Active Pharmaceutical Ingredients Market - Global Industry Insight, Size, Growth, 2023
The global active pharmaceutical ingredient market is growing significantly due to patent expiry of biologic drugs in the industry. Patent expiry of blockbuster drugs has boosted the demand for low cost substitutes, which further increases the demand for active pharmaceutical ingredients in the industry. Moreover, increasing investment into biosimilars is expected to support the growth of the market in the coming years.
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Massive unexplored market in active pharmaceutical ingredient industry of developing economies are creating ample opportunities for the active pharmaceutical ingredient market to grow at a considerable rate in the coming years. Active pharmaceutical ingredients are the primary components of manufacturing effective and safe essential drugs. The advanced research and development facilities of the companies are supporting to address the demand of the active pharmaceutical ingredient industry.
The active pharmaceutical ingredient market can be categorized on the basis of therapeutic areas as oncology drugs, central nervous system drugs, anti-diabetic drugs, musculoskeletal drugs, cardiovascular drugs, and non-steroidal anti-inflammatory drugs. The oncology drugs is expected to grow with the fastest rate in the coming years due to increasing prevalence of cancer cases and rising government initiatives to create awareness about cancer among population.
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Geographically, North America will be leading the global active pharmaceutical ingredient market in the coming years due to increasing research and development programs in the field of drugs and medical science. Asia-Pacific is the fastest growing region in the global active pharmaceutical ingredient market. The major reasons for the fastest growth of the market in the region are increasing healthcare expenditure, large pool of patients, and presence of large pool of generic medicine producers in the region. Moreover, the active pharmaceutical ingredient market is growing due to increasing awareness of lifestyle associated diseses in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the active pharmaceutical ingredient market are Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories, Actavis Plc, Hospira Inc., Boehringer Ingelheim Group, Lonza Group, Cambrex Corporation, Novartis International AG, BASF SE, Pfizer, Inc., Mylan, Inc., Watson Pharmaceutical Inc., and WuXi Apptec.
