The global market for active pharmaceutical ingredient is expected to witness lucrative growth over the forecast period. Key driver of the market include higher demand for drugs due to existence and prominent growth of various diseases such as cancer, diabetes, renal dysfunction, respiratory disorders, and bacterial infections. Discovery of new drugs, and development of new diseases coupled with pathogens further promote the growth of the market. Expiration of patents of blockbuster drugs, resistance against existing pharmaceutical drugs, new application development for existing drugs and higher investment by players and government support are other high impact rendering drivers for this market. Contractual manufacturing of API constitutes the largest segment, owning to undivided attention on a single competency providing high quality and continuous batch production of API’s.
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The market is expected to see rise in aggressive competition between various contract-based API manufacturers due to higher profit margins and availability of huge customer base. The generic prescription drug market is expected to grow rapidly during the forecast period due to enhanced affordability with similar quality, safety and efficacy standards to those of branded drugs. Anti-cancer, anti-diabetic and anti-obesity drugs are expected to be the highest revenue generators due to growing prevalence of the diseases and continuous improvement and development of novel treatment.
North America leads the API market, due to higher patent registrations, advanced R&D activity and stringent regulatory body standards that ensure high quality and efficacy of the products. APAC region is expected to be a lucrative market during the forecast period. India, Korea, China and Malaysia are expected to be fastest growing regions owing to increased FDI in pharmaceutical sector, abundant labor and growing demand for pharmaceutical drugs. Capability of the regions to excel in reverse engineering and produce recently expired patent API at low cost is another propeller for the growth.
Key players of the market are Dr. Reddy’s Laboratories, Aurobindo Pharma, Actavis plc, Lonza Group, Boehringer Ingelheim Group, Perrigo, Abbott Laboratories, Wuxi Apptec, Teva Pharmaceutical Industries Ltd., Cambrex Corporation Ltd., Novartis AG, BASF SE, Mylan, Inc., Inc., Hospira, Inc., Lupin, and Pfizer.
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