DUBLIN--(BUSINESS WIRE)--The "Active Pharmaceutical Ingredients Market Analysis by Type of Synthesis, by Type of Manufacturers, by Type, by Application, and by Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global active pharmaceutical ingredients market size is estimated to be USD 199.8 billion in 2020 and is expected to witness a CAGR of 5.957% during the forecast period.

Companies Mentioned

• Pfizer Inc. (U.S.)
• Novartis International AG (Switzerland)
• Sanofi (France)
• Boehringer Ingelheim (Germany)
• Bristol-Myers Squibb (U.S.)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Eli Lilly and Company (U.S.)
• GlaxoSmithKline plc (U.K.)
• Merck & Co. Inc. (U.S.)
• AbbVie Inc. (U.S.)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• AstraZeneca (U.K.)
• Cipla Inc. (India)

Growth in the adoption of AI-based tools for the discovery of new drugs is a key driver for the growth of the global active pharmaceutical ingredients market.

Additionally, technological developments in the global API manufacturing and growing investment in R&D activities for new product development are some of the other drivers expected to propel the market growth. However, high costs of manufacturing APIs and increase in penetration of imitation drugs in the global market are expected to restrain the global market growth

By Type of Synthesis

Based on type of synthesis, the market is segmented into synthetic and biotech. In 2021, the synthetic API segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This can be attributed to the increase in accessibility of raw materials along with relaxed protocols for the production of these molecules worldwide. Biotech API segment is projected to grow at a profitable CAGR during the forecast period. This is attributed to the various advantages offered by this segment such as increase in demand for biopharmaceuticals coupled with the higher effectiveness of these molecules.

By Type of Manufacturers

Based on type of manufacturers, the market is segmented into merchant APIs and captive APIs. In 2021, the captive APIs segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to rising accessibility to raw materials and widespread investments by major manufacturers for developing high-end industrialized facilities worldwide.

Merchant APIs segment is projected to grow at a profitable CAGR during the forecast period. This is attributed to the fact that subcontracting of manufacturing to emerging countries is becoming very cost-effective, which allows these manufacturers to gain high profits.

By Type

Based on type, the market is categorized into innovative APIs and generic APIs. In 2021, the innovative APIs segment accounted for a substantial revenue share with lucrative CAGR during the forecast period. This is due to increase in R&D initiatives for new drug growth and favorable government guidelines worldwide. The generic APIs segment is anticipated to grow at a profitable CAGR during the forecast period due to the growing unmet clinical needs coupled with the approval of OTC drugs.

By Application

Based on application, the market is categorized into endocrinology, cardiovascular diseases, orthopedic, oncology, CNS and neurology, pulmonology, ophthalmology, gastroenterology, nephrology, and others. In 2021, the cardiovascular diseases segment accounted for the substantial revenue share and is estimated to grow with a lucrative CAGR during the forecast period.

This is due to the rise in cases of target diseases worldwide. The oncology segment is anticipated to grow at a profitable CAGR during the forecast period due to changing lifestyle along with the rise in prevalence of cancer.

Regional Insights

In 2021, North America held the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This can be attributed to the increase in study and analysis of cancer coupled with lifestyle-induced diseases, growth in initiatives from the government, and accessibility of technologically advanced products in the region.

Asia Pacific market is expected to grow at the fastest CAGR over the forecast period owing to the evolving market for biosimilars, growing government and corporate investment in healthcare sector, increase in travel tourism in developing economies, and market growth opportunities in developing countries, are the major factors in this region.

For more information about this report visit https://www.researchandmarkets.com/r/gkgqni

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