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Sales of Active Pharmaceutical Ingredients Market Accelerate Demand for Chronic Conditions Drugs
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The intense competition in the overall market is also being fueled by the high fixed costs and exit costs. As these expenditures for companies continue to remain high, players will focus on increasing their research and development activities to deliver result-oriented drugs.
API Sales Gain Momentum with Surging Healthcare Expenditure
The increasing healthcare budgets in recent years have been the undercurrent for the revenues flowing into the active pharmaceutical ingredient market. With exponentially growing demand for drugs, the consumption of active pharmaceutical ingredient has also increased by leaps and bounds. “Considering the population explosion, technological advancements, and ongoing scientific research projects the development of drugs will present effective solutions to a range of chronic diseases such as cancer, cardiovascular conditions, metabolic disorders, musculoskeletal disorders, and for other therapeutic uses,” says a TMR analyst.
The demand for drugs to treat the aging population will definitely boost the sale of active pharmaceutical ingredients that are popularly used for manufacturing drug products. Due to a growing pool of geriatrics in Europe and North America, these regions are primarily driving the active pharmaceutical ingredient market. Improving access to healthcare and the growing demand for pharmaceuticals in Asia Pacific and Rest of the World are likely to create lucrative growth opportunities for the overall market. Furthermore, increasing investments by manufacturers, especially in India, to adhere to the guidelines set by the U.S. FDA is also winning them big contracts, thereby increasing foreign earnings.
Generic Drugs Act as Impediments
The promising trajectory of the active pharmaceutical market is being impeded by the empowering presence of generic drugs. The shortage of drugs, unaffordability, and poor accessibility in remote regions of several developing regions are the driving the consumption of generic drugs. However, the setting up of good manufacturing practice by the European Union is focused on mitigating this issue. These regulations will not only improve the quality of the drugs sold in the market, but also result in the sale of scientifically-developed drugs that are credited with certain approvals and quality checks.
The research report indicates that the opportunity in the global active pharmaceutical ingredient market was valued at US$134.70 bn in 2015. However, this opportunity will swell to US$219.60 bn by 2023, as the market surges at a CAGR of 6.3% between 2015 and 2023. The cardiovascular drugs segment held the largest share in the overall market in 2015. In the forecast period, this segment is anticipated to expand at a CAGR of 6.63%. Geographically, North America will emerge as a leader in the global market due to a high demand for API in drug manufacturing activities and investments made in research and development. During the forecast period, this regional segment will surge at a CAGR of 5.03%.
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