Novel drug discoveries, arrivals of new drug is and the rise in number of drug requirement around the globe is expected to support favorably the growth in active pharmaceutical ingredient in the near future
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Active Pharmaceutical Ingredient (API) Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
Global active pharmaceutical ingredients market, By Type (Synthetic APIs, Biotech APIs), By Application (CNS, Cardiovascular, Genitourinary/Hormonal Drugs, Respiratory, Rheumatology, Diabetes, Oncology, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
The global active pharmaceutical ingredients market is estimated for more than US$ 142.2 Bn in the year 2020 and expected to grow at a significant CAGR of 6.9% during the forecast period and expected to reach the value of more than US$ XX Bn in 2025.
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As per the report, over the past two decades, the healthcare industry has been through a paradigm shift together with enhancements in healthcare infrastructure as well as in healthcare spending over time. Such a transformation in the whole healthcare industry has a positive impact on the global active pharmaceutical ingredients market.
Basically, active pharmaceutical ingredients are biologically and chemically active elements of drugs with a direct effect in mitigation, cure, prevention, and treatment of illnesses. The global active pharmaceutical ingredients (API) market is expected to witness significant growth in the past few years attributable to the elevated use of generic biologics and drugs in medical care coupled with the soaring number of diseases among the population all around the world.
The active pharmaceutical ingredient (API) refers to the crucial component of the drug that is biologically active and is considered as a primary ingredient of the drug product.
Other than the active pharmaceutical ingredient, other substances of the drug product are known as excipients, and integrating and optimizing these both components of the drug product is known as formulation.
The exponential growth in the biopharmaceutical sector over the past decade and the rise in the significance of generics are the major factors, which are estimated to propel the growth of the global active pharmaceutical ingredients market in the forthcoming future.
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Along with that, the growing acceptance of quality criteria in manufacturing active pharmaceutical ingredients such as current goods manufacturing practices (CGMP), Goods Manufacturing Practices (GMP), and the worldwide approval of guidelines of the International Conference on Harmonisation (ICH), have also assisted in enhancing the safety standards for the manufacturing process which in turn has also given a breakthrough to the growth of the global active pharmaceutical ingredients (API) market.
Moreover, the technological advancements adopted in the biopharmaceutical sector as well as in API manufacturing such as there is a rise in the application of artificial intelligence-based drug discovery equipment is also projected to contribute to the rapid growth of the global active pharmaceutical ingredient (API) market in the upcoming years.
Although, with the evolution in API manufacturing, there has been rigorous rivalry among the major manufacturers of the industry as well, which is likely to act as a restraint for the growth of the global active pharmaceutical ingredient (API) market during the forecast period.
Furthermore, the surging buildup of replicated drugs in the industry is also estimated to obstruct the growth of the global active pharmaceutical ingredient (API) market in the coming years.
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MMC study identifies some of the key participating players in the active pharmaceutical ingredient (API) market globally are Teva, Mylan, DSM, Aurobindo Pharma, Aspen, Novartis, BASF, Pfizer, Huahai Pharmaceutical, Hisun Pharmaceutical, Sun Pharmaceutical Industries, Zhejiang Medicine, Dr. Reddy’s Laboratories, Zhejiang NHU, Bayer, NCPC, AbbVie, Shandong Xinhua Pharmaceutical, Northeast Pharm, Harbin Pharmaceutical, LKPC, among several others.
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