10 March 2021
Visiongain has published a new report on Active Pharmaceutical Ingredients Market Report to 2031: Forecasts by API (Branded/ Innovative and Generic), by Type of Synthesis (Synthetic and Biotech), by Application (Diabetes, Oncology, Cardiovascular, CNS, Analgesics, and Others) PLUS COVID-19 Recovery Scenarios.
Global Active Pharmaceutical Ingredients market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Active Pharmaceutical Ingredients Market
COVID-19 pandemic has poised an unprecedented sanitary risk. As there are no specific vaccines and anti-SARS-CoV-2 drugs available, drugs that may decrease the brutality of the infection and bound the high mortality rate. Small start-ups, biopharmaceutical, and pharmaceuticals took initiatives to develop treatments against the target infection. Researchers have found number of molecules that can fight against the deadliest virus. At present, around 155 molecules are under clinical research and nearby 45 molecules are under the preclinical trial. To this end, several molecules have been repurposed such as Remdesivir, Lopinavir & Ritonavir, Chloroquine & Hydroxychloroquine, and Lopinavir with Ritonavir plus Interferon beta-1a. In March 2020, the World Health Organization (WHO) publicized that the organization had commenced a worldwide mega trial of the four most promising drugs against SARS-CoV-2. Countries are in a global rivalry to develop and manufacture an effective treatment against SARS-CoV-2. It has led to increased funding and research of therapeutic molecules which will drive the demand for active pharmaceutical ingredients in recent times.
Growing Prevalence of Chronic Diseases
Rising incidence and prevalence of cardiovascular diseases, osteoarthritis disorder, and multiple cancer are expected to be major driving factors for the growth of the active pharmaceutical ingredients market during the forecast period. According to Cancer Australia estimates, around 1,405 new cases of brain cancer are expected in 2017. Furthermore, as per the World Health Organization (WHO), the common reason for death is cardiovascular diseases (CVD) across the world. Also, as per the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die from a chronic disease every year in the USA. Although chronic diseases are the major reason for death for men and women alike because women face unique health issues. Around 37% of women suffer from chronic diseases, compared to 30% of men. Moreover, according to the World Health Organization (WHO) estimates, by 2050, around 130 million people are expected to suffer from osteoarthritis worldwide. Thereby, the rising high prevalence of cardiovascular diseases and other chronic disorders demands proper treatment management to maximize patient outcomes. In turn, it is projected to attain substantial growth for the active pharmaceutical ingredients market in the given time frame.
Availability of Funding for Research
Rising research & development activities and funding from government and numerous public-private organizations in novel drug development are eventually contributing to the active pharmaceutical ingredients market growth. The rising government initiatives in emerging economies, the existence of a huge number of drug product pipelines, and its therapeutic applications are the crucial factors fueling the demand for active pharmaceutical ingredients, hence, aiding the target industry growth.
Emerging biosimilars market
The growing prevalence of acute and chronic diseases such as rheumatoid arthritis and blood disorders, the rising number of off-exclusively and off-patent biologic drugs, affirmative results in current clinical trials for biosimilars, and the growing demand for biosimilars in diverse clinical indications are propelling the global biosimilars market growth.
Biosimilars are a generic form of patented biologic drugs, thus they do not require to fulfill the strict needs of numerous regulatory authorities, which makes them cost-effective as compared to patented biologics drugs. The expiration of intellectual property rights for originator biologics in the coming years is anticipated to create lucrative opportunities for the biosimilars market.
Key players operating in the global Active Pharmaceutical Ingredients market are AbbVie Inc., Mylan N.V., Cipla Inc., Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Merck & Co., Inc., Bristol-Myers Squibb Company, Aurobindo Pharma, Albemarle Corporation, and Dr. Reddy’s Laboratories Ltd.
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