Albany, NY -- (SBWIRE) -- 05/23/2018 -- Active pharmaceutical ingredients, also called APIs, are the medically active parts of any medication. Any medicine is essentially made of two components: the API, which produces the desired effect in the body, and the excipient, which is the inactive or inert substance in a drug that acts as a carrier or medium for the API.
According to a market intelligence report published by Transparency Market Research, the global APIs market will expand at a healthy 6.3% CAGR over the period between 2015 and 2023. If the projection comes true, the market will rise from a valuation of US$12.9 bn in 2014 to US$21.9 bn by 2023.
The rising demand for effective APIs for the global threat that is cancer and several other chronic diseases, and the increased preference to outsourcing API production are some of the notable trends in the global API market currently.
Contract Manufacturing of APIs Becomes More Preferable
On the basis of type of API manufacturer, the global API market can be segmented into two chief categories: captive or in-house API manufacturers and contract API manufacturers. Captive API manufacturing refers to the practice of in-house production of active pharmaceutical ingredients by pharmaceutical firms. Contract manufacturing, on the other hand, refers to the practice of outsourcing production work to contract manufacturing organizations (CMOs).
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In 2014, the segment of captive API manufacturing held the largest share in the global active pharmaceutical ingredient market. However, the trend of outsourcing API production has gained momentum in the past few years and the segment of contract API manufacturing is expected to be the fastest growing segment of the market in the coming years. High production costs, production aimed at niche product categories, soaring costs of R&D activities, and rising pressures of pricing on finished products are some of the major factors prompting drug manufacturers to outsource API production. Significant reduction in the final cost of products and improved quality of APIs owing to the availability of advanced manufacturing technologies and innovative production processes in regions such as India and China are also promoting the rising preference for contract API production.
Biological APIs to See Highest Growth in Future Years
On the basis of API type, the market can be segmented into biological APIs and synthetic chemical APIs. Currently, the segment of synthetic chemical APIs holds the largest share in the market, thanks to the huge surge in demand for highly potent and stable APIs developed with the help of innovative methods of API synthesis. However, large pharmaceutical companies are increasingly shifting their focus to the segment of biological APIs. Owing to this, the segment of biological APIs is projected to exhibit growth at the fastest pace over the coming years.
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Protein-based therapeutics, which include antibodies, enzymes, proteins, and peptides, have provided a significant boost to the demand for biological APIs in the market. Apart from current blockbusters such as Herceptin and Humira, several other biologics such as alirocumab (Sanofi), dupilumab (Sanofi/Regeron), secukinumab (Novartis), mepolizumab (GSK), and brodalumab (Amgen) are also expected to enter several regional segments across the globe soon.
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