Albany, NY, May 13, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Active Pharmaceutical Ingredient Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the global active pharmaceutical ingredient market for was valued at US$ 12.9 bn in 2014 and is estimated to reach US$ 21.9 billion by 2023 at a CAGR of 6.3% from 2015 to 2023.
An active pharmaceutical ingredient is the ingredient in a pharmaceutical drug that is biologically active. Demand for low cost medicines and increasing number of ANDA filings are fuelling the growth of the global active pharmaceutical ingredients market.
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The active pharmaceutical ingredient market is categorized into manufacturing process, type of API, drug type and therapeutic areas. The API manufacturers include those for captive or in-house API and contract API. Captive API manufacturing refers to production of the active pharmaceutical ingredients for internal consumption of a pharmaceutical company. Contract manufacturing involves outsourcing of API manufacturing by the innovator/formulator company to CMOs. Captive manufacturing also known as in-house manufacturing held the largest share of the global active pharmaceutical ingredient market in 2014.
The adoption rate of contract manufacturing is increasing due to soaring R&D costs and pricing pressure on finished products. Improving quality and time-to-market, along with reduction in fixed costs are the other important factors propelling the growth of the API contract manufacturing segment. Outsourcing of API production to countries such as India and China have introduced innovative production processes and advanced manufacturing technologies to remain competitive in the market.
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The synthetic chemical API segment had the largest share of this market in 2014 and has evolved in the past few years due to innovations in the methods of synthesizing chemical APIs, which improves their stability and potency., Whereas, the market for biological API is expected to have the highest growth rate in the forecast period of 2015 to 2023. The global API market is transforming, as large pharmaceutical companies are shifting focus toward the biological APIs segment. Protein-based therapeutics (peptides, proteins, enzymes and antibodies) have emerged as a major growth engine in the biological API market. Apart from the currently marketed blockbuster biologics such as Humira and Herceptin, several other promising biologics such as mepolizumab (GSK), dupilumab (Sanofi/Regeron), alirocumab (Sanofi), evolocumab (Amgen), brodalumab (Amgen), ixekizumab (Eli Lilly) and secukinumab (Novartis) are expected to enter several geographical markets during the forecast period from 2015 to 2023. This factor has attracted higher investments in the biologics and biosimilars market.
Increasing prevalence of cardiovascular diseases, diabetes and neurological disorders are of the major factors driving growth of the global API market. On the other hand, the oncology segment is expected to grow at the highest rate in the forecast period due to the significant growth in oncology API and rising prevalence of cancer globally. NSAIDs is also expected to grow at a steady rate during the forecast period. The major factors driving this market segment include the overall consumption of NSAIDs across the globe with its share acquired by OTC drugs. The other therapeutic segment of API market include the manufacturing antibacterial, antiviral and antifungal drugs. Growing prevalence of bacterial, viral, and fungal infections is expected to increase demand for these APIs, thereby fuelling the market growth.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research