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Synthetic Small Molecule API Market to Offer Ample Growth Opportunities by 2031
Global Synthetic Small Molecule API Market: OverviewAPI or active pharmaceutical ingredients are used for manufacture of various types of pharmaceutical drugs and medicinal solutions. Increasing demand for generic drugs across the world is propelling the growth within the global synthetic small molecule API market over the past few years. This factor is boosting the growth avenues for contract drug manufacturing organizations working in the market.
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Manufacturers in the global synthetic small molecule API market either outsource their production or take care of it in-house. Leading applications for the small molecule APIs include oncology, orthopedic, pulmonology, nephrology, cardiology, central nervous system and neurology, ophthalmology, endocrinology, and gastroenterology, among others.
Global Synthetic Small Molecule API Market: Major Trends and Drivers
Increasing demand for small molecule APIs as well as rising trend of outsourcing are some of the key drivers influencing growth within the global synthetic small molecule API market. Furthermore, increasing demand for API raw materials for manufacture of cost-effective pharmaceutical drugs is also propelling the expansion of the market.
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The demand within the global synthetic small molecule API market increased over the period of novel coronavirus pandemic, owing to increasing need to enhance the impaired respiratory systems in patients infected with COVID-19 virus. Additionally, rising demand for generic drug solutions and products is also bolstering the growth within the global synthetic small molecule API market.
However, dearth of sophisticated and technologically potent infrastructure in several developing economies, as well as increasing number of stringent government safety standards and regulations may hamper the development of the global synthetic small molecule API market in coming years. On the other hand, the ease of production associated with manufacture of small molecules as well as the quality of higher effectiveness of these molecules are also generating significant cash grab opportunities for the market players. Rising demand for API formulation, as well as increasing demand for small molecule drug products from the pharmaceutical industry are also fueling expansion within the global synthetic small molecule API market.
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Global Synthetic Small Molecule API Market: Key Players and Manufacturers
A few of the most prominent and leading manufacturers and players operating in the global synthetic small molecule API market include Cipla, inc., Merck & Co., Inc., Aurobindo Pharma, Teva Pharmaceutical Industries Ltd., Viatris Inc., Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH, AbbVie Inc., Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., and Albermarle Corporation, among others.
Players functional in the global synthetic small molecule API market are adopting various growth strategies, including strategic collaborations, geographical expansions, and partnerships, among others. For example, a novel drug 'Umbralisib' for treatment of follicular lymphoma and relapsed & refractory marginal zone lymphoma, approved by the United States FDA, was launched by Rhizen Pharmaceuticals in 2021.
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Global Synthetic Small Molecule API Market: Regional Assessment
North America dominated the global synthetic small molecule API market in recent past, in terms of revenue share. Key drivers behind this trend include rising support by the regional governments, presence of favorable policies and initiatives, and rising interest of regional manufacturers in development of new innovative drugs. Furthermore, increasing support of regional government of the United States for regulated production of APIs, with an aim of reducing the dependence of the regional pharmaceutical production on API manufacturers in Asia, is also bolstering the development of the North America synthetic small molecule API market.
Asia Pacific is anticipated to record considerable growth in the global synthetic small molecule API market in coming years. Some of the key drivers supporting this trend include high dependence of pharmaceutical manufacturers around the world on Indian and Chinese API manufacturers, rising focus of regional manufacturers on production and development of less complex molecules that can be manufactured in massive quantities, and rising support for API businesses by governments in the form of investments.
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