The growth of the market can be primarily credited to an upswing in the number of chronic diseases, an increase in a number of geriatric populations, increasing utilization for biopharmaceuticals, and rising investments in R&D for drug manufacturing
JERSEY CITY, N.J., May 31, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Active Pharmaceutical Ingredient (API) Market" By Molecule (Small Molecule and Large Molecule), By Application (Pain management, Respiratory Diseases, Diabetes & Others), By Type (Innovative APIs and Generic APIs), By Type of manufacturer (Captive Manufacturers and Merchant Manufacturers), By Type of Drug (Prescription Drugs and Over the Counter Drugs), and By Geography. According to Verified Market Research, the Global Active Pharmaceutical Ingredient (API) Market was valued at USD 181.68 Billion in 2020 and is projected to reach USD 281.90 Billion by 2028, growing at a CAGR of 5.65% from 2021 to 2028.
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Global Active Pharmaceutical Ingredient (API) Market Overview
An important driver for growth of the Global Active Pharmaceutical Ingredient (API) market is the rise in the incidences of chronic diseases. Certain key facts from the WHO state that, "CVDs (Cardiovascular Diseases) are the number 1 cause of death globally: more people die annually from CVDs than from any other cause. An estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke." 10 million deaths were caused by cancer in 2020, whereas Asthma, the most common chronic disease found in children was responsible for 461000 deaths in 2019.
The increasing number of these diseases calls for a variety of drugs of treat them, which in turn is responsible for the expanding of Global Active Pharmaceutical Market. Another important growth driver is the rise in geriatric population around the world. According to the United Nations there were 703 million people aged 65 and above worldwide in 2019. Such a high number of geriatric population gives way for contracting a lot of chronic and acute diseases which would require newer drugs to mitigate their effects, thus leading to a rise in the Global Active Pharmaceutical Ingredient (API) Market.
Key Developments in Active Pharmaceutical Ingredient (API) Market
- Pfizer (US) signed a multi-year agreement with Gilead Sciences to manufacture and supply Gilead's antiviral drug (Remdesivir) for the treatment of COVID-19 in 2020.
- Novartis (Switzerland) acquired, and agreed to enter in a manufacturing and supply agreement with Aspen's Japanese operations to consolidate its position in the global generics and off-patent medicines market in 2020.
- Boehringer Ingelheim (Germany), to widen its oncology product portfolio, acquired Northern Biologics, which focuses on therapeutic antibodies targeting the tumor microenvironment in April 2020.
The major players in the market are Aurobindo Pharma Limited, Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Teva Pharmaceutical Industries Ltd., Albemarle Corporation, Viatris Inc., Boehringer Ingelheim International GmbH, Cipla, Inc., Merck & Co., Inc., AbbVie, Inc., among others.
Verified Market Research has segmented the Global Active Pharmaceutical Ingredient (API) Market On the basis of Molecule, Application, Type, Type of manufacturer and Type of Drug and Geography.
- Active Pharmaceutical Ingredient (API) Market by Molecule
- Small Molecule
- Large Molecule
- Active Pharmaceutical Ingredient (API) Market by Application
- Pain management
- Respiratory Diseases
- Diabetes
- Cardiovascular Disease
- Communicable Diseases
- Oncology
- Other Therapeutic Applications (Orthopedics, Urology and Nephrology, Ophthalmology, Pulmonology, Women's Health, and Gastroenterology)
- Active Pharmaceutical Ingredient (API) Market by Type
- Innovative APIs
- Generic APIs
- Active Pharmaceutical Ingredient (API) Market by Type of Manufacturers
- Captive Manufacturers
- Merchant Manufacturers
- Active Pharmaceutical Ingredient (API) Market by Type of Drug
- Prescription Drugs
- Over the Counter Drugs
- Active Pharmaceutical Ingredient (API) Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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