As per the report published by Kings Research, the global Active Pharmaceutical Ingredients Market was valued at USD 215.67 billion in 2023. The market is projected to reach USD 323.29 billion by 2031, growing at a CAGR of 5.38% from 2024 to 2031.
The active pharmaceutical ingredients (API) market is a sector within the pharmaceutical industry that focuses on the production and distribution of essential components responsible for the therapeutic effects of drugs. APIs play a crucial role in the healthcare industry since they serve as the fundamental components in the formulation of medicines. In addition to their diversity, APIs involve both branded and generic types, thus catering to a wide range of therapeutic areas, including cardiovascular, oncology, anti-infectives, among others. The expansion of the market is driven by several factors such as the rising prevalence of chronic diseases, an aging global population, and increasing demand for generic drugs. Additionally, technological advancements in drug manufacturing and a growing focus on bioequivalent products are contributing to this robust market expansion.
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Companies Focus on Development of Novel API’s While Outsourcing Generics Production to Expand Their Market Presence
The global active pharmaceutical ingredients market reveals a fragmented landscape featuring prominent companies including Pfizer Inc., Novartis International AG, Bristol-Myers Squibb, BASF SE, Boehringer Ingelheim GmbH, ELI Lilly and Company, Merck & Co., Inc., Abbvie Inc., Sanofi Inc., GlaxoSmithKline PLC, and others. Companies employ various strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.
Active Pharmaceutical Ingredients Market is Segmented as:
By Type
Generic API
Branded API
By Synthesis
Synthetic
Biotech
By Manufacturer
Captive APIs
Merchant APIs
Key Insights
- Based on type, the branded API segment accounted for the largest market share of 67.13% in 2023
- Based on synthesis, the biotech segment is estimated to register a CAGR of 6.14% between 2024 and 2031
- Based on type of drug, the prescription segment garnered the highest revenue of USD 166.60 billion in 2023
- On the basis of region, Europe registered a significant valuation of USD 54.75 billion in 2023
Moreover, the integration of digital technologies, such as artificial intelligence (AI) and machine learning (ML), in API manufacturing is expected to revolutionize the industry. AI and ML can optimize various aspects of API production, including process optimization, quality control, and supply chain management. These technologies enable real-time monitoring of production processes, predictive maintenance of equipment, and data-driven decision-making, leading to improved efficiency and reduced costs. API manufacturers that leverage digital transformation initiatives are likely to gain a competitive edge in the market.
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