DUBLIN–(BUSINESS WIRE)–The “Active Pharmaceutical Ingredient/API Market – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The global APIs market is estimated to reach USD 245.2 billion by 2024 from USD 182.2 billion in 2019, at a CAGR of 6.1% during the forecast period.
Increasing incidence of chronic diseases and technological advancements in API manufacturing are expected to drive the overall growth of the global APIs market.
The increasing incidence of chronic diseases, growing importance of generics, and the increasing uptake of biopharmaceuticals are some of the major factors driving the growth of the global APIs market. On the other hand, the unfavorable drug price control policies across various countries and the increasing penetration of counterfeit drugs are expected to restrain the growth of this market in the coming years.
The biotech APIs segment is expected to grow at the highest CAGR during the forecast period.
On the basis of type of synthesis, the APIs market is categorized into synthetic APIs and biotech APIs. The synthetic APIs segment is estimated to account for the largest share in 2019. However, the biotech APIs segment is expected to grow at a higher rate over the forecast period. Factors such as growing demand of biotech drugs due to their specificity in action, advancements in biotechnology, increase in demand for monoclonal antibodies, and their similarity with the natural biological compounds found in the human body influence the growth of this segment.
The monoclonal antibodies segment is expected to account for the largest share of the global biotech APIs market.
Based on product, the biotech APIs market is segmented into monoclonal antibodies, hormones & growth factors, cytokines, fusion proteins, therapeutic enzymes, recombinant vaccines, and blood factors. In 2019, the monoclonal antibodies segment is estimated to account for the largest share of the biotech APIs market. Factors such as the increasing incidence of cancer, increasing investments in R&D, technological advances in genetic sequencing and target gene selection, and reduced side effects as compared to chemotherapy are responsible for driving this market.
North America to dominate the market during the forecast period.
In 2019, North America is expected to dominate the market, followed by Europe. The major factors driving the overall growth of the APIs market in this region include the growing incidence of preventable chronic diseases, increasing government focus on generic drugs, rising demand for biologics and specialty drugs, and technological advancements in the manufacturing processes of APIs. This market segment is expected to grow at a modest rate due to a combination of economic and healthcare severity measures and the introduction of low-cost, generic versions of branded drugs.
Market Dynamics
Drivers
- Increasing Incidence of Chronic Diseases
- Technological Advancements in API Manufacturing
- Growing Importance of Generics
- Increasing Uptake of Biopharmaceuticals
- Growing Adoption of Artificial Intelligence-Based Tools for Drug Discovery
- Adoption of Organ-On-Chip Models in Drug Development
- Growing Focus on Precision Medicine
- Growing Investments in Real-World Evidence By Pharmaceutical Companies
Restraints
- Unfavorable Drug Price Control Policies Across Various Countries
- Increasing Penetration of Counterfeit Drugs
Opportunities
- Emerging Biosimilars Market
- Highly Potent Active Pharmaceutical Ingredients
- Emerging Markets
- Emerging Technologies
Challenges
- Product Differentiation – A Major Concern for API Manufacturers
- High Manufacturing Costs
Companies Mentioned
- Abbvie Inc.
- Astrazeneca
- Boehringer Ingelheim
- Bristol-Myers Squibb
- Eli Lilly and Company
- F. Hoffmann-La Roche
- Glaxosmithkline PLC
- Merck & Co., Inc.
- Novartis AG
- Pfizer, Inc.
- Sanofi
- Teva Pharmaceutical Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/8ijjy5
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900