Active Pharmaceutical Ingredients (API) Market to Surpass USD 351.81 Billion Valuation by 2031, High Demand for Effective Therapeutics and Drugs Driving Market Development | SkyQuest Technology
WESTFORD, Mass., July 15, 2024 /PRNewswire/ — According to SkyQuest, the global Active Pharmaceutical Ingredients (API) Market size was valued at USD 210.01 Billion in 2022 and is poised to grow from USD 222.4 Billion in 2023 to USD 351.81 Billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).
High investments in the research and development of novel pharmaceutical products and high demand for novel active pharmaceutical ingredients are also estimated to bolster market growth. Emphasis on improving active pharmaceutical ingredients manufacturing capabilities will create new opportunities for market players in the future. The global active pharmaceutical ingredients market is segmented into type, synthesis, drug, potency, therapeutic applications, end user, and region.
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Active Pharmaceutical Ingredients (API) Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 222.4 billion |
|
Estimated Value by 2031 |
$ 351.81 billion |
|
Growth Rate |
Poised to grow at a CAGR of 5.9% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Synthesis, Drug, Potency, Therapeutic Applications and End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Demand for high-potency active pharmaceutical ingredients for more effective treatment |
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Key Market Drivers |
Rising prevalence of oncology and cardiovascular indications around the world is driving market growth as APIs are used to develop their therapeutics |
Segments covered in Active Pharmaceutical Ingredients (API) Market are as follows:
- Type
- Generic APIs, and Innovative APIs
- Synthesis
- Synthetic APIs (Generic APIs, Innovative APIs), Biotech (Type {Generic APIs and Innovative APIs}, Product {Monoclonal Antibodies, Hormones, Cytokines, Recombinant Proteins, Therapeutic Enzymes, Vaccines, and Blood Factors}, Expression Systems {Mammalian Expression System, Microbial Expression System, Yeast Expression System, Insect Expression System, Others})
- Drug
- Prescription, and Over-the-Counter Drugs (OTC)
- Potency
- Traditional APIs, and High Potency APIs
- Therapeutic applications
- Communicable Diseases, Oncology, Cardiovascular Diseases, Orthopaedic, Cardiology, Endocrinology, Pulmonology, Gastroenterology, Nephrology, Ophthalmology, Others
- End-User
- Pharmaceutical and Biotechnological Industry, Contact Research Organization, Contract Manufacturing Organization, Others
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Low Costs of Synthetic API Manufacturing is Pushing Most Companies Towards their Adoption
Synthetic active pharmaceutical ingredients are highly popular and used by pharmaceutical and biotechnology companies owing to their high affordability. High demand for generics and increasing emphasis on improving the affordability of drugs and pharmaceuticals are also expected to help this segment generate rewarding business opportunities. Contract development and manufacturing organizations and pharmaceutical manufacturing companies are projected to lead the demand for synthetic active pharmaceutical ingredients going forward.
Meanwhile, the demand for biotech active pharmaceutical ingredients is forecasted to increase at a staggering CAGR across the study period. High investments in biopharmaceutical industry and innovation of new molecules by the same are also expected to help this segment generate new opportunities for active pharmaceutical ingredients companies in the long run.
High Prevalence of Cardiovascular Disorders to Promote the Demand for Active Pharmaceutical Ingredients in Cardiovascular Therapeutic Applications
Rising need for better security and compliance management in commercial settings to comply with modern regulations. Commercial active pharmaceutical ingredients are being used to manage financial transactions and ledgers of companies to balance the books and keep a record of receivables and payables. Management of accounts is highly crucial for companies and commercial organizations to optimize their business and profitability in the future. Meanwhile, the surging demand for better oncology treatments to manage the rising incidence of cancer cases is also forecasted to present new opportunities for active pharmaceutical ingredients providers in the future.
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Increasing Accessibility to Over-the-counter Drugs and Medications to Offer Lucrative Market Growth Potential
Growing availability of generic over-the-counter (OTC) medications around the world is projected push the demand for active pharmaceutical ingredients over the coming years. Increasing awareness regarding efficacy of OTC medications and their rising adoption among the general population are also anticipated to create new business scope for active pharmaceutical ingredients providers through 2031.
From new to established, all active pharmaceutical ingredients companies have equal opportunity to succeed in this market. Collaborating with leading pharmaceutical and biotechnology companies will be highly crucial for all active pharmaceutical ingredients market players.
Related Reports:
Pharmaceutical Intermediates Market
Pharmaceutical Excipients Market
Pharmaceutical Manufacturing Market
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