Active Pharmaceutical Ingredients (API) Market is Projected to Expand at a CAGR of 5.4%

Active Pharmaceutical Ingredients (API) Market – Snapshot

The global active pharmaceutical ingredients (API) market is expanding due to an increase in the incidence of acute and chronic disease such as cancer across the globe. The global active pharmaceutical ingredients (API) market was valued at US$ 162,000.0 Mn in 2017. It is projected to reach a value of US$ 257,455.6 by 2026 and expand at a CAGR of 5.4% from 2018 to 2026. The global market is expanding at a relatively higher growth rate, owing to an increase in the incidence of cancer and orthopedic diseases.

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Active pharmaceutical ingredients (APIs) of a good quality are essential for the manufacture of effective and safe medicines. However, not all pharmaceutical companies possess in-house API manufacturing capabilities, and a single company cannot produce all the APIs required for their formulation offerings.

High prevalence and incidence rates of cancers, dental carries, cardiovascular diseases, back pain, and periodontal diseases drive the active pharmaceutical ingredients market. Demand for low-cost medicines and increase in the number of ANDA filings are fuelling the global active pharmaceutical ingredients market.

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The global active pharmaceutical ingredients market has been segmented based on manufacturer, APIs, drug, therapeutic, and region. In terms of manufacturer, the global market has been classified into in-house API manufacturing and API contract manufacturing. The in-house API manufacturing segment accounted for a key share of the global market, in terms of revenue, in 2017. The API contract manufacturing segment is estimated to expand at a signficant growth rate during the forecast period. The segment is estimated to gain significant market share by the end of 2026.

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In terms of APIs, the active pharmaceutical ingredients market has been segmented into synthetic chemical API, biotech/biological API, plant extracts API, high-potency API, and classical fermentation API. The biotech/biological API segment is expected to expand at a significant CAGR from 2018 to 2026. The availability of new and innovative products in the market and increase in the preference for biotech/biological API by manufacturers are likely to propel the segment in the coming years.

In terms of drug, the global active pharmaceutical ingredients market has been split into branded or innovative prescription drugs, generic prescription drugs, OTC (over-the-counter) drugs, and others. The branded or innovative prescription drugs segment accounted for a leading share of the market in 2017. Increase in demand for low-cost drugs is anticipated to boost the generic prescription drugs segment from 2018 to 2026.

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