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High Potency APIs /HPAPI Market to witness an outstanding growth during 2018-2023

02-13-2020 02:20 PM CET | Health & Medicine

Press release from: MarketsandMarkets.com

High Potency APIs /HPAPI Market to witness an outstanding growth

The growth in this market is driven by factors such as increasing demand for oncology drugs, growing demand for antibody-drug conjugates, increasing focus of leading pharmaceutical companies on HPAPIs, advancements in HPAPI manufacturing technologies, and growing focus on precision medicine.

The global HPAPI market is expected to reach USD 26.84 Billion by 2023 from USD 17.72 Billion in 2018, at a CAGR 8.7%.

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Opportunity in emerging markets

Emerging economies such as India, China, and the Middle East present high growth opportunities for players in the HPAPIs market. In most of these geographies, the market is expected to show a high growth rate in the coming years owing to their huge population, increasing prosperity, and improving longevity (albeit at differing rates).

Diseases like musculoskeletal diseases, glaucoma, and specifically cancer have a significant impact on the health status of people worldwide, with comparatively higher growth rates in developing countries. According to the WHO, in 2014, nearly 66% of all cancer-related deaths occurred in developing countries. Additionally, according to GLOBOCAN 2012, a total of 6.8 million new cancer cases were reported in 2012 in Asia; this is expected to reach 8.4 million cases by 2020, indicating an increase of ~24%.

Furthermore, developing regions have lenient and flexible regulations, which make these markets highly lucrative for providers who are unable to meet the stringent standards set by the federal government in the US. Moreover, developing countries like India and China offer extremely low manufacturing and labor costs and highly skilled labor; this encourages players in developed regions to invest in this market.

Geographical Region Covered

Geographically, the HPAPI market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to dominate the market in 2018, followed by Europe. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growth in geriatric population, high prevalence of chronic and lifestyle diseases, increase in disposable income, prevalence of lifestyle- and age-related diseases, government efforts to reform healthcare and encourage the adoption of generics, and growing market for merchant manufacturers in this region owing to the low labor and manufacturing costs are driving the growth of the market in Asia.

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Leading Companies

The HPAPI Market is competitive in nature, with several major players competing for market space. Some of the prominent players in this market are Pfizer Inc. (US), Novartis International AG (Switzerland), Merck & Co. (US), Teva Pharmaceutical Industries Ltd. (Israel), Mylan, Inc. (US), Boehringer Ingelheim (Germany), Sanofi (France), AbbVie (US), Eli Lilly and Company (US), AstraZeneca plc (UK), Bristol-Myers Squibb (US), and GlaxoSmithKline plc (UK).

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