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Overview of This Study:
To estimate the present size of the global market for active pharmaceutical ingredients, the study covered four main tasks. In order to gather data on the market, its parent market, and its peer markets, a thorough secondary research was conducted. The following stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. A combination of top-down and bottom-up methods was used to assess the overall market size. The market size of the various segments and subsegments was then estimated using data triangulation and market breakdown.
Revenue Growth Predictions:
The global active pharmaceutical ingredient market in terms of revenue was estimated to be worth $145.9 billion in 2022 and is poised to reach $216.4 billion by 2027, growing at a CAGR of 8.2% from 2022 to 2027.
Major Growth Driving Factors:
Some of the key reasons propelling this market's growth are the expansion of production capacity by biopharmaceutical and pharmaceutical companies, the increasing significance of generics, and technological developments in API manufacturing. However, it is anticipated that in the upcoming years, the market for active pharmaceutical components will be restrained by the negative drug price control regulations in many different nations as well as the growing prevalence of counterfeit drugs.
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Driver: Focus on precision medicine
Precision medicine considers the variability in the environment, genes, and lifestyle of each individual. With this approach, predicting prevention and treatment strategies for a particular disease in particular groups of people has become more accurate. The approach ensures that the therapeutic or preventive interventions are directed to patients in such a way that benefits are maximized and cost and complications are minimized.
Precision medicine is gaining increasing recognition from clinicians, healthcare systems, pharmaceutical companies, patients, and governments. Advances in precision medicine have already led to powerful discoveries and several new FDA-approved treatments that are tailored to the specific characteristics of individuals. Realizing the potential of precision medicine, in 2018, the US government launched the All of US research program to enroll 1 million or more volunteers and oversample communities that are underrepresented in research. The program will focus on finding breakthroughs in the field of precision medicine. The HHS Health Resources and Services Administration (HRSA) also awarded USD 21 million to 46 community health centers to support their participation in the program.
Opportunity: Emerging biosimilars market
The rising incidence of various diseases, the increasing number of off-patent biologic drugs, positive outcomes in ongoing clinical trials for biosimilars, and the rising demand for biosimilars in different therapeutic applications (such as rheumatoid arthritis and blood disorders) are the major factors driving the growth of the biosimilars market. Biosimilars are generic versions of patented biologic drugs; hence, they do not need to comply with the stringent requirements of various regulatory authorities (making them cost-effective as compared to patented biologics). The expiration of patents and other intellectual property rights for originator biologics over the next decade is expected to open up opportunities for biosimilars to enter the market.
Geographical Growth Dynamics:
North America is expected to account for the largest size of active pharmaceutical ingredient industry during the forecast period.
Geographically, the active pharmaceutical ingredient market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the market, followed by Europe. The major factors driving the overall growth of the APIs market in this region include the presence of major pharmaceutical and biopharmaceutical manufacturing facilities, an increasing government focus on generic drugs, rising demand for biologics and specialty drugs, and technological advancements in the manufacturing processes of APIs. This market segment is expected to grow at a modest rate due to a combination of economic and healthcare severity measures as well as the introduction of low-cost and generic versions of branded drugs.
Global Leading Companies:
The prominent players in the active pharmaceutical ingredient market are Pfizer, Inc. (US), Novartis AG (Switzerland), Sanofi (France), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (US), Teva Pharmaceutical Industries Ltd. (Israel), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), AbbVie Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and AstraZeneca plc (UK).
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