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(Health-NewsWire.Net, October 12, 2022 ) Global Industry Growth Boosting Factors:
# Increasing incidence of chronic diseases
# Technological advancements in API manufacturing
# Growing importance of generics
# Increasing uptake of biopharmaceuticals
# Growing adoption of AI-based tools for drug discovery
# Adoption of organ-on-chip models in drug development
# Focus on precision medicine
# Investments in real-world evidence by pharmaceutical companies
Global growth for the active pharmaceutical ingredient market is driven mainly by factors such as rising drug R&D, the increasing incidence of chronic diseases, the growing importance of generics, and the increasing uptake of biopharmaceuticals. On the other hand, unfavorable drug price control policies across various countries and high manufacturing costs are expected to restrain the growth of this market.
Global Market Segmentation:
Based on type, the active pharmaceutical ingredients market is segmented into innovative and generic APIs. The innovative APIs segment accounted for the largest share of the global active pharmaceutical ingredient market in 2019. Increased FDA approvals for new molecular entities, high price of innovative APIs as compared to the generic drugs, increased focus on R&D by the innovator API companies are the factors contributing towards the growth of the innovative APIs segment.
Expected Growth Rate:
The global active pharmaceutical ingredient market is projected to be growing at a healthy rate of 5.8% during the forecast period.
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Major Objectives of This Study:
# To define, describe, and forecast the global active pharmaceutical ingredients market based on the type, type of manufacturer, type of synthesis, type of drug, application and region.
# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, challenges, and opportunities).
# To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall active pharmaceutical ingredient market.
# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, Asia, and Rest of the World.
# To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies.
# To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements, partnerships, and R&D activities in the active pharmaceutical ingredient market.
On the basis of application, the active pharmaceutical ingredients market is segmented into communicable diseases, oncology, cardiovascular diseases, diabetes, pain management, chronic respiratory diseases, and other therapeutic application. neurology, immunology, hematology, critical care, pulmonology, hemato-oncology, rheumatology, and other applications. In 2019, the oncology segment is expected to register the highest CAGR during the forecast period. Growth in this market segment is driven by the increasing demand for highly potent APIs (HPAPIs) for the treatment of cancer.
Covid-19 Impact on the Active Pharmaceutical Ingredient Market
With the WHO declaring the COVID-19 outbreak a pandemic, a mix of established pharmaceutical and biopharmaceutical companies, as well as small startups, have stepped forward to develop treatments that target the infection. In just a few weeks, scientists found a list of molecules that target COVID-19. Currently, around 155 molecules are under clinical investigation, and 45 molecules are under preclinical development to be targeted against COVID-19.
In this list, there are four promising drugs (Remdesivir, Chloroquine & Hydroxychloroquine, Lopinavir & Ritonavir, and Lopinavir with Ritonavir plus Interferon beta-1a) that have been repurposed for use against COVID-19. On March 24, 2020, the WHO announced that it had initiated a global mega trial of the four most promising drugs against COVID-19. Countries are in a global race to develop and mass-produce an efficient vaccine to fight COVID-19. The economic and social burden of pandemics has prompted government bodies to increase funding for vaccine development on a global scale.
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Key Developments, Globally:
# In 2020, Pfizer (US) signed a multiyear agreement with Gilead Sciences to manufacture and supply Gilead’s antiviral drug (Remdesivir) for the treatment of COVID-19.
# In 2020, Novartis (Switzerland) acquired Aspen’s Japanese operations to strengthen its position in the global generics and off-patent medicines market. Novartis also entered into a manufacturing and supply agreement with Aspen.
# In April 2020, Boehringer Ingelheim (Germany) acquired Northern Biologics, which focuses on therapeutic antibodies targeting the tumor microenvironment. This acquisition broadened Boehringer Ingelheim’s oncology product portfolio.
Geographical Growth Dynamics:
The global active pharmaceutical ingredient market is segmented into North America, Europe, Asia, Latin America, and Rest of the World. In 2019, North America accounted for the largest share of the active pharmaceutical ingredients market, followed by Europe and the Asia. The large share of North America in the global active pharmaceutical ingredient market is attributed to the growing incidence of preventable chronic diseases, increasing government focus on generic drugs, rising demand for biologics and specialty drugs, and technological advancements in the manufacturing processes of APIs.
However, the market in the Asia is expected to grow at the highest CAGR during the forecast period. This can be attributed to the low manufacturing costs, growth in the increase in disposable income, the high prevalence of lifestyle- and age-related diseases, and government efforts to reform healthcare industry.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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