Active Pharmaceutical Ingredients (API) Market worth $248.3 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 30, 2020 /PRNewswire/ -- According to the new market research report "Active Pharmaceutical Ingredient (API) Market by Type (Innovative, Generic), Manufacturer (Captive, Merchant), Synthesis (Synthetic, Biotech), By Product (Vaccines, Hormones), Drug (OTC, Rx), Application (Diabetes, Oncology, CVD) & Region - Global Forecast to 2025", published by MarketsandMarkets™, the global API Market is projected to reach USD 248.3 billion by 2025 from USD 187.3 billion in 2020, at a CAGR of 5.8% during the forecast period.
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The 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 are the major factors driving the growth of this market.
In 2019, the innovative APIs segment accounted for the largest share of the active pharmaceutical ingredients market
Based on type, the market is segmented into innovative and generic APIs. The innovative APIs segment accounted for the largest share of the global active pharmaceutical ingredients 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.
The oncology segment is expected to grow at the highest CAGR during the forecast period
Based on application, the API 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.
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North America was the largest regional market for active pharmaceutical ingredients market in 2019
The global 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 API Market, followed by Europe and the Asia. The large share of North America in the global 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.
The global active pharmaceutical ingredients market is highly consolidated. Prominent players in the market include Pfizer Inc. (US), Novartis International AG (Switzerland), Merck & Co. (US), Teva Pharmaceutical Industries Ltd. (Israel), Mylan N.V. (US), Boehringer Ingelheim (Germany), F. Hoffmann-La Roche AG (Switzerland), Sanofi (France), AbbVie (US), Eli Lilly and Company (US), AstraZeneca (UK), Bristol-Myers Squibb (US), and GlaxoSmithKline plc (UK).
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