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Active Pharmaceutical Ingredients Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights
Active Pharmaceutical Ingredients Market Research
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According to The Business Research Company's, The active pharmaceutical ingredients market size has grown strongly in recent years. It will grow from $218.45 billion in 2023 to $233.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to advancements in drug development, expansion of generic drug market, globalization of pharmaceutical manufacturing, regulatory initiatives for drug safety, rise in contract manufacturing organizations (cmos), focus on precision medicine, emergence of biopharmaceuticals, global pandemics and health threats.
The active pharmaceutical ingredients market size is expected to see strong growth in the next few years. It will grow to $305.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing healthcare expenditure, increasing focus on rare diseases, expansion of biosimilars market, advancements in green chemistry, focus on continuous manufacturing, regulatory support for innovation, globalization of clinical trials, focus on sustainable and ethical practices. Major trends in the forecast period include digitalization of drug development, investment in advanced manufacturing technologies, apis for rare diseases and orphan drugs, regulatory scrutiny on quality, api serialization and traceability, biopharmaceuticals and biotechnology products.
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Market Drivers and Trends:
The increasing investment in research and development (R&D) is expected to propel the growth of the active pharmaceutical ingredients market going forward. Investment in research and development (R&D) refers to the allocation of resources, including financial, human, and technological, towards activities aimed at creating new knowledge, developing innovative products, services, or processes, and improving existing offerings. Investment in research and development (R&D) plays a crucial role in the development of active pharmaceutical ingredients (APIs) by fostering innovation, enhancing product quality, and driving progress in the pharmaceutical industry. Biopharmaceutical companies and government agencies invest in R&D to develop innovative APIs and formulations, aiming to improve treatment outcomes and address unmet medical needs. For instance, in September 2023, according to the National Center for Science and Engineering Statistics, a US-based principal statistical agency, federal agency commitments for research and experimental development (R&D) in FY 2021 increased by 13.6% ($22.7 billion) from those in FY 2020, which were $167.4 billion, to an all-time high of $190.2 billion (in current dollars). Therefore, the increasing investment in research and development (R&D) is driving the growth of the active pharmaceutical ingredients market.
Technological advancement in the active pharmaceutical ingredients market is a key trend gaining popularity in the active pharmaceutical ingredients market. Major companies operating in the market are focusing on implementing innovative technologies and methods in the optimized production of APIs such as continuous flow chemistry, advancements in lyophilization, powder handling, and process control to sustain their position in the market. For instance, in May 2022, the companies such as NovAliX, a France-based clinical research organization focused on drug discovery, ALYSOPHIL SAS, a France-based developer of an innovative industrial strategy based on continuous flow chemistry, De Dietrich Process Systems, a France-based global provider of engineered systems, process solutions, and process equipment and Bruker, a US-based developer, producer, and seller of high-performance scientific equipment as well as analytical and diagnostic solutions have partnered to introduce an innovative method for producing active pharmaceutical ingredients (APIs). The PIPAc (Production Intelligente de Principes Actifs) project, which is based on a Smart Production of Active Ingredients model, aims to advance API manufacturing by severing the lengthy and frequently complex supply chains connected with pharmaceutical production and developing rapid-response mobile API production units that are prepared for global deployment. PIPAc will develop next-generation, autonomous, and optimized unit by fusing cutting-edge synthesis, continuous flow chemistry, and in-flow analysis with artificial intelligence.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Albemarle Corporation, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Limited, AbbVie Inc., Teva Pharmaceutical Industries Limited, Cipla Limited, Boehringer Ingelheim International GmbH, Merck KGaA, Sun Pharmaceutical Industries Limited, Bristol-Myers Squibb Company, Mylan Pharmaceuticals ULC, BASF Corporation, Lupin Limited, Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Pfizer Inc., Novartis International AG, Sanofi S.A, Viatris Inc., Cadila Pharmaceuticals Limited, Amneal Pharmaceuticals Inc., Apotex Inc., Sun Pharmaceutical Industries Ltd., Lonza Group AG, HPM Chemicals and Fertilizers Ltd., GlaxoSmithKline plc, Godrej Consumer Products, Roche Holding AG, Daiichi Sankyo Inc., Catalent Inc.
Active Pharmaceutical Ingredients Market 2024 Key Insights:
• The active pharmaceutical ingredients market size is expected to see strong growth in the next few years. It will grow to $305.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Chronic Disease Incidence Fuels Growth In The Active Pharmaceutical Ingredients Market
• Technological Advancements Revolutionize Active Pharmaceutical Ingredients Market Manufacturing Processes
• North America was the largest region in the active pharmaceutical ingredients market share in 2023
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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