The frontrunners in the global active pharmaceutical ingredients
(API) market in 2015, according to a study by Transparency Market
Research (TMR), were North China Pharmaceutical Group Corp. (NCPC),
Zhejiang Medicine Co. Ltd and Zhejiang NHU Co. Ltd., Teva
Pharmaceutical Industries Ltd., and Northeast Pharmaceutical Group
Co. Ltd. Key players are banking on strategic mergers and
acquisitions to expand their presence across different geographies.
Besides this, players are also focusing towards research and
development activities to deliver result-oriented drugs. “The
global API market features high entry and exit barriers owing to the
large capital investment requirement for set-up,” says TMR’s lead
analyst.
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The opportunity in the global active pharmaceutical market was pegged
at US$134.7 bn in 2015 and is poised to rise to US$219.60 bn by 2023,
progressing at a CAGR of 6.3% between 2015 and 2023.
On the basis of therapeutic area, the global API market will be
dominated by cardiovascular disorders throughout the forecast period.
The segment is also expected to expand at a significant CAGR of
6.63% during the same period. Geographically, North America will be
at the forefront of growth in terms of revenue until 2023. The
domicile of some pharmaceutical giants and the advent of biosimilars
is providing a competitive edge to North America over other regions.
Emerging countries such as China, India, and South Korea will offer
ample of lucrative growth opportunities to market players.
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With exponentially rising demand for drugs, the global API market is
expected to follow a notable growth trajectory during the forecast
period. “Considering the rapidly growing global population,
technological advancements, and widening pool of patients suffering
from chronic diseases, the pace of development of drugs is likely to
increase by leaps and bounds,” says a TMR analyst. The rising
geriatric population worldwide is also escalating the demand for
various types of drugs, which in turn working in favor of the global
market.
Moreover, the improving access to healthcare in emerging countries
coupled with the increasing penetration of information and
communication technology in the healthcare sector is positively
impacting the growth of the market. In addition, the increasing
healthcare budgets in both developed and developing countries are
also triggering the sales of API. Besides this, the increasing
efforts by Indian API manufacturers to comply with the U.S. FDA norms
are also stoking the growth of the overall market.
The burgeoning sales of generic drugs are acting as a major
bottleneck in the development of the global API market. The patent
expiry along with the shortage of blockbuster drugs, poor
accessibility in remote areas of several emerging countries, and
unaffordability are fuelling the consumption of generic drugs.
However, several government organizations are taking measures to
mitigate this issue. The European Union (EU) are setting up
manufacturing facilities that not only help in improving the quality
of the drugs sold in the market, but also in ensuring the sales of
government-approved and quality-checked scientifically-developed
drugs.
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