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The global API market is forecasted to reach US$270.83 billion in 2024, growing at a CAGR of 6.5% for the period spanning 2020-2024. The factors such as increasing ageing population, rising healthcare expenditure per capita, growing cancer patients, inclining orphan drugs industry and accelerating outsourcing of API drugs are expected to drive the market. However, growth of the industry would be challenged by regulatory compliance. Few notable trends include growth in pharmaceutical R&D expenditures, growing artificial intelligence (AI) adoption for drug discovery, advancement in API synthesis and announcement of environmental protection policies on APIs by China.
In 2020, the outbreak of COVID-19 pandemic has created a favorable impact on the market as many nations have been continuously making micro-interventions, speeding up internal certification for third party sources and as well as ramping up domestic production to keep supply chains functional as best as can be done.
APIs are available in different types in the market. On the basis of available source, the categories include small molecule (chemical) and biological (large molecule).
The fastest growing regional market is China owing to abundance of capital and other resources, low material costs and wage rates along with relatively relax regulations.
Scope of the report:
- The report provides a comprehensive analysis of the global API market, segmented by synthesis (biological & small molecule) and manufacturers (captive & merchant).
- The major regional markets (China and India) have been analysed.
- The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (Roche Holding AG, Pfizer Inc., Novartis AG, Merck & Co., Inc., Bristol-Myers Squibb Company and Teva Pharmaceutical Industries Limited) are also presented in detail.
Key Target Audience:
- API Manufacturers
- Raw Material Suppliers
- End Users
- Consulting Firms
- Investment Banks
- Government Bodies & Regulating Authorities