Active Pharmaceutical Ingredients Market to hit USD 453.5 billion by 2032, says Global Market Insights Inc.
Active pharmaceutical ingredients industry is anticipated to register 6.5% CAGR between 2023 and 2032 due to growing prevalence of chronic diseases and rising drug research and development activities.
Selbyville, Delaware, March 20, 2023 (GLOBE NEWSWIRE) —
Active pharmaceutical ingredients
Rising prominence of chemical synthesis to accelerate market landscape
The active pharmaceutical ingredients market is segregated based on synthesis into biological API, chemical-based API, and highly potent API (HPAPI). The report cites that the chemical-based API segment held more than 59% revenue share in the industry in 2022. The soaring usage of chemical synthesis in this API manufacturing can be attributed to recent developments in the fields of photoredox catalysis, electrochemistry, C-H activation, reductive coupling, and flow chemistry. In a research study, a direct C-H allylation of structurally diverse alcohols was combined for photoredox catalysis of pharmaceuticals and natural products.
Lower R&D costs to increase CDMO industry share
The active pharmaceutical ingredients market into CMO and CDMO. The CDMO segment is estimated to be worth more than USD 188.5 billion by 2032. Outsourcing projects are gaining popularity as they boost corporate profit margins and significantly lower the R&D costs for production. Thus, industry participants are adopting effective strategies to enhance their contract development and manufacturing service offerings, which is foreseen to drive segment expansion. To cite an instance, in July 2022, PharmaZell, a leading API supplier, and Novasep, a key CDMO, merged to form a CDMO and API manufacturer.
Easy access to medications to push OTC API drugs
Heavy demand for OTC API-made drugs, especially across developed nations. The OTC drug segment is projected to reach over USD 193 billion by the end of 2032. The segment growth is primarily aided by properties, such as easy access to medications, lower cost burdens, socioeconomic status, and unwelcoming medical facilities, among others, that spur the production of APIs and encourages firms to promote OTC medications. For instance, in March 2022, Taiho Pharmaceutical launched Harncare Bearberry Tablets, a second-class OTC drug for urine-related disorders.
Asia Pacific industry to benefit from cheap and bulk domestic API production
Asia Pacific active pharmaceutical ingredients market valuation was recorded at more than USD 57 billion in 2022 and is further anticipated to expand at over 7.5% CAGR from 2023 to 2032. The region is speculated to emerge as a key revenue hub for the global market owing to the cheap and efficient production of APIs as a result of large-scale manufacturing. The submission of more drug master files by various Indian pharmaceutical companies is playing a key role in the regional market value.
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Lucrative mergers & acquisitions to remain a key growth strategy
The strategic landscape of the active pharmaceutical ingredients market is primed to observe profitable mergers & acquisitions, along with rigorous R&D initiatives by industry players. Some key participants involved in the active pharmaceutical ingredients industry report are Biocon Ltd., Divi’s Laboratories Limited, Procyon Life Sciences, EUROAPI, Cipla Ltd., Dr. Reddy’s Laboratories Ltd., and Sun Pharmaceutical Industries Ltd. among others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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