 |
| Active Pharmaceutical Ingredients Market |
Active pharmaceutical ingredients are the key components in any pharmaceutical drug that produces the intended effects. They help treat a variety of diseases and illnesses including diabetes, cancer, cardiovascular diseases, and more. The growing prevalence of chronic diseases and increasing aging population globally has risen the demand for generic drugs requiring active pharmaceutical ingredients. The global Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 7.33 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for generic drugs has accelerated the growth of the active
pharmaceutical ingredients market during the forecast period. The higher
affordability and availability of generic drugs make them a preferred treatment
option. This has resulted in generic drugs accounting for nearly 90% of the
overall drug prescriptions. Furthermore, initiatives by various governments
worldwide to promote cost-effective generic drugs over patented brands have
also contributed to the rising generic drug market. The active pharmaceutical
ingredients market is expected to benefit significantly due to the rising
demand for low-cost generic pharmaceutical alternatives.
Segment
Analysis
The global active pharmaceutical ingredients market is dominated by the small
molecule segment. Small molecule drugs account for over 80% of drug approvals
as they are simpler to manufacture and relatively inexpensive to produce when
compared to large molecule drugs such as biologics. Moreover, small molecule
drugs have well-established supply chains and production processes leading to
their widespread use in a variety of therapeutic indications.
Key Takeaways
The global Active
Pharmaceutical Ingredients Market Growth is expected to witness high growth over the
forecast period driven by rising generic drug manufacturing.
Regional
analysis: The Asia Pacific region dominates the global active pharmaceutical
ingredients market accounting for over 40% of the global market share in 2024
backed by presence of leading generic drug manufacturing countries. India and
China are among the top exporters of active pharmaceutical ingredients
globally. Presence of large number of FDA approved manufacturing plants and
relatively lower costs have boosted API production in these countries. Further,
growing pharmaceutical industry, rising investments in infrastructure and
increasing domestic demand are some of the factors propelling market growth.
Key players operating in the active pharmaceutical ingredients market are Endo
International plc, Teva Pharmaceutical Industries Ltd, Viatris Inc. (Mylan
N.V.), Teikoku Pharma USA, Inc., Hisamitsu Pharmaceuticals Co. Inc., Galen
Limited, Sorrento Therapeutics, Inc., Amneal Pharmaceuticals, Inc., Rhodes
Pharmaceuticals L.P., 6iPain Healthcare Private Limited, and Sanofi S.A.
For more insights, read- https://www.ukwebwire.com/active-pharmaceutical-ingredients-market-trends-size-and-share-analysis/
0 Comments