Press release
Global API Market to Reach USD 345.02 Billion by 2032, Driven by Growing Prevalence of Chronic Diseases and Aging Population
Active Pharmaceutical Ingredients (API) Market Size
The revenue growth of the API market is mainly fueled by the rising occurrence of chronic diseases such as cancer, cardiovascular disease, and respiratory disease. The World Health Organization (WHO) reports that chronic diseases account for 71% of global fatalities, with cardiovascular diseases being the leading cause. This has created a higher demand for safe and effective medications, driving the growth of the API market.
According to the United Nations, the global population of elderly individuals is expected to reach 2.1 billion by 2050. As the elderly population is more susceptible to chronic illnesses, the need for medication is increasing. Consequently, the demand for APIs is expected to rise in order to meet the medication requirements of this growing population.
The demand for generic pharmaceuticals, which are often more affordable than branded drugs, is driven by the increasing demand for cost-effective healthcare. Since APIs are crucial for the production of generic medications, their demand has also increased. Additionally, the upcoming expiration of patents for several blockbuster pharmaceuticals presents opportunities for generic drug manufacturers to enter the market, further fueling the need for APIs.
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Segments Covered in the Report
The global Active Pharmaceutical Ingredients (API) market can be segmented based on product type and application.
In terms of product type, the market is categorized into synthetic APIs, biotech APIs, natural APIs, and others. Synthetic APIs are chemically manufactured compounds that form the majority of APIs in the market. Biotech APIs are produced using biotechnological processes, such as genetic engineering, and are gaining prominence in the pharmaceutical industry. Natural APIs are derived from natural sources, such as plants or animals. The "others" category includes any other types of APIs that do not fall under the aforementioned categories.
When considering application outlook, the API market is segmented into various therapeutic areas. These include oncology (related to the diagnosis and treatment of cancer), cardiovascular disease, CNS (Central Nervous System) and neurological disorders, endocrinology (relating to hormones and the endocrine system), gastrointestinal disorders, musculoskeletal disorders, ophthalmology (eye-related disorders), respiratory diseases, and others.
The regional scope of the API market encompasses North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These regions represent key markets for APIs, with North America and Europe having well-established pharmaceutical industries and advanced healthcare systems. The Asia Pacific region is witnessing significant growth in the API market due to the presence of emerging economies and increasing investments in healthcare infrastructure. Latin America and the Middle East & Africa regions are also experiencing growth in the API market, driven by rising healthcare expenditure and improving access to healthcare facilities.
Overall, the API market is divided into segments based on product type, application outlook, and regional scope, allowing for a comprehensive analysis of the industry and its various components.
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Strategic development:
Sanofi S.A. made an acquisition on November 9, 2021, of Kadmon Holdings, Inc., a biopharmaceutical company specializing in the advancement of innovative therapies for immune and fibrotic diseases. This acquisition aims to bolster Sanofi's presence in the biopharmaceutical market.
Novartis AG, on October 28, 2020, initiated a collaboration with Molecular Partners AG to develop two DARPin-based products for the treatment of eye diseases. This partnership enables Novartis to expand its product portfolio within the ophthalmology market.
Pfizer Inc., on March 17, 2020, entered into an agreement with BioNTech SE to develop a COVID-19 vaccine. The collaboration successfully led to the development of the first mRNA-based COVID-19 vaccine.
Competitive Landscape:
The competitive landscape of the pharmaceutical industry is comprised of several prominent companies that play a significant role in driving innovation, developing new therapies, and meeting the healthcare needs of patients worldwide. Some of the key players in this landscape include Teva Pharmaceutical Industries Ltd., Sanofi S.A., Novartis AG, Merck & Co., Inc., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Boehringer Ingelheim GmbH, Bayer AG, BASF SE, and Johnson Matthey Plc.
Teva Pharmaceutical Industries Ltd. is a global leader in generic medicines and specialty pharmaceuticals. The company focuses on developing affordable and high-quality medications across various therapeutic areas.
Sanofi S.A. is a multinational pharmaceutical company that specializes in research, development, and manufacturing of innovative therapies. With a strong presence in both the pharmaceutical and biotechnology sectors, Sanofi aims to address unmet medical needs and improve patient outcomes.
Novartis AG is a leading global healthcare company that focuses on innovative pharmaceuticals, eye care, and generics. The company's diverse portfolio includes products for various diseases and conditions, with a particular emphasis on ophthalmology.
Merck & Co., Inc. is a renowned pharmaceutical company that is committed to advancing healthcare through its innovative medicines, vaccines, and animal health products. The company's research-driven approach has led to breakthrough treatments in areas such as oncology, infectious diseases, and cardiovascular diseases.
Pfizer Inc. is a global biopharmaceutical company known for its extensive portfolio of prescription medicines, vaccines, and consumer healthcare products. The company's dedication to research and development has resulted in transformative therapies in multiple therapeutic areas.
Sun Pharmaceutical Industries Ltd. is an Indian multinational pharmaceutical company that focuses on developing and manufacturing cost-effective generic medicines. The company operates globally and has a robust product pipeline across various therapeutic segments.
Boehringer Ingelheim GmbH is a research-driven pharmaceutical company that specializes in the development of innovative therapies for human and animal health. The company's portfolio includes products for respiratory diseases, cardiovascular diseases, and central nervous system disorders, among others.
Bayer AG is a multinational pharmaceutical and life sciences company that operates in various segments, including pharmaceuticals, consumer health, and agricultural solutions. The company's diverse product portfolio spans multiple therapeutic areas and contributes to improving the quality of life for patients.
BASF SE is a global leader in the chemical industry, including the production of active pharmaceutical ingredients (APIs). The company offers a wide range of APIs and excipients that serve as key components in the formulation of pharmaceutical products.
Johnson Matthey Plc is a British multinational company that specializes in sustainable technologies, including the manufacturing of APIs and catalysts for the pharmaceutical industry. The company's expertise in providing high-quality materials supports the development of innovative medicines.
These companies form a highly competitive landscape in the pharmaceutical industry, constantly striving to bring novel therapies to market, improve patient care, and address the evolving healthcare challenges globally. Their commitment to research, development, and manufacturing makes them key players in shaping the future of the pharmaceutical sector.
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In conclusion, the global Active Pharmaceutical Ingredients (API) Market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.
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