Active Pharmaceutical Ingredients (API) Market to Exceed US$257.5 Billion by 2026 : TMR
According to the report by Transparency Market Research, the global active pharmaceutical ingredients market is projected to worth approximately US$257.5 bn by the end of 2026. It is noticeable that the market valued nearly US$160.0 bn during 2017. This means that the market is expected to witness the growth with staggering 5.4% CAGR from 2018 to 2026.
The global active pharmaceutical ingredients market is broadly segmented in categories such as manufacturer APIs, drug, therapeutics, and regions the report. Under manufacturer category, the API contract manufacturing segment is likely to show highest growth in the market. The growth is attributed to factors such as prioritization of biomedical innovations by various governments across the globe. Moreover, the rising incidences of diseases like acute lymphoblastic leukemia and relapsed breast cancer, is one of the prominent reasons that is promoting the dominance of the segment in global active pharmaceutical ingredients market.
Geographically, the active pharmaceutical ingredients market is witnessing a rapid growth in region of Asia Pacific. The region possesses maximum potentials for various businesses that can be leverages to derive substantial profit in the forecast period. Moreover, the prevalence of various acute diseases in the region is also one of the prominent growth influencing factors for the market.
On the hand, the growing preferences of anti-infective drugs for treatment is the most crucial factor that is driving the growth of global active pharmaceutical ingredients market in the forecast period. The growth of the market is also driven by the growing prevalence of chronic cardiovascular diseases and targeted drugs that are used to treat them. Owing to these factors, the global active pharmaceutical ingredients market is expected to witness a robust growth in the forecast period of 2018 to 2026.
Active pharmaceutical ingredients manufacturing requires a huge capital investment. Which can be a major concern for various players in the global active pharmaceutical ingredients market. Nevertheless, Stringent regulatory compliances by various governments across the globe is also one the challenges that players of active pharmaceutical ingredients market have to deal with.
However, the rising use of specialty medicines are expected to elevate the pharmaceutical expenditures in various countries across the globe are projected to offer numerous opportunities to the players. These opportunities can allow the businesses to generate substantial profit and maintain the momentum for the growth of global active pharmaceutical ingredients market in forecast period of 2018 to 2026.