The Global Active Pharmaceutical Ingredient/ APIs market is estimated to reach USD 245.2 billion by 2024 from USD 182.2 billion in 2019, at a CAGR of 6.1%.
Northbrook, IL -- (SBWIRE) -- 01/14/2019 -- According to the new market research report "Active Pharmaceutical Ingredient/ API Market by Type (Innovative, Generic), Manufacturer (Captive, Merchant), Synthesis (Synthetic, Biotech), Product (mAb, Hormone, Biosimilar) Drug (OTC, Rx), Therapy, and Region - Global Forecast to 2024", published by MarketsandMarkets™.
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The increasing incidence of chronic diseases, the growing importance of generics, and the increasing uptake of biopharmaceuticals are some of the major factors driving the growth of the global APIs market. On the other hand, the unfavorable drug price control policies across various countries and the increasing penetration of counterfeit drugs are expected to restrain the growth of this market in the coming years.
"The biotech APIs segment is the expected to grow at the highest CAGR during the forecast period."
On the basis of the type of synthesis, the APIs market is categorized into synthetic APIs and biotech APIs. The synthetic APIs segment is estimated to account for the largest share in 2019. However, the biotech APIs segment is expected to grow at a higher rate over the forecast period. The demand for biotech-derived molecules is growing significantly owing to their specificity in action. The demand for biologics is also increasing because they are similar to natural biological compounds found in the human body as compared to synthetic APIs, making this the fastest-growing segment in the market.
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"The captive API manufacturers segment estimated to account for the largest share in 2019."
Based on 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.
"North America to dominate the market in 2019."
In 2019, North America is expected to dominate the market, followed by Europe. The major factors driving the overall growth of the APIs market in this region include the growing incidence of preventable chronic diseases, increasing government focus on generic drugs, rising demand for biologics and specialty drugs, and technological advancements in the manufacturing processes of APIs. This market segment is expected to grow at a modest rate due to a combination of economic and healthcare severity measures and the introduction of low-cost, generic versions of branded drugs.
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The key players in the Active Pharmaceutical Ingredient/ APIs 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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