The global India Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 23449.8 Mn or Million in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Active pharmaceutical ingredients (APIs) are the key components present in drugs that are biologically active and responsible for the physiological effects in the human body. APIs help in diagnosis, prevention, cure or mitigation of disease. The demand for APIs has increased in India owing to the growth of the pharmaceutical industry and cost-competitiveness in APIs production.
Market key trends:
One of the key trends driving the India active pharmaceutical ingredients market growth is the increasing penetration of generic drugs. Generic drugs are identical or bioequivalent to a brand name drug in dosage form, safety, strength, route of administration, quality and efficacy. However, generic drugs are not identical in appearance to brand name drugs and may differ in certain non-proprietary properties such as coatings, inactive ingredients and flavorings. Some key advantages of generic drugs over their branded counterparts are their lower costs. In India, around 80% of the population still cannot afford branded medicines due to their high costs. Thus, rising penetration of lower-cost generics is expected to significantly contribute to the growth of the overall India API market during the forecast period.
Segment Analysis
The India active pharmaceutical ingredients market is dominated by generic APIs segment. The segment accounted for over 60% share in 2022 due to increasing demand for generic drugs in India. Moreover, Indian pharmaceutical companies focus more on exporting generic drugs globally. Branded APIs segment is expected to witness growth during the forecast period supported by launch of new patented drugs in the country.
Key Takeaways
The global India Active Pharmaceutical Ingredients Market Share is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of chronic diseases and growth of pharmaceutical industry in India.
Regional analysis
India dominates the active pharmaceutical ingredients market in the Asia Pacific region with over 35% market share in 2022. This is owing to presence of a large number of domestic manufacturing facilities and low production costs in the country. The U.S. is the second largest market due to significant R&D investments by players for development of novel drugs.
Key players
Key players operating in the India active pharmaceutical ingredients market are Teva Pharmaceutical Industries Ltd., Solara, Aurobindo Pharma Limited, Dr. Reddy's Laboratories, Lupin Limited, Sun Pharmaceutical Industries Limited, Divis Laboratories Ltd., Aarti Drugs Ltd., Hikal Ltd., Neuland Labs, Century Pharmaceuticals Ltd., Proventus Life Sciences Pvt Ltd, Chiral Drugs Pvt Ltd, USV Private Limited, and ASolution Pharmaceuticals Pvt. Ltd. Teva Pharmaceutical Industries dominated the market with over 15% revenue share in 2022.
For more insights, read- https://www.ukwebwire.com/india-active-pharmaceutical-ingredients-market-trends-size-and-share-analysis/
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