis, API formulation, application, molecule type, and region.
By manufacturing process, the global active pharmaceutical ingredients market is bifurcated into captive and contract manufacturing.
By type of synthesis, the global active pharmaceutical ingredients market is segmented into synthetic and biotech. The biotech synthesis segment is further sub-segmented into monoclonal antibodies, recombinant proteins, vaccines, and others.
By API formulation, the global active pharmaceutical ingredients market is segmented into generic and branded/innovative.
By application, the global active pharmaceutical ingredients market is segmented into cardiovascular diseases, oncology, neurological disorders, orthopedic disorders, respiratory disorders, gastrointestinal disorders, urology, and others. The cardiovascular disease segment holds the largest share in the global active pharmaceutical ingredients market and is likely to remain the leading revenue generator over the forecast period due to the growing demand for effective cardiovascular drug formulations. The growing prevalence of cardiovascular diseases in developed regions is also likely to be a major driver for the segment over the forecast period.
Based on molecule type, the global active pharmaceutical ingredients market is segmented into small molecule and large molecule.
Regional Analysis:
The Americas is expected to be the dominant regional market for active pharmaceutical ingredients market over the forecast period, followed by Europe. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period.
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