NEW YORK, June 10, 2021 /PRNewswire/ -- Active pharmaceutical ingredients are drugs used for chronic diseases such as neuropathic pain, pulmonary diseases, cancer, diabetes, and heart diseases. However, these ingredients have both, benefits as well as adverse effects.
Pharma companies have focused on modernizing their manufacturing methods to improve overall product quality. This also means automation in process development, something that was previously done manually. Installing equipment with large capacities in terms of volume also enables greater production yield.
According to the revised report published by Persistence Market Research, the global active pharmaceutical ingredient market valued at around US$ 180 Bn in 2020, and is predicted to expand at a CAGR of more than 4% over the forecast period (2021-2031).
Key Takeaways from Market Study
- Small molecule active pharmaceutical ingredients are expected to contribute more than 91% revenue share in the market by 2031, owing to their wide availability and potency to relieve moderate to severe pain, usually after a surgery or traumatic injury.
- Non-controlled substances are expected to account for more than half of the global market share.
- Among all the end users, pharmaceutical companies accounted for more market share than others.
- East Asia holds the highest share in the global active pharmaceutical ingredient market, owing to the presence of more CMOs, high healthcare expenditure, and growing research & development efforts in the region.
- Key players are focused on strengthening their clinical pipelines with new discoveries of novel abuse-deterrent formulations.
- The market in the India is projected expand at a CAGR around 4% through 2021-2031. The U.S. holds a big portion of global revenue, and accounts for more than 87% share in the North America market.
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"Strong growth in demand is being witnessed for small molecules, owing to their potency, efficacy, and safety," says an analyst of Persistence Market Research.
Increasing Healthcare Spending on Active Pharmaceutical Ingredients
Global healthcare spending increased at a CAGR of 6.92% from 2003 to 2013. This growth in healthcare spending significantly outpaced the growth rate of population in this period, which grew at a CAGR of 1.22%. Consequently, per capita healthcare spending increased from US$ 597 in 2003 to US$ 1,032 in 2013, increasing at a CAGR of 5.62%.
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Rise in healthcare spending across all regions has increased access to quality healthcare, and is expected to continue to drive demand for pharmaceutical products.
- On 25 March 2019, TUL secured its position in the 2018 China TOP 10 Member Enterprises of APIs. The position was awarded to TUL for its excellent exporting and importing profile of API, pharmaceutical formulations, and Chinese medicines in 2018.
- In 2016, Novartis' Sandoz discontinued operations at its Maharashtra, India site, as part of global plans to optimize manufacturing. The site, located in west-central India, employed 170 people and manufactured antibiotics and APIs.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the active pharmaceutical ingredient market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031. The research study is based on API (small molecules, peptides & oligonucleotides, carbohydrate drugs, and steroidal drugs) and end user (contract manufacturing organizations (CMOs), pharmaceutical companies, contract development manufacturing organizations (CDMOs), and compounding pharmacies), across seven key regions of the world.
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