Increasing Incidence of Chronic Diseases and Surging Demand for Pharmaceuticals to Thrive the Market
In the early times, late and improper diagnosis of chronic, life-threatening, and infectious diseases due to inadequate instruments, improper diagnostic procedures, and unawareness of people towards disease diagnosis resulted in the loss of many lives. With advancements in diagnostic testing procedures, instruments, and reagents, the market started to swell on a global level.
Also, with changing lifestyle and habits, the prevalence of diseases such as cardiac diseases, kidney disorders, liver disorders, diabetes, and many others started rising. Quickly rising disease conditions led to increased awareness among people across developed, developing, and under-developed countries. Active Pharmaceutical Ingredients (API) is used in pharmaceuticals for the treatment of diseases and disorders. Thus, these factors are anticipated to drive the active pharmaceutical ingredient market in near future over the forecast period.
Patient awareness is of utmost importance during diagnostic testing, which eventually results in precise and quick diagnosis. Perfection in diagnosis further helps in proper treatment for a particular disease. Currently, the patient is getting aware of early diagnosis for a disease, which is also called a preventive diagnosis. This type of diagnosis is done to monitor normal body working at a particular interval of time, which helps in avoiding severe and life-threatening disease conditions. The overall rise in the patient pool with high awareness regarding disease diagnosis is expected to further escalate the global active pharmaceutical ingredient market growth.
What Will Be The Market By 2028?
Our all-inclusive report on the global active pharmaceutical ingredient (API) market provides insights on application, production process, and coverers the study of latest development and investment in the market. In addition, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, and forecasts & predictive analysis.
As well, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for the market. The global active pharmaceutical ingredient market is valued at USD 182.5 billion in 2020 and is expected to reach USD 251.3 billion in 2028, at a CAGR of 6.2%.
Some of the key players in the Active Pharmaceutical Ingredient (API) market include Cipla, Inc. (India), Novartis International AG (Switzerland), Boehringer Ingelheim (Germany), Teva Pharmaceutical Industries Ltd. (Israel), Eli Lilly and Company (US), Merck & Co., Inc. (the US), F. Hoffmann-La Roche Ltd. (Switzerland), Mylan N.V. (US), AstraZeneca (UK), Dr. Reddy’s Laboratories Ltd. (India), and AbbVie Inc. (US).
Some of the other major players include Sun Pharmaceutical Industries Ltd. (India), GlaxoSmithKline plc (UK), API Pharma Tech (India), Bristol-Myers Squibb (US), BDR Pharmaceuticals International Pvt. Ltd. (India), Sanofi (France), Sreepathi Pharmaceuticals Limited (India), Pfizer, Inc. (the US), Shilpa Medicare Limited (India), among others.
North America is anticipated to dominate the Active Pharmaceutical Ingredient (API) market. Pharmaceuticals, nutraceuticals, and cosmetics are some of the major industrial sectors driving the market for active pharmaceutical ingredients across the region. Asia Pacific is expected to grow at the fastest CAGR over the forecast period. The market growth in this region is attributed to the rising disposable income of people in the region and increased spending on healthy lifestyles along with the large base of population.