The global drug API market is projected to grow during the forecast period 2018-2023
The recent study on the global drug API market covers an in-depth analysis of the market on the basis of drug synthesis type, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. According to the report titled “Global Drug API Market – Forecasts from 2018 to 2023”, the market is expected to increase from US$140.5 billion in 2017 to US$173.5 billion by 2023, at a CAGR of 3.58% during the projected period. The report has segmented the global drug API market by drug synthesis type (biotech drugs, synthetic drugs), application (generic drugs, branded drugs) and by geography (North America, South America, Europe, the Middle East and Africa, Asia Pacific). Active Pharmaceutical Ingredients, API is the active drug component which provides the required therapeutic effects as per the indication in a finished drug product. The growing market demand is due to the growing pharmaceutical industry due to the prevalence of chronic diseases, rising global geriatric population and rising healthcare expenditure among others. Furthermore, the growing popularity of the high potency active pharmaceutical ingredients will fuel the market growth in the coming years and beyond.
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Generic drug API is anticipated to grow at a CAGR of 6% during the forecast period.
The growth of generic drugs is mainly attributed to its availability to a wider number of populations having the absence of a significant difference in bioavailability between the two pharmaceutically equivalent products and are cheaper in comparison to the branded medicines. In addition, these medicines are manufactured under the same stringent standards in order to receive FDA approval as branded or innovator medicines.
The growing pharmaceutical industry is boosting the demand for drug API in the forecast period.
The pharmaceutical sector is expected to achieve a market size of around a trillion by 2020. The development and manufacturing of new and innovative drugs is driven by the worldwide prevalence of chronic diseases, rising incidences of cancers, rare diseases, changing lifestyle conditions and many more, which in turn is boosting the demand for drug APIs. Also, drug therapy has become an integral part of healthcare aiming towards revolutionizing the treatment of non-communicable diseases, further aiding the growth of the drug API market.
The Asia Pacific is the fastest growing market during the forecast period.
The Asia Pacific market is estimated to be the fastest growing with a CAGR of 4.20% in the forecast period of 2018-2023 where China and India are considered to be the fastest growing markets with a CAGR of 6.10% and 6.08% respectively. In the APAC region, China is the largest producer of generic API where the strength lies in the domestic market, while on the other hand, India relies mainly on export sales.
Some of the key players discussed in the reports are Teva Pharmaceutical Industries Limited, Dr. Reddy’s Laboratories Limited, and Cipla Inc., among others.
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