Given this strong background, Transparency Market research states the opportunity in this market will be worth US$219.60 bn by 2023 from US$134.7 bn in 2015. Between the forecast period of 2015 and 2023, the overall market is expected to expand at a CAGR of 6.3%.
Climbing Numbers of Chronic Conditions Drive API Market
The growing pool of geriatrics is driving the demand for various types of drugs, which in turn is leading to a soaring demand of active pharmaceutical ingredient (API) market. Active pharmaceutical ingredients are primarily used for making drugs that are used for treating a range of chronic conditions such as cancer, metabolic disorders, cardiovascular diseases, neurology disorders as well as for other therapeutic uses.
The improving access to healthcare with the rapid penetration of technology and other developments in the healthcare sector has also increased the consumption of drugs, thereby directly creating a positive impact on this market. Furthermore, growing healthcare budgets of developed and developing countries are also making a significant contribution towards propelling the sale of API market.
Furthermore, the compliance by Indian active pharmaceutical ingredients manufacturers with U.S. FDA norms is also anticipated to result in increasing applications of this substance.
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Complicated Cardiovascular Diseases to Keep Fueling Demand for APIs
As of 2015, the high incidence of cardiovascular diseases, neurological disorders, and other metabolic disorders led these therapeutic segments to account for a collective share of 50% in the global market. In the forecast period, the prevalence of complicated cardiovascular conditions is going to propel this therapeutic area at a 6.63% CAGR. Furthermore, as the majority of the blockbuster drugs lost patents between 2011 and 2015, it has opened a huge ground for other companies to introduce their drugs, thereby increasing the competition and probably reducing costs.
Asia Pacific to Emerge as Key Manufacturer of APIs
As of 2014, North America held a dominant share in the overall market, accounting for about 35.1% share in the market. The presence of big pharmaceutical companies in North America that require large amounts of active pharmaceutical ingredients is the major factor driving the API market in North America.
Analysts predict that introduction of biosimilars as the regulatory process get relaxed will further accelerate the consumption of active pharmaceutical ingredients in North America. The API manufacturing will experience an upsurge in the emerging economies of Japan, China, South Korea, and India due to the presence of manufacturing facilities and cheap cost of labor.
Some of the leading companies operating in the global active pharmaceutical ingredient market are Zhejiang Medicine Co., Ltd., Teva Pharmaceutical Industries Ltd., Zhejiang NHU Co., Ltd , North China Pharmaceutical Group Corp. (NCPC), Dr.Reddy's Laboratories Limited, Northeast Pharmaceutical Group Co., Ltd., Aurobindo Pharma Limited, Sandoz (Novartis AG), Zhejiang Hisun Pharmaceutical Co., Ltd.
and Zhejiang Huahai Pharmaceuticals Co., Ltd. amongst others. Currently, these players are focusing on partnering with other companies to acquire a new line of products to add value to their portfolio.
Furthermore, companies are also anticipated to focus on expanding their capacities to cater to the vast unmet medical needs of the world.
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