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The global active pharmaceutical ingredient (API) market size is expected to reach at USD 268.12 billion by 2026 registering a CAGR of 6.8%
Wednesday, November 6, 2019
NEW YORK, Oct. 29, 2019 /PRNewswire/ --
Active Pharmaceutical Ingredient (API) Market Size, Share & Trends Analysis Report By Type of Synthesis (Biotech, Synthetic), By Type of Manufacturer (Captive, Merchant), By Application, By Region, And Segment Forecasts, 2019 - 2026
Read the full report: https://www.reportlinker.com/p05763722/?utm_source=PRN
The global active pharmaceutical ingredient (API) market size is expected to reach at USD 268.12 billion by 2026 registering a CAGR of 6.8% Rising trend of outsourcing APIs and growing prevalence of various target diseases, such as cancer, Cardiovascular Disease (CVDs) are anticipated to boost the market. Huge capital is required in API production as the process needs extremely systematic protocols. Pharmaceutical companies can actually benefit from outsourcing API production, as it eliminates the need for installing expensive manufacturing units. Moreover, strategic outsourcing enables companies to focus on their core competencies, ultimately resulting in increased productivity. These factors are also estimated to drive the demand in future.
Growing geriatric population across the globe is also likely to contribute to the market expansion.Estimates published by the WHO suggest that the global base of population pertaining to the age group of 65 years and above is expected to rise from 7% in 2000 to 16% in 2050.
Latin America, in particular, is projected to witness fastest growth, in terms of geriatric population, followed by Asia (66%), Africa (64%), North America (41%), and Europe (23%).Patent expiration of blockbuster drugs, growing outsourcing activities due to high manufacturing costs, and stringent regulations for API production are expected to intensify the market competition.
As part of strategic geographic expansion, many companies are setting up manufacturing plants in the developing regions like Asia Pacific.
Further key findings from the study suggest:
-- Synthetic APIs held the largest share of the API market in 2018 owing to easy availability of raw materials and easier protocols for synthesis of these molecules
-- Biotech APIs are estimated to register the highest CAGR over the forecast years due to rising demand for biopharmaceuticals and higher efficiency of these molecules
-- Captive manufacturers led the market owing to intensive capitalization of major key players in development of high-end manufacturing facilities
-- Merchant manufacturers segment is expected to be the fastest-growing segment over the forecast period
-- Generic APIs are expected to register a lucrative CAGR over the forecast period on account of factors, such as expiration of patents of branded drugs and lower cost
-- Cardiology segment led the overall market in 2018. Increasing prevalence of target diseases worldwide and high demand for fast-acting drugs are some of the key factors responsible for the segment growth
-- North America held the largest market share in 2018. Asia Pacific is estimated to be the fastest-growing region expanding at a CAGR of 8.2% over the estimated period
-- Some of the major companies in the market are Teva Pharmaceutical Industries Ltd.; AbbVie Inc.; Boehringer Ingelheim International GmbH; Cipla Inc.; Merck & Co., Inc.; Bristol-Myers Squibb Company; Albemarle Corporation; Mylan N.V.; Aurobindo Pharma; Sun Pharmaceutical Industries Ltd.; and Dr. Reddy's Laboratories Ltd.
Read the full report: https://www.reportlinker.com/p05763722/?utm_source=PRN
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View original content:http://www.prnewswire.com/news-releases/the-global-active-pharmaceutical-ingredient-api-market-size-is-expected-to-reach-at-usd-268-12-billion-by-2026-registering-a-cagr-of-6-8-300947237.html
SOURCE Reportlinker
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