Active Pharmaceutical Ingredients Market to Reach US$ 257,455.6 Mn by 2026
North America and Asia Pacific are projected to dominate the global market, owing an increase in the demand for efficient and effective management of APIs manufacturing, high health care IT budgets, and high adoption of accelerated regulatory review of innovative medicines. The market in Europe is projected to expand at a moderate growth rate of 5.0% during the forecast period. The active pharmaceutical ingredients market in Latin America is likely to expand at a moderate pace during the forecast period. Key factors driving the market in Brazil are rapid improvement in health care infrastructure and increase in purchasing power of the people. In addition, health care companies are striving to cut hospitalization costs while offering better services to patients in the country.
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Governments across the world have prioritized biomedical innovation. Accelerated regulatory review by the FDA for innovative medicines boosts the global active pharmaceutical ingredients market. The FDA has approved more than 45 drugs in 2017. Drugs approved by the FDA are used for the treatment of relapsed or refractory acute lymphoblastic leukemia, relapsed breast cancer, moderate-to-severe plaque psoriasis, advanced or metastatic urothelial carcinoma, acute bacterial skin infections, Chagas disease, open-angle glaucoma or ocular hypertension, type 2 diabetes mellitus, and septic or other distributive shock.
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Rise in the prevalence of cancer, cardiovascular diseases, and diabetes; sedentary lifestyles; and a rise in the aging population are key factors driving the active pharmaceutical ingredients (API) market. As per the National Cancer Institute, in 2016, there were an estimated 15.5 million cancer survivors in the U.S.. The number of cancer survivors is expected to increase to 20.3 million by 2026. As per an EU government agency survey, almost 49 million people were living with cardiovascular disease in the EU in 2017. Lung cancer is the leading cause of cancer deaths in Asia Pacific. China alone accounts for more than 50% of all cancer cases in this region. Changes in lifestyle and socio-cultural factors are propelling the incidence of cervical cancer. Major countries affected by breast cancer in Asia Pacific are India, Thailand, and China.
The in-house API manufacturing segment includes the active pharmaceutical ingredients produced for the internal consumption of a pharmaceutical company. The revenue of the in-house API manufacturing segment has declined in the past few years due to outsourcing of API production. High degree of competition and reduced profitability are the key factors attributed to the increased preference for outsourcing API production over in-house API manufacturing.
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Around 66.0% of the APIs currently available in the market constitute synthetic chemical APIs, popularly known as small molecules. Although the top-selling drugs are biologics, the number of these drugs is quite small as compared to the small molecule drugs. Currently, over 3,000 small molecule drugs are available in the market, which provides significant business opportunities for synthetic API production.
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