NEW YORK, June 24, 2021 /PRNewswire/ -- The global active pharmaceutical ingredient (API) market is set for rapid expansion in the coming years, primarily because of the increasing applications of drugs, rising prevalence of chronic and lifestyle-associated diseases such as cancer, cardiovascular diseases, and diabetes, surging geriatric population, mounting investments being made in biosimilars, implementation of government initiatives for promoting generic drug usage, mushrooming healthcare expenditure, expiration of patented biologics, and growing public awareness about diseases.
The COVID-19 pandemic severely disrupted the global active pharmaceutical ingredient market during the first six months of 2020, but several established biopharmaceutical and pharmaceutical companies and start-ups expanded their operations for developing effective treatments for the virus, which subsequently caused surge in the market.
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Globally, North America is expected to hold the largest share in the API market in the coming years, because of the increasing research and development (R&D) activities being conducted in the domain of drugs. However, the Asia-Pacific (APAC) region will exhibit the fastest growth in the market in the upcoming years. This will be because of the surging healthcare expenditure, presence of a large number of generic drug producers, and expanding patient pool in the region. Additionally, the growing public awareness about lifestyle-associated diseases is fueling the growth of the industry in this region.
Browse detailed report with COVID-19 impact analysis on Active Pharmaceutical Ingredient Market Research Report: By Type of Manufacturer (Captive, Merchant), Type (Generic APIs, Innovative APIs), Type of Synthesis (Biotech, Synthetic), Type of Drug (Prescription Drugs, Over-The-Counter Drugs), Therapeutic Application (Communicable Diseases, Oncology, Diabetes, Cardiovascular Diseases, Pain Management, Respiratory Diseases) - Global Industry Analysis and Revenue Estimation to 2030 @ https://www.psmarketresearch.com/market-analysis/active-pharmaceutical-ingredient-api-market
The players operating in the API market are increasingly focusing on product launches for augmenting their profits. For example: -
Bajaj Healthcare Limited launched an anti-parasitic drug called Ivejaj, which can be used by healthcare professionals for treating the COVID-19 infection, in June 2021. The company developed the formulation for Ivermectin and the API with the help of its own in-house R&D team.
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Novartis International AG, Pfizer Inc., Merck & Co. Inc., Sanofi S.A., Teva Pharmaceutical Industries Ltd., AstraZeneca plc., Boehringer Ingelheim International GmbH, Eli Lilly and Company, and Mylan N.V. are some of the major API market players.
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