NEW YORK, Oct. 4, 2021 /PRNewswire/ -- The global active pharmaceutical ingredient market value stood at $184,311.2 million in 2020, and it is expected to surge to $357,005.7 million by 2030, demonstrating a CAGR of 6.9% from 2021 to 2030.
The major factors fueling the demand for these ingredients are:
Mushrooming Geriatric Population: According to the World Health Organization (WHO), the surge in the average life expectancy in recent years has caused a sharp rise in the population of older people. As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years and above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people are vulnerable to chronic and acute illnesses due to their weak immune systems, their soaring population is driving the requirement for effective drugs, which is consequently fueling the expansion of the API market.
Increasing Occurrence of Chronic Diseases: With people following sedentary lifestyles and the prevalence of obesity increasing, the incidence of various chronic diseases, such as diabetes, is soaring across the globe. According to the WHO, 422 million people are currently living with it and the disease claims 1.6 million lives every year. Being a long-term disease, patients require constant medication, particularly insulin.
The COVID-19 pandemic has amplified the worldwide demand for pharmaceutical products. Due to the increasing number of patients, drug research and development activities, especially those aimed at finding an effective vaccine, have surged. Additionally, the API market has been positively impacted by the rising demand for such products during the pandemic. For instance, the Pharmaceutical Export Promotion Council (PHARMEXCIL) of India recorded a significant increase in the cost of penicillin, one of the most-well-known antibiotic APIs, from $6.16 per unit in January 2020 to $8.69 per unit in just one month.
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In the past, the prescription drug category contributed the higher revenue to the API market, under the type of drug segment. The requirement for prescription drugs for managing complex chronic illnesses is rising across the world, thereby propelling the consumption of associated active ingredients.
The oncology category dominated the API market during the last few years, within the therapeutic application segment. The high incidence of cancer is resulting in the rising requirement for highly potent APIs (HPAPIs). As per the American Cancer Society, by 2021-end, nearly 1.9 million new cases of cancer and 608,570 related deaths will be reported in the U.S. Similarly, as per the WHO, there were 2,003,789 cases of various types of cancers in Southeast Asia in 2018. Moreover, the disease claimed the lives of 1,336,026 people in the same year.
Browse detailed report on Active Pharmaceutical Ingredient Market Size and Demand Forecast to 2030
Geographically, North America is predicted to dominate the API market in the forthcoming years due to the rising prevalence of and awareness on chronic and lifestyle-associated illnesses, surging focus of governments on generic drugs, soaring requirement for specialty drugs and biologics, rapid technological advancements, and increasing number of pharmaceutical R&D activities in the region. For instance, as per the Centers for Disease Control and Prevention (CDC), in 2018, chronic illnesses cost $3.5 trillion to the U.S. healthcare system.
The major players operating in the global API market are Dr. Reddy's Laboratories Ltd., Cipla Ltd., Novartis AG, Teva Pharmaceutical Industries Limited, Takeda Pharmaceutical Company Limited, Aurobindo Pharma Limited, Bristol-Myers Squibb Company, Alkem Laboratories Limited, MSN Laboratories Pvt. Ltd., AstraZeneca plc, GlaxoSmithKline plc, Mallinckrodt plc, Sun Pharmaceutical Industries Ltd., STADA Arzneimittel AG, Lupin Limited, Mylan N.V., Amneal Pharmaceuticals Inc., AbbVie Inc., Johnson & Johnson, Merck & Co. Inc., Glenmark Life Sciences Limited, Eli Lilly and Company, and Sanofi.
API Market Breakdown
Based on Type of Manufacturer
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Captive
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Merchant
Based on Type
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Generic APIs
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Innovative APIs
Based on Type of Synthesis
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Biotech
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Synthetic
Based on Type of Drug
Based on Therapeutic Application
Based on Distribution Channel
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Offline
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Online
Geographical Analysis
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SOURCE P&S Intelligence
Active Pharmaceutical Ingredient (API) Market to Cross $357,005.7 Million Value by 2030, says P&S Intelligence - Yahoo Finance
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