Global Active Pharmaceutical Ingredients (API) Market to Grow with a CAGR of 6.08% During 2021-2030; Market to Grow on Account of the Rising Demand for Generic Drugs and for the Increasing Advancements in Healthcare
Kenneth Research published a report titled “Active Pharmaceutical Ingredients (API) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global active pharmaceutical ingredients (API) market in terms of market segmentation by type, synthesis type, therapeutic application, business mode, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global active pharmaceutical ingredients (API) market is anticipated to grow with a CAGR of 6.08% over the forecast period, i.e., 2021 – 2030. The market is segmented by therapeutic application into communicable disease, oncology, diabetes, cardiovascular disease, musculoskeletal disorders, respiratory disorders, and other therapeutic applications, out of which, the cardiovascular disease segment is anticipated to garner the largest revenue of USD 68.81 Billion by the end of 2030. Additionally, in the year 2020, the segment generated a revenue of USD 39.50 Billion.
The global active pharmaceutical ingredients (API) market is estimated to garner a revenue of USD 331.37 Billion by the end of 2030, up from a revenue of USD 185.23 Billion in the year 2020. Growing healthcare expenditure worldwide, followed by the rising number of generic drug approvals, and the growing demand for generic drugs are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global active pharmaceutical ingredients (API) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in North America is anticipated to garner the largest revenue of USD 127.61 Billion by the end of 2030. Moreover, in the year 2020, the market in the region registered a revenue of USD 71.70 Billion.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Concern for the Increasing Prevalence of Chronic Diseases Worldwide to Drive Market Growth
In the year 2019, according to the statistics by the World Health Organization (WHO), around 17.9 Million people died from cardiovascular diseases (CVDs). Moreover, in the same year, 1.5 Million deaths were caused due to diabetes, while, in the year 2020, cancer accounted for around 10 Million deaths.
Backed by the surge in the prevalence of different types of chronic diseases, and the rising awareness amongst individuals for the early diagnostic and treatment of these diseases, there is a growing need amongst the pharmaceutical drug manufacturers to develop advanced medications that can help in the treatment of these diseases. Active pharmaceutical ingredients form an important component of modern medicine, and hence, are used widely by pharmaceutical manufacturers for the manufacturing of different drugs. Such a factor is therefore anticipated to drive the growth of the market in the coming years.
However, the high cost of manufacturing of APIs is expected to operate as key restraint to the growth of global active pharmaceutical ingredients (API) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global active pharmaceutical ingredients (API) market which includes company profiling of Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Sanofi-aventis Groupe, Boehringer Ingelheim International GmbH, Aurobindo Pharma, Dr. Reddy’s Laboratories Ltd., API Corporation, Bristol-Myers Squibb Company, KATSURA CHEMICAL CO., LTD., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global active pharmaceutical ingredients (API) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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