Active Pharmaceutical Ingredient Market worth $216.4 billion by 2027


Posted February 7, 2024 by mmvaidya01

The global active pharmaceutical ingredient market in terms of revenue was estimated to be worth $145.9 billion in 2022 and is poised to reach $216.4 billion by 2027, growing at a CAGR of 8.2% from 2022 to 2027.

 
Overview:

To estimate the current size of the global market for active pharmaceutical ingredients, the study involved four main activities. In order to gather data on the market, its parent market, and its peer markets, a thorough secondary research was conducted. The next stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. A combination of top-down and bottom-up methods was used to estimate the overall market size. The market size of the various segments and subsegments was then estimated using data triangulation and market breakdown.

Growth Influencing Factors:

Some of the key factors propelling this market's growth are the expansion of production capacity by biopharmaceutical and pharmaceutical companies, the increasing significance of generics, and technological developments in API manufacturing. However, it is anticipated that in the upcoming years, the market for active pharmaceutical ingredients will be restrained by the unfavorable drug price control policies in many different countries as well as the growing prevalence of counterfeit drugs.

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Revenue Growth Analysis:

The global active pharmaceutical ingredient market in terms of revenue was estimated to be worth $145.9 billion in 2022 and is poised to reach $216.4 billion by 2027, growing at a CAGR of 8.2% from 2022 to 2027.

Prescribing drugs is anticipated to hold the largest market share for active pharmaceutical ingredients.

The market for active pharmaceutical ingredients can be divided into two categories based on the kind of medication: OTC and prescription drugs. The market for APIs was dominated by the prescription drug category. Since most medications can only be purchased with a prescription from a doctor, there is a high demand for APIs used in the production of these medications. The increasing need for APIs in the prescription drug market is another factor contributing to the rise in innovative drugs. The increased share of this market will also be attributed to government programs to lower the cost of prescription drugs and the popularity of generic versions.

Geographical Growth Dynamics:

During the projected period, North America is anticipated to have the largest share of the active pharmaceutical ingredient market.

The markets for active pharmaceutical ingredients are divided geographically into the Rest of the World (RoW), Europe, Asia Pacific, and North America. The market was dominated by North America and then by Europe. The existence of significant pharmaceutical and biopharmaceutical manufacturing facilities, the government's growing emphasis on generic medications, the growing demand for biologics and specialty drugs, and technological developments in API manufacturing processes are some of the key factors propelling the overall growth of the APIs market in this region. The introduction of affordable generic versions of branded drugs, coupled with healthcare severity measures and economic factors, is expected to contribute to the modest growth of this market segment.

Global Key Players:

The key players in the market are Pfizer, Inc. (US), Novartis AG (Switzerland), Sanofi (France), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (US), Teva Pharmaceutical Industries Ltd. (Israel), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), AbbVie Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and AstraZeneca plc (UK).

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Recent Developments of Active Pharmaceutical Ingredient Industry:

# In 2022, Pfizer entered into an agreement with Acuitas to deliver a lipid nanoparticle delivery system for use in mRNA vaccines such as COMIRNATY ((tozinameran) and therapeutics.

# In 2022, Sanofi and IGM announced a strategic collaboration agreement to streamline and optimize the development and commercialization of IgM antibody agonists for oncology, immunology, and inflammation target.

# In 2022, Boehringer Ingelheim and Mabgenesis collaborated to develop novel monoclonal antibodies for canine therapeutic treatments.

# In 2021, Pfizer invested USD 68.5 million in in new state-of-the-art facility in Durham, NC, to further advance gene therapy capabilities.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags active pharmaceutical ingredient market , active pharmaceutical ingredient
Last Updated February 7, 2024