The prescription drugs segment is expected to account for the largest share of the APIs market.
Northrook, IL -- (SBWIRE) -- 11/21/2019 -- 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.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.1% during the forecast period, the Global API Market is estimated to reach USD 245.2 billion by the end of 2024.
Based on the type of drug, the APIs market can be classified into two segments prescription drugs and over-the-counter (OTC) drugs. In 2019, the prescription drugs segment is expected to account for the largest share of the APIs market. The demand for drugs falling under this category has increased significantly in recent years due to the rising prevalence of target diseases. Additionally, the largest share of the prescription drugs segment can also be attributed to the increased focus of innovator companies on the development of specialty drugs and the affordability of healthcare. The implementation of significant federal reforms to improve the affordability of healthcare, especially in the US, has expanded the consumption of both traditional and specialty drugs. Also, inflation has played a key role in enhancing revenue from the sales of prescription drugs, particularly specialty drugs. All these factors are collectively responsible for the large share of this segment
Based on the type of manufacturer, the APIs market can be divided into captive API manufacturers and merchant API manufacturers. In 2019, the captive API manufacturers segment is expected to account for the largest share of the APIs market. This can be attributed to the fact that most big pharmaceutical companies possess their API manufacturing facilities and are vertically integrated across the pharmaceutical supply chain. Moreover, innovator companies prefer in-house manufacturing of innovative products to avail economic benefit and prevent technology leakage
On the basis of the expression system, biotech APIs can be categorized into mammalian expression systems, microbial expression systems, Yeast expression systems, insect expression systems, and other expression systems. The biotech APIs market, by expression system, is dominated by mammalian expression systems owing to their ability to achieve the highest level of post-translational modifications and efficient protein folding, which makes them suitable for human use.
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What Drives the Market?
The growth of the global market for Active Pharmaceutical Ingredient/ API Market is primarily influenced by the following factors:
- 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
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Geographical growth scenario of Active Pharmaceutical Ingredient/ API Market:
Geographically, the active pharmaceutical ingredient market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2019, North America is expected to dominate the market, followed by Europe.
Leading market players and strategies adopted:
The global APIs market is competitive in nature, with several big as well as emerging players. The prominent players in the market are Pfizer, Inc. (US), Novartis AG (Switzerland), Sanofi (France), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (US), Teva Pharmaceutical Industries Ltd. (Israel), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), AbbVie Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and AstraZeneca plc (UK)
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