IoT (Internet Of Medical Things) To Be The Buzzword For NSAID API Market
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The term nonsteroidal distinguishes these drugs from steroids, which have similar eicosanoid inhibitory, anti-inflammatory properties, among a wide range of other effects. Good quality APIs are essential for effective and safe pharmaceutical manufacturing. The growing geriatric pool is driving the demand for different types of drugs, which in turn is leading to surging demand in the NSAID API market. However, not all pharmaceutical companies have their own API manufacturing capabilities. Moreover, no single company can produce all the APIs required for an official product.
The rapid penetration of technology and other developments in the medical field, resulting in improved access to healthcare, has resulted in increased drug consumption, which has had a direct positive impact on the NSAID API market.
In addition, growing medical budgets in developed and developing countries are also contributing significantly to drive sales of NSAID API market. It is also expected that the application of this substance will increase as Indian manufacturers of active pharmaceutical ingredients comply with US FDA norms.
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NSAID API Market: Segmentation
By product type
By manufacturing process
• captive manufacturing
• contract with the manufacturer
By drug type
• brand prescription drugs
• generic prescription drugs
The global pharmaceutical industry has been hit hard by the patent expiry of blockbuster drugs over the past few years. However, this has fueled a surge in demand for low-cost alternatives worldwide, which has fueled NSAID API manufacturing. Approval of biosimilars in Europe added to total NSAID API market revenue.
Advances in production technology have made it possible to produce biosimilars that are not exact copies of innovative drugs but are comparable in terms of safety and efficacy. Europe has been a leader in biosimilar approval, and the WHO has also set guidelines for lines similar to those set by the European Union. Regulatory pathways are evolving in the biosimilar sector in several countries, which represents a huge market opportunity ahead of biopharmaceutical companies.
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Geographically, the market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the global NSAID API market due to high demand for APIs in drug formulations and R&D programs in the region.
The region is expected to continue to dominate over the next few years as the US' high health care costs increase preference for generic drugs. Among other regions, Asia Pacific is the next largest market for APIs. The region is home to a large number of generic drug manufacturers, making it one of the most attractive markets.
Players in the NSAID API market include Aurobindo Pharma, Boehringer Ingelheim Group, Cambrex Corporation, Dr. Reddy's Laboratories, Ltd., BASF SE, Hospira, Inc., Lonza Group, Mylan, Inc., Novartis AG, Pfizer, Inc. , Sandoz (Novartis AG), Teva Pharmaceutical Industries Ltd., Actavis Plc, Wuxi Apptec and Zhejiang NHU Co., Ltd. Currently, these companies are focused on working with other companies to acquire new product lines to add value. portfolio. Companies are also expected to focus on expanding their capabilities to meet the vast unmet medical needs of the world.
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