Active Pharmaceutical Ingredients Market Size Expands Steadily at a CAGR of 7.98% to Cross USD 512.13 Billion by 2030
Research Reports
Nov 13, 2023
Active Pharmaceutical Ingredients Market Research Report Information By Manufacturing Process (Captive Manufacturing and Contract Manufacturing), By Type of Synthesis (Synthetic and Biotech), By API Formulation (Generic API and Branded/Innovative API), By Application (Cardiovascular Disease, Oncology, Neurological Disorders, Orthopedic Disorders, Respiratory, Gastrointestinal Disorders, Urology, and others), By Molecules (Large Molecule and Small Molecule), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Till 2030
Active Pharmaceutical Ingredients Market Size is projected to grow from USD 299.21 billion in 2022 to USD 512.13 billion by 2030, exhibiting a CAGR of 7.98% during the forecast period (2022 – 2030).
It is anticipated that the rising incidence of chronic diseases would contribute to an augmented need for pharmaceuticals, hence driving the expansion of the active pharmaceutical ingredients market. The cardiology market segment commands a significant portion of the market due to the substantial utilization of diverse cardiovascular disease (CVD) medications by a large population, attributable to the high prevalence of cardiovascular ailments.
Furthermore, firms employ various strategic measures such as the introduction of novel pharmaceutical and biological products, acquisitions, collaborative partnerships, and regional expansions to ensure market stability. There is a likelihood that it will soon facilitate the expansion of the market.
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The organ-on-a-chip technology is anticipated to address the limitations in drug screening by providing accurate simulations of human tissue. The aforementioned technology possesses the capacity to bring about a paradigm shift in the pharmaceutical sector through its ability to expedite processes, reduce expenses, and enhance the efficacy of drug development. The use of organ-on-chip models in drug development is considered indicative of the growth of active pharmaceutical ingredients, hence contributing to the overall revenue of the active pharmaceutical ingredients market.
Competitive Outlook
The key players of the market are Sanofi SA (France), Hoffmann-La Roche Ltd (Switzerland), Pfizer Inc (US), Abbott (US), Bayer AG (UK), Merck & Co Inc (US), Boehringer Ingelheim GmbH (UK), GlaxoSmithKline Plc (UK), Novartis AG (UK), Eli Lilly and Company (US), and Teva Pharmaceutical Industries Ltd (Israel).
Market Segmentation
The active pharmaceutical ingredients market segmentation, based on the manufacturing process, includes captive manufacturing and contract manufacturing.
Based on molecules, the active pharmaceutical ingredients market has been segmented into large and small molecules.
Based on application, the active pharmaceutical ingredients industry has been segmented into cardiovascular disease, oncology, neurological disorders, orthopedic disorders, respiratory, gastrointestinal disorders, urology, and others.
The active pharmaceutical ingredients market data has been bifurcated by API formulation into generic API and branded/innovative API.
The active pharmaceutical ingredients market segmentation, based on type, includes synthetic and biotech.
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Region al Overview
The North American market demonstrated a value of USD 121.65 billion in 2021 and is projected to manifest a substantial compound annual growth rate (CAGR) during the duration of the research. The prevalence of chronic diseases and neurological conditions has led to advancements in diagnostic technology, consequently resulting in the dominance of the North American market for active pharmaceutical ingredients.
The European active pharmaceutical ingredients market holds the second-largest market share. The anticipated growth of the sector is attributed to the increased allocation of funds towards research endeavors and the presence of prominent market participants in the local area. The presence of a greater number of biopharmaceutical enterprises in Europe can be attributed to the rise in investments.
The Asia-Pacific region is anticipated to have significant growth in the Active Pharmaceutical Ingredients (API) market, primarily driven by the rapid development of markets such as India, China, and South Korea. These countries are emerging as prominent centers for outsourcing drug manufacture, contributing to the region’s accelerated CAGR.
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