Merchant API Market to reach US$119.11 billion by 2027 - Industry Trends, Growth Drivers, Key Companies and Future Opprtunities
The merchant API market refers to the use of APIs by merchants, or businesses that sell goods and services, to connect their systems and processes with those of other companies or platforms. This allows merchants to automate and streamline various aspects of their operations, such as inventory management, payment processing, and customer data management.
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The global merchant API market was valued at US$79.50 billion in 2021. The market value is expected to reach US$119.11 billion by 2027. The merchant API (or contract manufacturing) sits within the wider Pharma value chain and encompasses all activities related to the development and manufacture of active pharmaceutical ingredients (API) both for products clinical trials and commercial products.
There has been an increase in the willingness of, especially smaller pharma and biotech companies to collaborate with specialized entities due to the expertise and equipment required to manufacture the compounds. Additionally, pharma companies are increasingly focusing on core capabilities like R&D and marketing, leaving the manufacturing side of the process to specialized entities. Thus, merchant API market growth has increased due to increased pharma outsourcing to improve margins and potentially shorten time-to-market. The market is expected to grow at a CAGR of approx. 7% during the forecasted period of 2022-2027.
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One of the key drivers of the merchant API market is the growing popularity of e-commerce and online sales. As more and more consumers turn to the internet to shop for goods and services, merchants are increasingly looking for ways to improve their online presence and reach more customers. APIs allow merchants to easily integrate their systems with those of online marketplaces, such as Amazon and Alibaba, as well as with social media platforms, such as Facebook and Instagram, to expand their reach and improve their sales.
Another driver of the merchant API market is the increasing demand for mobile commerce. As more and more consumers use their smartphones and tablets to shop online, merchants are looking for ways to make their products and services available on mobile devices. APIs allow merchants to easily create mobile apps and mobile-optimized websites that can be accessed by customers on the go.
The global merchant API market is highly fragmented. The key players in the global merchant API market are:
Pfizer Inc. (Pfizer CenterOne)
Bachem Holding AG
Thermo Fisher Scientific Inc.
Teva Pharmaceutical Industries Ltd. (Teva API)
Siegfried Holding AG
Lonza Group AG
PolyPeptide Group AG
Divi's Laboratories Limited
Fabbrica Italiana Sintetici
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To keep ahead of the competition, companies in the market undergo regular R&D operations. In order to stay ahead of the competition, companies operating on the global market are also anticipated to turn to aggressive expansion methods including mergers, acquisitions, and strategic alliances. For instance, in 2022, Bachem Group announced the signing of a further work order for the delivery of large volumes of peptides over a five-year period from 2025-2029. On the other hand, Sanofi and Innovent Biologics announced a collaboration to bring innovative medicines to patients in China with difficult-to-treat cancers. Also, Siegfried announced that the company had decided to extend the collaboration with Novavax, a US-based biopharmaceutical company, for the aseptic fill & finish of Novavax's protein-based coronavirus vaccine Nuvaxovid.
In 2021, Lonza held a share of 2.58% of the global merchant API market, whereas in CDMO market, Lonza had a market share of 4.6%.
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