LOS ANGELES, Nov. 12, 2019 /PRNewswire/ -- Global active pharmaceutical ingredient (API) market size was valued at USD 158 billion in 2018.
The active pharmaceutical ingredient (API) market is expected to rise at a stable pace, bolstering its multi-billion dollars status between 2018 and 2026. In a report, titled "Active Pharmaceutical Ingredient (API) Market (By Type of Synthesis: Biotech [Monoclonal antibodies, Recombinant proteins, Vaccines], Synthetic; By Type of Manufacturer: Captive APIs, Merchant APIs; By Type: Innovative APIs, Generic APIs; By Application: Cardiology [Generic, Innovative], Orthopedic [Generic, Innovative], Oncology [Generic, Innovative], Endocrinology [Generic, Innovative], Pulmonology [Generic, Innovative], Gastroenterology [Generic, Innovative], CNS & Neurology[Generic, Innovative], Nephrology [Generic, Innovative], Ophthalmology [Generic, Innovative], Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 – 2026," Acumen Research and Consulting offers executive-level blueprint of the global market.
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The report categorizes market in terms of various criteria, to identify the most lucrative segments. It reveals the growth drivers and restraints that are expected to chalk the market's trajectory in the coming years. It is compilation of various information of the market obtained via primary and secondary research methods. It also calculates the current active pharmaceutical ingredient market size, besides offering refined growth forecasts on the market. In addition to this the report includes competitive benchmarking, price trend analysis, and evaluation of the latest trends and dynamics, all compiled together in a logical chapter-wise format.
Expansion of Biopharmaceutical Sector to Boost Growth
In the coming years, the market is expected to gain pace as a result of recent advancements in the biopharmaceutical sector. In addition to this, the rising geriatric population is expected to give impetus to the market. In the last couple of years the incidence of hospital acquired infection has surged considerably. With this, the incidence of cardiovascular, genetic, and neurological diseases has increased as well. According to the World Health Organization, cardiovascular diseases claim 17.9 million lives every year. They account for 31% of deaths worldwide, which is why the demand for advanced treatments has skyrocketed. Spurred by this, the active pharmaceutical ingredient market is expected to witness high demand in the coming years.
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Synthetic Segment to Witness High Demand
In terms of synthesis, the market can be segmented into synthetic and biotech type. Of these, the synthetic segment is expected to witness considerably high demand. Growth witnessed in this segment is attributable to the easy availability of required raw materials and simplicity of the procedure. However, in the coming years, the biotech segment is likely to rise at a higher CAGR. The rising demand for biopharmaceutical and recent technological advancements are expected to boost growth in this segment.
Demand for Generic Drugs Expected to Rise in India and Brazil
In terms of manufacturer, the market can be segmented into merchant and captive API. Of these the captive API segment is forecast to emerge dominant. However, the merchant API segment is expected to record growth at a higher rate. In terms of type, the market can be categorized into innovative active pharmaceutical ingredient and generic pharmaceutical ingredient. The rising research and development initiatives are expected to boost growth of the innovative API segment. The generic drug segment will gain pace in response to the patent expiry of various blockbuster drugs. Also the availability of generic variants at a lower cost will bode well for the growth of the overall market. In India and Brazil and various other emerging nations the demand for generic drugs is expected to steadily rise.
On the basis of application, the global active pharmaceutical ingredient market can be segmented into oncology, CNS & Neurology, cardiology, orthopaedic, pulmonology, endrocrinology, nephrology, gastroenterology, ophthalmology, and others. Of these, the oncology segment is expected to rise at the highest pace. The rising prevalence of cancer and lifestyle changes will fuel demand in this segment. Furthermore, the rising investment in research and development will boost growth in the oncology segment.
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North America Emerges as Lucrative Market
Regionally, North America is expected to offer environment conducive to the growth of the global active pharmaceutical ingredient market. The region is witnessing a rising prevalence of cancer. This, coupled with increasing incidence of lifestyle-induced diseases will boost growth in the region. Furthermore, Asia Pacific is expected to emerge as the fastest growing market for active pharmaceutical ingredient.
Some of the leading companies operating in the global active pharmaceutical market are AbbVie Inc.; Boehringer Ingelheim International GmbH; Merck & Co., Inc.; Teva Pharmaceutical Industries Ltd; Albemarle Corporation; Cipla, Inc.; Bristol-Myers Squibb Company; Mylan N.V.; Aurobindo Pharma; Sun Pharmaceutical Industries Ltd.; and Dr. Reddy's Laboratories Ltd. The market however is consolidated in nature. The report profiles some of the leading companies operating in the global market and gauges their strengths and weaknesses. Strategies adopted by these companies to gain competitive strength are analyzed. The effect of those strategies on the overall market is studied in detail as well.
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