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The World Active Pharmaceutical Ingredients Market Projected To Grow Radiantly By 2023; Asserts MRFR Unleashing Industry Forecast
Active Pharmaceutical Ingredient (API) is a biologically active pharmaceutical drug. API can be obtain by synthetic process or from natural sources. The global active pharmaceutical ingredients market is growing with the steady pace; mainly due to increasing prevalence growth of chronic diseases, growing incidence of cancer, raising growth of geriatric population, technological advancements in manufacturing of API, increasing importance of generics, increase in abbreviated new drug applications (ANDA) and increasing uptake of biopharmaceuticals. Moreover, developing biosimilars market, increasing scope for High Potency Active Pharmaceutical Ingredients (HPAPIs), and growing usage of technologies in emerging markets have opened a wide range of opportunities for the growth of the market. However, factors such as stringent different regulatory approval requirements and unfavourable drug price control policies across numerous different countries may hamper the growth of this market. The market is forecasted to demonstrate a neutral growth by 2017, global active pharmaceutical ingredients market is expected to grow at a CAGR of 7.2% during forecast period.
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Global Active Pharmaceutical Ingredients Market - Regional Analysis
Globally, the active pharmaceutical ingredients market is segmented into Americas, Europe, Asia Pacific and Middle East and Africa. Asia Pacific has been the fastest growing segment this is majorly due to rapidly growing economies and rising awareness within the people is the major factor for the growth of the market. Indian pharmaceutical industry accounts for the second largest number of Abbreviated New Drug Applications (ANDAs), and is the world’s leader in Drug Master Files (DMFs) applications with the US. According to India Brand Equity Foundation (IBEF) in 2016 India was the third largest producer of global generic API merchant market, and accounted for with a 7.2% of the global market share. Asia Pacific is majorly known for its low cost labor and availability of abundant raw materials in these countries that is the key factor for the growth of API market in India and China. China is one of the major hub of manufacture and exporter of active pharmaceutical ingredients (API). According to INDIA CHINA ECONOMIC AND CULTURAL COUNCIL export value of Active Pharmaceutical Ingredients (API) is valued for more than USD10 billion yearly, with the growth rate of 31%, accounting for 53% of exported pharmaceuticals. In addition to this, regulatory support and government encouragement to establish API manufacturing plants by favorable taxes are helping the active pharmaceutical ingredients market in Asia Pacific.
Asia Pacific is the fasted growing region. On the other hand, Americas accounted for the largest market, majorly due to increasing prevalence of various chronic diseases and increasing number of cancer patients. According to the National Cancer Institute, in 2016; 723,350 new cancer cases was registered in America. North America contribute a major share in Americas market. Besides increasing prevalence of cancer, well developed healthcare sector, increasing healthcare expenditure, and adoption of biologic drugs by people has contributed in the growth of the market in this region.
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Global Active Pharmaceutical Ingredients Market - Competitive Analysis
Teva Pharmaceutical Industries (Israel), Cipla (India), Dr. Reddy’s Laboratories (India), Novartis International AG (Switzerland), Sanofi (France), Pfizer, Inc. (US), Eli Lilly and Company (US), Aurobindo Pharma (US), Sun Pharmaceutical Industries (India), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (US), GlaxoSmithKline Plc (UK), Merck & Co., Inc. (US), AbbVie Inc. (US) are some of the prominent players at the forefront of competition in the global active pharmaceutical ingredients market and are profiled in MRFR Analysis.
There are numerous players operating in this market all over the globe. Many organizations especially in Asia-Pacific region have their own manufacturing units while many organizations outsource their facility of active pharmaceutical ingredients (APIs) manufacturing to other organizations. As there are plenty of large and small market players available in the market.
Big pharmaceutical will likely to depend on small molecules; however, biologics are expected to spur growth traditionally, the big pharmaceutical business model has been built on small molecule products that are affordable and relatively easy to manufacture. However, the patent cliff and the resulting commoditization of the small molecule market have forced big pharmaceutical companies to seek diversification into the large molecules/biologics space for therapeutic areas of high unmet need, such as oncology.
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Furthermore, speaking about the attractiveness of the API, manufacturers have been following the acquisition activity. There have been a number of significant deals with prices equating to multiples of two or more times the acquired company’s revenues. For example, in March 2015, Patheon acquired Irix, a mid-size API manufacturer with development and commercial capabilities. The acquisition added small-molecule capabilities to Patheon’s offerings in large-molecule API and dosage forms this will enhance revenue growth of the company.
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