Active Pharmaceutical Ingredients Market is Expected to Reach $313.7 Billion by 2031 - Aurobindo Pharma, Teva Pharmaceutical Industries Ltd, Pfizer Inc

The Global Active Pharmaceutical Ingredients (API) Market reached USD 197.2 billion in 2022 and is projected to experience substantial growth, reaching approximately USD 313.7 billion by 2031. With a forecasted compound annual growth rate (CAGR) of 6.1% from 2024 to 2031, the market's expansion is driven by increasing demand for APIs in high-quality drugs used to treat a wide range of diseases. These include conditions related to oncology, cardiology, central nervous system (CNS) disorders, neurology, orthopedics, pulmonology, gastroenterology, nephrology, ophthalmology

Furthermore, the rising prevalence of chronic diseases and the growing global geriatric population are key factors driving the expansion of the active pharmaceutical ingredients (API) market. Increased research in these areas is further boosting market demand, particularly in North America. Major players such as Aurobindo Pharma, Teva Pharmaceutical Industries Ltd, Pfizer Inc, and others are actively contributing to the market's growth through their operations in this region.

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Key Developments:
• On June 14, 2023, C2 PHARMA, a manufacturer and supplier of ophthalmic and specialized active pharmaceutical ingredients (APIs), announced the approval of a C-Drug Master File (DMF) for Digoxin, an API provided by its Polish manufacturing partner, Nobilus Ent.

• On November 18, 2022, Bajaj Healthcare Ltd successfully completed the pre-approval inspection of its active pharmaceutical ingredients plant in Vadodara, Gujarat, conducted by the US Food and Drug Administration (USFDA). The inspection was completed without any Form 483 observations, affirming the plant's compliance with USFDA standards for API, intermediates, and formulation production.

• On December 14, 2022, Eli Lilly and Company partnered with EVA Pharma to ensure a sustainable supply of affordable, high-quality human and analogue insulin for at least one million people with type 1 and type 2 diabetes in low- to middle-income countries (LMICs), with a focus on African nations.

Market Dynamics:

A significant portion of the population suffers from chronic conditions such as heart disease, cancer, type 2 diabetes, and arthritis, driving the demand for health insurance policies among the elderly.

For example, according to Eurostat, as of January 2022, the population of the European Union was estimated at 446.7 million, with 21.1% being individuals aged 65 and older. This marks an increase of 0.3 percentage points compared to the previous year and a 3.1 percentage point rise over the past decade. Additionally, a recent United Nations (UN) report projects that the global population aged 65 and above will double over the next 30 years, reaching 1.6 billion by 2050 and accounting for over 16% of the global population. This growing geriatric population is expected to drive market growth.

New Drug Launches and Approvals Fuel Market Expansion
The introduction of new drugs, biological products, acquisitions, collaborations, and regional expansions are strategic initiatives to ensure market stability. For instance, on November 1, 2023, Lonza, a trusted partner in the pharmaceutical, biotech, and nutraceutical industries, launched an innovative capsule designed to deliver acid-sensitive active pharmaceutical ingredients directly to the gut.

Market Segment Analysis

By Type: Synthetic API, Biotech API

By Nature: Generic API, Innovator API

By Manufacturing type: Captive, Merchant

By Application: Cardiovascular, Diabetes, Oncology, Orthopaedics, Neurology, NSAIDS, Others

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Major Key players
• Aurobindo Pharma
• Teva Pharmaceutical Industries Ltd
• Pfizer Inc.
• Novartis AG
• BASF SE
• Boehringer Ingelheim GmbH
• Reddy's Laboratories Ltd
• Lupin Ltd
• Mylan NV
• Sun Pharmaceutical Industries Ltd
*Note:
Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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