Active Pharmaceutical Ingredients Market Size Worth $421.56 Billion by 2033: The Brainy Insights
The increasing prevalence of chronic diseases is expected to boost the demand for pharmaceutical treatments, driving the growth of the market for active pharmaceutical ingredients during the forecast period.
Newark, Aug. 08, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights shows that the global active pharmaceutical ingredients (API) market is expected to grow from USD 235.39 billion 2023 to USD 421.56 billion by 2033, at a CAGR of 6.0% during the forecast period 2024-2033. North America dominated the global active pharmaceutical ingredients (API) market, with a 37.98% share of the market revenue in 2023. The active pharmaceutical ingredients (API) in the region have been growing to increase incidences of cancer and other lifestyle-induced diseases. Furthermore, the market for active pharmaceutical ingredients (API) is increasing rapidly in North America due to rising healthcare expenditures and well-established healthcare infrastructure in countries like the US.
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Leading companies in the industry include Novartis AG, Sanofi, Pfizer Inc., Johnson & Johnson Private Limited, Abbott, Teva Pharmaceutical Industries Ltd., Bausch Health Companies Inc., UCB S.A., Sunovion Pharmaceuticals Inc., GW Pharmaceuticals plc., AstraZeneca, GlaxoSmithKline plc, H. Lundbeck A/S, and Takeda Pharmaceutical Company Limited, among others offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.0% |
| 2033 Value Projection | USD 421.56 Billion |
| Market Size in 2023 | USD 235.39 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Business Mode, Application, Synthesis Type |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Active Pharmaceutical Ingredients (API) Market Growth Drivers | Rising in chronic disease |
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The business mode segment is divided into monoclonal Captive API and Merchant API. The Captive API segment dominated the market, with a market share of around 58.12% in 2023. The captive API segment has been growing owing to the extensive investments by major players to develop high-end manufacturing facilities and easy availability of raw materials. The application segment is divided into cardiology, pulmonology, oncology, ophthalmology, neurology, orthopedics, and other applications. Over the forecast period, the cardiology segment is expected to grow at the fastest CAGR of 7.1%. The increasing cases of cardiology diseases increase the demand for active pharmaceutical ingredients, adding impetus to the segment’s growth. The synthesis type segment is divided into synthetic and biotech. In 2023, the synthetic segment accounted for the largest share of the market, with 56.11%. The segment growth is attributed to the increased accessibility of raw materials and simplifying the procedures required for synthesizing these compounds.
The market’s growth can be attributed to advancements in producing active pharmaceutical ingredients (APIs) and the rising prevalence of chronic illnesses such as cancer and heart diseases. The market expansion is being propelled by favorable government regulations and changes in geopolitical scenarios, leading to a preference for nations like India over China as API export destinations. Several governments have implemented policies and offered incentives to stimulate API production, further contributing to market growth.
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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