Active pharmaceutical ingredients are drugs used for chronic conditions such as neuropathic pain, lung disease, cancer, diabetes, and heart disease. However, these ingredients have both benefits and side effects.
Pharmaceutical companies have focused on upgrading their manufacturing methods to improve overall product quality. It also means automating process development, which was previously done manually. The installation of large capacity equipment in terms of volume also allows for better production efficiency.
According to the revised report published by Persistence Market Research, the global Active Pharmaceutical Ingredients market is valued at approximately US$180 billion in 2020 and is expected to expand at a CAGR of over 4% during the forecast period (2021- 2031).
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• Pfizer Inc.
• Boehringer Ingelheim International GmbH
• Bristol-Myers Squibb Company
• Cipla inc.
• Eli Lilly and company
• F. Hoffmann-La Roche Ltd.
• GlaxoSmithKline plc
• Hepalink Group
• Merck & Co. Inc.
• Sandoz International GmbH
• Aurobindo Pharma Limited
• Fresenius Kabi LLC
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Key insights from market research
• Small molecule active pharmaceutical ingredients are expected to contribute over 91% market revenue share by 2031, due to their wide availability and ability to relieve moderate to severe pain, typically after surgery or a traumatic injury.
• Unregulated substances are expected to account for more than half of the global market share.
• Among all end users, pharmaceutical companies accounted for more market share than others.
• East Asia holds the largest share of the global active pharmaceutical ingredients market, owing to the presence of more CMOs, high healthcare expenditures, and increasing research and development efforts in the region.
• Key players are focused on strengthening their clinical pipelines with new discoveries of new abuse-deterrent formulations.
• The Indian market is expected to grow at a CAGR of around 4% through 2021-2031. The United States holds a large share of global revenue and accounts for over 87% of the North American market.
“Strong growth in demand is seen for small molecules, due to their potency, efficacy and safety,” says an analyst at Persistence Market Research.
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Increase healthcare spending on active pharmaceutical ingredients
Global healthcare spending grew at a CAGR of 6.92% from 2003 to 2013. This growth in healthcare spending far exceeded the rate of population growth during this period, which grew at a CAGR of 1 .22%. As a result, health expenditure per capita increased from US$597 in 2003 to US$1,032 in 2013, increasing at a CAGR of 5.62%.
Rising healthcare spending in all regions has increased access to quality healthcare and is expected to continue to drive demand for pharmaceuticals.
• On March 25, 2019, TUL secured its place in the TOP 10 API Member Enterprises in China in 2018. The position was awarded to TUL for its excellent export and import profile of APIs, pharmaceutical formulations and Chinese medicines in 2018.
• In 2016, Sandoz by Novartis ceased operations at its site in Maharashtra, India, as part of global manufacturing optimization plans. The site, located in west-central India, employed 170 people and manufactured antibiotics and APIs.
What does the report cover?
Persistence Market Research offers a unique perspective and actionable insights into the Active Pharmaceutical Ingredients market in its latest study, presenting a historical demand assessment from 2016 to 2020 and projections for 2021 to 2031. The research study is based on APIs (small molecules, peptides and oligonucleotides, carbohydrate drugs and steroid drugs) and end user (contract manufacturing organizations (CMOs), pharmaceutical companies, development contract manufacturing organizations (CDMOs) and compounding pharmacies), in seven key regions of the world.
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This press release was published on openPR.