Active pharmaceutical ingredients are the key components in any pharmaceutical drug that produces the intended effects. They help treat a variety of diseases and illnesses including diabetes, cancer, cardiovascular diseases, and more. The growing prevalence of chronic diseases and increasing aging population globally has risen the demand for generic drugs requiring active pharmaceutical ingredients. The global Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 7.33 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for generic drugs has accelerated the growth of the active pharmaceutical ingredients market during the forecast period. The higher affordability and availability of generic drugs make them a preferred treatment option. This has resulted in generic drugs accounting for nearly 90% of the overall drug prescriptions. Furthermore, initiatives by various governments worldwide to promote cost-effective generic drugs over patented brands have also contributed to the rising generic drug market. The active pharmaceutical ingredients market is expected to benefit significantly due to the rising demand for low-cost generic pharmaceutical alternatives.
Segment Analysis
The global active pharmaceutical ingredients market is dominated by the small molecule segment. Small molecule drugs account for over 80% of drug approvals as they are simpler to manufacture and relatively inexpensive to produce when compared to large molecule drugs such as biologics. Moreover, small molecule drugs have well-established supply chains and production processes leading to their widespread use in a variety of therapeutic indications.
Key Takeaways
The global Active Pharmaceutical Ingredients Market Growth is expected to witness high growth over the forecast period driven by rising generic drug manufacturing.
Regional analysis: The Asia Pacific region dominates the global active pharmaceutical ingredients market accounting for over 40% of the global market share in 2024 backed by presence of leading generic drug manufacturing countries. India and China are among the top exporters of active pharmaceutical ingredients globally. Presence of large number of FDA approved manufacturing plants and relatively lower costs have boosted API production in these countries. Further, growing pharmaceutical industry, rising investments in infrastructure and increasing domestic demand are some of the factors propelling market growth.
Key players operating in the active pharmaceutical ingredients market are Endo International plc, Teva Pharmaceutical Industries Ltd, Viatris Inc. (Mylan N.V.), Teikoku Pharma USA, Inc., Hisamitsu Pharmaceuticals Co. Inc., Galen Limited, Sorrento Therapeutics, Inc., Amneal Pharmaceuticals, Inc., Rhodes Pharmaceuticals L.P., 6iPain Healthcare Private Limited, and Sanofi S.A.
For more insights, read- https://www.ukwebwire.com/active-pharmaceutical-ingredients-market-trends-size-and-share-analysis/
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