The global active pharmaceutical ingredients (APIs) market is anticipated to reach a significant valuation by 2021, indicates a report added by Radiant Insights, Inc. Rising per capita spending of consumers on healthcare can play a pivotal role in the development of the market over the forecast period (2017 to 2021). Surging use of specialty medicines and the flourishing growth of the pharmaceutical sector are anticipated to keep the demand high for active pharmaceutical ingredients.
Growing geriatric population may also stoke the growth of the market. Since aged people are more susceptible to disorders such as type 2 diabetes, cancer, cardiovascular diseases, and high blood pressure, growth in their population is likely to expand the base of patients suffering from chronic diseases worldwide. This, in turn, can escalate the demand for APIs. Spiraling demand for rapid-acting and efficient drugs is also poised to augment the market in near future.
Patent expirations of blockbuster drugs can translate into the greater uptake of generic versions of these drugs. This results in blockbuster drug manufacturers incurring a loss. Moreover, after a patent expires, R&D investments are no longer beneficial for the company, Hence, the trend of outsourcing is constantly increasing, thereby supporting the growth of the market.
Technological advancements in the drug manufacturing facilities are expected to provide a fillip to the market. Introduction of advanced and innovative systems for manufacturing active pharmaceutical ingredients may augur well for the global API market. To put this in perspective, in September 2017, Amazon Filters manufactured two filter housings – one made up of Polytetrafluoroethylene (PTFE) and another one using Tantalum metal deposition – exhibit phenomenal resistance to corrosive chemical damage. Soaring uptake of biopharmaceuticals can also work in favor of the market.
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On the other hand, strict regulatory requirements can impede market growth over the forecast period. This can be further exacerbated by the unfavorable policies pertaining to drug price control across several countries. Furthermore, high manufacturing costs of APIs can adversely affect the growth of the market.
The global active pharmaceutical ingredients market is segmented on the basis of product, applications, countries, and region. Based on product, the market is divided into vaccines, biotech, and synthetic. In terms of applications, the market is classified into CNS & neurological disorders, cardiovascular disorders, and oncology. By country, the market is fragmented into Germany, United States, Japan, United Kingdom, China, and South Korea.
From the geographical standpoint, the market is categorized into North America, Asia Pacific, and Europe. North America is expected to hold a prominent position in the global arena. The region is primarily driven by the presence of a robust R&D infrastructure for drug development. Rapidly growing population of geriatrics and surging demand for generics, especially in countries such as the U.S., are likely to contribute to the growth of the region. Favorable government initiatives can also have a positive impact on the regional growth.
Asia Pacific is expected to experience healthy growth in coming years. The availability of affordable labor and expansion in manufacturing facilities are estimated to supplement the growth of the region. Rising healthcare spending of the populace is also likely to provide a significant upthrust to the market in the region.
Some of the key players in the global market for active pharmaceutical ingredients are Aurobindo Pharma, Trimble, AbbVie, Cipla, Eva Pharma, and Boehringer Ingelheim.
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