The global Active Pharmaceutical Ingredients Market wasvalued at US$ 168.9 Bn in the year 2018 and is expected to reach US$ 273.3 Bnby the year 2026, growing at a CAGR of 6.2% during the forecast period.
The increasing demand forbiopharmaceuticals is one of the most important factors that is driving thegrowth of the global active pharmaceutical ingredients market.Some of the key biologic drugs used for the treatment of cancer, cardiovasculardiseases, and infectious diseases include monoclonal antibodies, antibodyfragments, and other recombinant proteins. The US FDA has approved over a dozenof monoclonal antibodies for the treatment of cancer. More and more companiesare investing in research and development of biopharmaceuticals.
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Apart from this, theincreasing prevalence of chronic diseases such as diabetes, asthma, andhypertension, amongst others, will also drive the global activepharmaceutical ingredients market. The increasing health care expenditureand the growing demand for quality healthcare will further drive the market.
However, stringent drugprice control policies will impede the growth of the market. Drug price controlpolicies are in place in various countries to ensure that the drugs that arebeing sold in the country offer significant improvements over the drugscurrently available and they are worth the price being quoted. Apart from this,the increasing availability of counterfeit drugs will also impede the growth ofthe active pharmaceutical ingredients market.
Recent news:
- In March 2018, Pfizer CenterOne introduced Enviero progesterone. This API is produced by using a first-of-its-kind progesterone synthesis developed by Pfizer. It is the first API launched under the green-chemistry program of Pfizer CentreOne. The procedure used for synthesizing this Progesterone API has led to a reduction in greenhouse gases, use of hazardous solvents, and waste produced. For instance, the carbon footprint of the progesterone manufacturing process has reduced by more than 70%.
- In 2018, Sanofi completed the acquisition of Ablynx, a biopharmaceutical company that is developing nanobodies for various therapeutic areas including immuno-oncology, hematology, and respiratory diseases, amongst others.
- In May 2018, Novartis successfully completed the acquisition of AveXis, a clinical-stage gene therapy company, for US$ 8.7 billion in cash. AveXis’ lead product is a one-time gene replacement therapy for spinal muscular atrophy.
Geographically, NorthAmerica is dominating the global active pharmaceutical ingredients market.The increasing incidence of chronic diseases, rising demand for biologics,technological advancements in manufacturing processes, and favourablereimbursement policies will drive the growth of the API market in this region.
However, the Asia-Pacificregion is expected to grow at the highest CAGR during the forecast period. Themarket is witnessing a shift in API production facilities from the westernnations to developing countries such as China and India. The availability ofcheap labor, transportation, and utilities such as power are some of the majorfactors leading to this shift. Therefore, the Chinese and Indian API marketsare expected to show a double-digit annual growth over the coming years.
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The major playersoperating in the active pharmaceutical ingredients market areAbbVie Inc. (US), AstraZeneca Plc (UK), Boehringer Ingelheim (Germany),Bristol-Myers Squibb (US), Eli Lilly and Company (US), GlaxoSmithKline Plc.(UK), Merck & Co. Inc. (US), Novartis AG (Switzerland), Pfizer Inc. (US),and Teva pharmaceuticals (Israel), amongst others.
