The global Active Pharmaceutical Ingredients (API) Market is expected to grow at a CAGR of 5% during the forecast period, reaching USD 345.02 billion in 2032 from USD 222.4 billion in 2022. The market growth is primarily attributed to the increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and respiratory diseases. The demand for safe and effective medications has led to a rise in the demand for APIs. Furthermore, the rising geriatric population and the increasing demand for inexpensive healthcare are driving the market's revenue growth. The need for APIs is expected to increase in the coming years due to the rising demand for medication for the elderly population. The expiration of patents of blockbuster pharmaceuticals is also providing opportunities for generic drug producers to enter the market.
However, factors such as increasing regulatory scrutiny and price pressures, high research and development costs, and rising complexity of the processes involved in developing new drugs could restrain the market's revenue growth. The report also provides statistics about the market, such as the estimate that APIs account for nearly 40% of total drug manufacturing costs and that nearly 80% of APIs used in the U.S. are imported from other countries, mainly China and India.
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The report segments the market based on product type and application. The synthetic API segment accounted for the largest revenue share in 2022, owing to extensive use of synthetic compounds in pharmaceutical manufacturing. The biotech API segment is expected to register the fastest revenue CAGR during the forecast period, driven by increasing adoption of biopharmaceuticals and rising demand for personalized medicine. The natural API segment is expected to register steady revenue growth, driven by the ongoing trend of using natural and herbal remedies for various health conditions.
The report also segments the market based on application. The oncology segment is expected to account for the largest revenue share during the forecast period, followed by the cardiovascular disease segment, which is expected to register the fastest revenue CAGR. The CNS and neurological disorders segment is expected to register significantly rapid revenue CAGR during the forecast period, attributed to increasing prevalence of neurological disorders such as Alzheimer's disease and Parkinson's disease. The report highlights the importance of compliance with the Current Good Manufacturing Practices (CGMPs) and quality control systems, including testing and inspection procedures, to ensure that pharmaceutical products meet safety requirements.
The global Active Pharmaceutical Ingredients (API) market has been segmented based on type and application:
Based on Type:
- Synthetic API
- Biotech API
- Natural API
Based on Application:
- Oncology
- Cardiovascular Disease
- Central Nervous System (CNS) and Neurological Disorders
- Endocrinology
- Gastrointestinal Disorders
- Musculoskeletal Disorders
- Ophthalmology
- Respiratory Diseases
- Others
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