Home > Pressrelease > Active Pharmaceutical Ingredients Market size to surpass $453.5Bn by 2032
Active Pharmaceutical Ingredients Market size to surpass $453.5Bn by 2032
- Published Date: March 17, 2023
Active Pharmaceutical Ingredients Market size is anticipated to cross USD 453.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Surging demand for generic drugs as the chief driver for the active pharmaceutical ingredients industry trends. For instance, chronic illnesses have a significant financial impact on the American healthcare system, further reducing the quality of life of millions of people. According to a CDC report, 6 out of 10 US citizens suffer from chronic diseases, which is the main source of disability and death in the country. This has propelled health expenses and increased the disease burden, which, in turn, is speculated to drive the growth for cost-effective solutions that address clinical needs.
Introduction of novel pharmaceutical ingredients to help infectious diseases segment
Active pharmaceutical ingredients market from the infectious diseases therapeutic category is likely to grow at a CAGR of 7% by 2032. The segment growth is attributable to the rise in infectious diseases in both humans and animals, as well as the progression of novel active pharmaceutical ingredients for the treatment of these illnesses.
Rising prominence of chemical synthesis to accelerate market
Chemical-based API segment held over 59% revenue share in the industry in 2022. The soaring usage of chemical synthesis in this API manufacturing can be attributed to recent developments in the fields of photoredox catalysis, electrochemistry, C-H activation, reductive coupling, and flow chemistry. In a research study, a direct C-H allylation of structurally diverse alcohols was combined for photoredox catalysis of pharmaceuticals and natural products.
Browse key industry insights spread across 295 pages with 397 market data tables & 26 figures & charts from the report, “Active Pharmaceutical Ingredients Market Size By Therapeutic Category (Oncology, Infectious Diseases, Anti-Diabetics, CNS & Anesthesia, Cardiovascular Diseases Biologics), By Synthesis (Chemical Based API, Biological API, Highly Potent API (HPAPI)), By Contract Outsourcing (CDMO, CMO), By Application (Humans, Veterinary), By Drug (Prescription, OTC), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Lower R&D costs to increase CDMO industry
CDMO segment is estimated to be worth more than USD 188.5 billion by 2032. Outsourcing projects are gaining popularity as they boost corporate profit margins and significantly lower the R&D costs for production. Thus, industry participants are adopting effective strategies to enhance their contract expansion and manufacturing service offerings, which is foreseen to drive segment progress.
Easy access to medications to push OTC API drugs
OTC drug segment is estimated to grow over USD 193 billion by 2032. The segment demand is primarily aided by properties, such as easy access to medications, lower cost burdens, socioeconomic status, and unwelcoming medical facilities, among others, that spur the production of APIs and encourages firms to promote OTC medications.
Escalating awareness about animal health risks to augment veterinary segment
Active pharmaceutical ingredients market from the veterinary application segment to hit USD 72 billion by 2032. The growing awareness of animal health risks, including illness prevention, control, diagnosis, and treatment, is likely to fuel product adoption. The segment progression is also set to be driven by supportive government initiatives to raise awareness of animal health issues and pet adoption.
Asia Pacific industry to benefit from cheap and bulk domestic API production
Asia Pacific active pharmaceutical ingredients market to expand at a CAGR of 7.5% by 2032. The region is speculated to emerge as a key revenue hub for the global market owing to the cheap and efficient production of APIs as a result of large-scale manufacturing. The submission of more drug master files by various Indian pharmaceutical companies is playing a key role in the regional market progress.
Lucrative mergers & acquisitions to remain a key development strategy
Some key participants involved in the active pharmaceutical ingredients industry report are Biocon Ltd., Divi's Laboratories Limited, Procyon Life Sciences, EUROAPI, Cipla Ltd., Dr. Reddy’s Laboratories Ltd., and Sun Pharmaceutical Industries Ltd. among others.