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Active Pharmaceutical Ingredients Market Growth, Trends, and Forecast Analysis | Major Companies Involved In this report are AbbVie, Inc., Boehringer Ingelheim GmbH, Cipla, Inc., and Merck & Co., Inc, and Others
Active pharmaceutical ingredients are chemical and biologically active components of drugs that have a direct effect on the cure, mitigation, treatment and prevention of diseases. The global active pharmaceutical ingredients market has grown enormously in recent decades due to the growing use of medicines and biological products for the treatment of diseases. The increasing adoption of quality standards in API manufacturing, such as Good Manufacturing Practices (GMP), current GMP (cGMP) and the global adoption of the guidelines of the International Conference on Harmonization (ICH)) contributed to improve the standards of security. On the other hand, the API sector faces challenges such as reducing development time, reducing development costs, improving the design of the process and meeting quality standards without compromising profitability. A significant number of innovative medicines whose patents have been abandoned in recent years will likely have an impact on the global API market. There is an imminent need for technological innovation to maintain profitability in high volume and low value environments.
Active Pharmaceutical Ingredients Market Drivers and Restraints:
The main factors of market growth are the growing incidence of oncological, cardiovascular, diabetes and lifestyle diseases, the growing number of hospitals and diagnostic centers, and the increase in the geriatric population in developing countries. Development, greater spending on health, awareness and education are some other supporting factors of the market. However, the lack of skilled labor and limited access to medicines in developing countries can limit market growth.
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Active Pharmaceutical Ingredients Market Geographic Segmentation:
North America dominated the global market in 2015 and is expected to maintain its position during the expected period due to increased R & D spending, increased government support for the use of generic medicines and technological advances in the manufacturing field of medicines.
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Active Pharmaceutical Ingredients Market Regional Analysis:
The Asia Pacific region is expected to experience the fastest growth during the forecast period due to the availability of affordable labor. As a result, large companies in the sector are establishing API manufacturing plants in developing countries such as China and India.
Active Pharmaceutical Ingredients Market Major Companies:
Some of the prominent players of the market include AbbVie, Inc., Boehringer Ingelheim GmbH, Cipla, Inc., and Merck & Co., Inc.
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Research Cosmos is a provider of standard and customized Industry research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending Industry reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.
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