Active Pharmaceutical Ingredients (API) Market to Hit USD 331.3 billion by 2031 | Says Transparency Market Research Inc.
Transparency Market Research
5 min read
Transparency Market Research
The rise in the prevalence of diseases & disorders and growth in government & organizational investments to develop APIs are major contributors to the expansion of the global active pharmaceutical ingredients (API) market.
Wilmington, Delaware, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global active pharmaceutical ingredients (API) market is projected to flourish at a CAGR of 6.4% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 331.3 billion is anticipated for the market in 2031. As of 2023, the demand for active pharmaceutical ingredients (API) will close at US$ 202.3 billion.
With increasing healthcare spending, the demand for pharmaceuticals and, consequently, APIs also increases. Emerging markets, in particular, are witnessing significant growth in healthcare expenditure.
The prevalence of chronic diseases such as cardiovascular disorders, diabetes, and cancer is on the rise globally. APIs are essential components in developing medications to treat these conditions, contributing to increased demand. An aging population is often associated with a higher incidence of health-related issues. As the global population ages, the demand for pharmaceuticals to address age-related conditions will escalate, driving growth in the API market.
Technological advancements and innovations in drug development are leading to the creation of new and more effective medications. This includes the development of biologics, specialty drugs, and personalized medicine, all of which rely heavily on APIs. The increasing demand for pharmaceutical drugs will expand the global active pharmaceutical ingredients (API) market during the forecast period.
Key Takeaways from the Market Study
As of 2022, the active pharmaceutical ingredients (API) market was valued at US$ 190.1 billion
Based on API type, the synthetic segment dominated the global active pharmaceutical ingredients (API) market in terms of revenue in 2020.
By drug Type, The branded or innovative prescription drugs segment dominated the global active pharmaceutical ingredient (API) market in terms of revenue in 2020.
Based on Application, The cardiovascular segment dominated the global market in terms of revenue in 2020.
Active Pharmaceutical Ingredients (API) Market – Regional Analysis
North America is expected to dominate the active pharmaceutical ingredient (API) market. The presence of a well-established pharmaceutical industry, rigorous regulatory standards, and a high prevalence of chronic diseases contribute to a significant market share. Increasing investments in research and development also drive growth in this region.
Asia-Pacific is a key region for the API market, with countries like India and China playing a central role. India, in particular, is a major hub for API manufacturing, supplying a significant portion of the world's APIs. Factors such as cost-effective manufacturing, a skilled workforce, and a large patient population drive growth in this region.
Key developments in the active pharmaceutical ingredients (API) industry
Lonza has been focusing on expanding its manufacturing capabilities and global footprint. It has invested in advanced manufacturing technologies and has
Dr. Reddy's has been actively involved in research and development activities to expand its API portfolio. The company has also focused on compliance with regulatory standards and strengthening its global presence through strategic partnerships and acquisitions.
Teva Pharmaceutical Industries has been working on optimizing its manufacturing and supply chain operations. The company has also engaged in partnerships and collaborations to enhance its portfolio and improve access to key markets.
Sun Pharmaceutical Industries has concentrated on research and development efforts to bring new and generic API products to market. The company has also taken steps to strengthen its presence in emerging markets.
Competitive Landscape
Leading players analyzed in the active pharmaceutical ingredients (API) industry report include
Merck & Co., Inc.
Teva Pharmaceutical Industries Ltd.
Sanofi
Pfizer, Inc.
Novartis AG
Mylan N.V.
Lonza
WuXi AppTec Co., Ltd.
Piramal Pharma Solutions
Hisun USA, Inc.
Ipca Laboratories Ltd.
AbbVie, Inc.
Alembic Pharmaceuticals Limited
BASF SE
Biocon Ltd.
Boehringer Ingelheim International GmbH
Bristol-Myers Squibb Company
Cambrex Corporation
Dr. Reddy's Laboratories Ltd.
Eli Lilly and Company
GlaxoSmithKline plc.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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