Active Pharmaceutical Ingredients Market To Reach USD 346.4 Billion By 2032 at CAGR 8.7%| DataHorizzon Research
Active pharmaceutical ingredients market to undergo added efficiency and transformation.
Colorado, Jan. 15, 2024 (GLOBE NEWSWIRE) — The Active Pharmaceutical Ingredients (API) Market size was valued at USD 151.2 Billion in 2022 and is expected to reach USD 346.4 Billion by 2032 at a CAGR of 8.7%, according to DataHorizzon Research Inc.
Factors such as the rising prevalence of chronic diseases such as diabetes and cancer are expected to remain crucial in the market development. Furthermore, the API market developments are also characterized by research breakthroughs. For instance, in 2023, TCGGreenChem Inc, a U.S.-based leading drug discovery and development completed the manufacturing stages for API of Ropidoxuridine, for further use by U.S.-based Shuttle Pharmaceuticals clinical phase II trials in brain cancer patients going for radiation therapy.
Request Sample Report:
Piramal Pharma Solutions, a leading contract development and management organization (CDMO) initiated their phase 1 production batches for API in Michigan, Riverview facility in 2023. The initial production was the first step towards the three-step process for manufacturing and development of Phase-II clinical trials. The facility covers nearly 25000 square feet of space including warehousing, production, and supporting utilities. The company has also plans to scale up the infrastructure which can house additional reactor bays, as planned for phase 2 production. With the success of phase 1 production, the company feels excited to address the burgeoning demands for both potent and non-potent APIs.
The active pharmaceutical ingredients market growth is highly anticipated in the forthcoming years due to government regulations and foreign policies. Besides, the rise in the number of manufacturers of active pharmaceutical ingredients has resulted in generating self-reliance and import-free pharmaceuticals. For instance, between 2021 and 2023, Indian pharma companies manufactured 38 APIs under the production-linked incentive (PLI) scheme for the sector. Provisions under this scheme has reduced the import burden for 54 APIs from foreign countries.
In addition, the Indian economy witnessed the rise of 115 new plants in 2022 to obtain manufacturing licenses to produce bulk drugs and API with an investment of USD 28 billion. This has majorly driven the pharma industry in India. The new API production units on the Indian soil include hormones, vitamins, oncology, antibiotics, and steroids which were earlier imported from China.
Buy This Research Report:
Some major trends in the active pharmaceutical ingredients market include the manufacturing of HPAPIs (high potency API), increasing emphasis on regulatory compliance and quality, and the transition to biologics. Besides, the rise in the number of research and development activities for producing biologics is expected to augur for market growth. In addition, continuous manufacturing dominates the production methods. It has completely replaced the batch manufacturing method and has augmented the operations uninterrupted. This has eventually resulted in rapid production and faster delivery of APIs to the market.
The growing demand for generic drugs is another boosting factor for future market developments. The emergence of novel diseases, expansion in the pharmaceutical industry across the globe, and the presence of COVID-19 variants have highlighted the importance of resilience in the pharmaceutical supply chain. In addition, biotechnology for APIs allows greater precision and control for manufacturing processes which is crucial for the development of new therapies and treatments.
Looking Exclusively For Region/Country Specific Report?
Ask For Discount
Further Findings from the Report:
- The global active pharmaceutical ingredients market size is expected to be valued at USD 346.4 Billion by 2032.
- The rising prevalence of various diseases, an increasing number of off-patent biologic drugs, positive results in ongoing clinical trials for APIs, and the rising demand in various therapeutic applications such as rheumatoid arthritis and blood disorders are the major factors driving the market growth.
- Regulatory and compliance factors play a huge role in the manufacturing and distribution of API. The production and distribution processes need to adhere to FDA, WHO, and EMA norms.
- The U.S. industry has been witnessing a rise in on-shore programs owing to the urgency and growing need for cost optimization to reduce import burdens.
- India is an emerging market owing to the availability of low labor costs and the heightened demand for pharmaceuticals.
- Continuous manufacturing techniques unveil robust growth opportunities and have enabled fast and efficient production processes leading with quality and greater efficiency.
- Sustainable production has been the focus of the pharmaceutical industry keeping environmental hazards at bay. This includes strategizing waste management and managing energy consumption for API production processes.
- The active pharmaceutical ingredients market is segmented into synthesis, manufacturer, type, drug, application, and region.
- North America is the leading market for active pharmaceutical ingredients owing to the availability of government incentives to produce innovative drugs and an increase in the prevalence of chronic diseases in the region.
- Major players in the active pharmaceutical ingredients market report include Merck & Co., Inc.; AbbVie Inc.; Teva Pharmaceutical Industries Ltd.; Viatris Inc.; Cipla Inc.; Boehringer Ingelheim International GmbH; Sun Pharmaceutical Industries Ltd.; Bristol-Myers Squibb Company; Albemarle Corporation and Aurobindo Pharma.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Follow Us: LinkedIn
Clinical Laboratory Services Market 2023 to 2032
Cardiovascular Devices Market 2023 to 2032
Weight Loss Drugs Market 2023 to 2032
Next Generation Sequencing Market 2023 to 2032
Cancer Immunotherapy Market 2023 to 2032
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.