Emerging Growth Prospects:
Growth in API Outsourcing: With increasing pressure from both regulators and payers, pharmaceutical companies are increasingly outsourcing API production to third-party manufacturers. This trend is expected to continue.
Growing Complexity of API Molecules: The active pharmaceutical ingredients (API) used in modern drugs are becoming increasingly complex. This complexity is driving up costs and creating new opportunities for API producers.
Expansion of Generic Drugs: Generics represent a rapidly growing segment of the global pharmaceutical market. Generic drug manufacturers require APIs to create their products, creating new opportunities for API producers.
Rising Demand for Biosimilars: Biosimilars are biologic drugs that are similar to existing biologics but are not identical. Biosimilars require APIs that are complex and expensive to produce, creating a new market opportunity for API producers.
Investment in Manufacturing Capacity: API producers are investing heavily in new manufacturing capacity to meet the growing demand for APIs. This is making the API production industry increasingly competitive.
Projected Revenue Surge in Near Future:
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.
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Market Growth Drivers
# Pharmaceutical and biopharmaceutical capacity expansion
# Growing importance of generics
# Increasing uptake of biopharmaceuticals
# Technological advancements in API manufacturing
# Focus on precision medicine
# Increasing incidence of chronic diseases
Market Growth Opportunities
# Emerging biosimilars market
# Highly potent active pharmaceutical ingredients
# Emerging markets
# Emerging technologies/processes
Market Challenges
# Increasing penetration of counterfeit drugs
The prominent players operating 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), among others.
Pfizer is one of the leading players in the APIs market. The leading position of the company is majorly attributed to its exhaustive product portfolio. The company has a strong brand image, which gives it a competitive edge over other players.
Novartis is another leading player in the APIs market. Its robust product portfolio strong brand recognition can be attributed for the leading position. The company invests a significant amount of its revenue in RD activities for maintaining its vanguard.
Sanofi is one of the top players in the global active pharmaceutical ingredients market. Apart from an exhaustive product portfolio the company also offers custom synthesis and API contract manufacturing services. The company manufactures APIs through its Sanofi Active Ingredient Solutions portfolio and practises various growth strategies to strengthen its position in the APIs market.
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Recent Developments
In 2022, Pfizer entered into an agreement with Acuitas to deliver a lipid nanoparticle delivery system for use in mRNA vaccines such as COMIRNATY ((tozinameran) and therapeutics.
In 2022, Sanofi and IGM announced a strategic collaboration agreement to streamline and optimize the development and commercialization of IgM antibody agonists for oncology, immunology, and inflammation target.
In 2022, Boehringer Ingelheim and Mabgenesis collaborated to develop novel monoclonal antibodies for canine therapeutic treatments.
In 2021, Pfizer invested USD 68.5 million in in new state-of-the-art facility in Durham, NC, to further advance gene therapy capabilities.
Content Source:
https://www.marketsandmarkets.com/Market-Reports/API-Market-263.html
