Market Research Report
Active Pharmaceutical Ingredient Market Research Report: By Type of Manufacturer, Type, Type of Synthesis, Type of Drug, Therapeutic Application, Distribution Channel - Global Industry Revenue Estimation to 2030
|Active Pharmaceutical Ingredient Market Research Report: By Type of Manufacturer, Type, Type of Synthesis, Type of Drug, Therapeutic Application, Distribution Channel - Global Industry Revenue Estimation to 2030|
Published: September 1, 2021
Prescient & Strategic Intelligence Private Limited
Content info: 454 Pages
Delivery time: 2-3 business days
The global active pharmaceutical ingredient market value stood at $184,311.2 million in 2020, and it is expected to surge to $357,005.7 million by 2030, demonstrating a CAGR of 6.9% from 2021 to 2030.
The COVID-19 pandemic has amplified the worldwide demand for pharmaceutical products. Due to the increasing number of patients, drug research and development activities, especially those aimed at finding an effective vaccine, have surged. Additionally, the API market has been positively impacted by the rising demand for such products during the pandemic. For instance, the Pharmaceutical Export Promotion Council (PHARMEXCIL) of India recorded a significant increase in the cost of penicillin, one of the most-well-known antibiotic APIs, from $6.16 per unit in January 2020 to $8.69 per unit in just one month.
In the past, the prescription drug category contributed the higher revenue to the API market, under the type of drug segment. The requirement for prescription drugs for managing complex chronic illnesses is rising across the world, thereby propelling the consumption of associated active ingredients.
The oncology category dominated the API market during the last few years, within the therapeutic application segment. The high incidence of cancer is resulting in the rising requirement for highly potent APIs (HPAPIs). As per the American Cancer Society, by 2021-end, nearly 1.9 million new cases of cancer and 608,570 related deaths will be reported in the U.S. Similarly, as per the WHO, there were 2,003,789 cases of various types of cancers in Southeast Asia in 2018. Moreover, the disease claimed the lives of 1,336,026 people in the same year.
Geographically, North America is predicted to dominate the API market in the forthcoming years due to the rising prevalence of and awareness on chronic and lifestyle-associated illnesses, surging focus of governments on generic drugs, soaring requirement for specialty drugs and biologics, rapid technological advancements, and increasing number of pharmaceutical R&D activities in the region. For instance, as per the Centers for Disease Control and Prevention (CDC), in 2018, chronic illnesses cost $3.5 trillion to the U.S. healthcare system.
The major players operating in the global API market are: Dr. Reddy's Laboratories Ltd., Cipla Ltd., Novartis AG, Teva Pharmaceutical Industries Limited, Takeda Pharmaceutical Company Limited, Aurobindo Pharma Limited, Bristol-Myers Squibb Company, Alkem Laboratories Limited, MSN Laboratories Pvt. Ltd., AstraZeneca plc, GlaxoSmithKline plc, Mallinckrodt plc, Sun Pharmaceutical Industries Ltd., STADA Arzneimittel AG, Lupin Limited, Mylan N.V., Amneal Pharmaceuticals Inc., AbbVie Inc., Johnson & Johnson, Merck & Co. Inc., Glenmark Life Sciences Limited, Eli Lilly and Company, and Sanofi.