The global active pharmaceutical ingredients market was valued at US$ 162,000.0 Mn in 2017 and is projected to expand at a cumulative annual growth rate (CAGR) of 5.4% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Global Active Pharmaceutical Ingredients (API)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2028.’ The report suggests that increase in the use of pharmaceuticals globally is estimated to boost the active pharmaceutical ingredients market between 2018 and 2026. North America and Asia Pacific are projected to dominate the global market, owing an increase in the demand for efficient and effective management of APIs manufacturing, high health care IT budgets, and high adoption of accelerated regulatory review of innovative medicines.
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- Increase in the Incidence of Acute and Chronic Diseases Globally to Fuel Market
Rise in the prevalence of cancer, cardiovascular diseases, and diabetes; sedentary lifestyles; and a rise in the aging population are key factors driving the active pharmaceutical ingredients (API) market. As per the National Cancer Institute, in 2016, there were an estimated 15.5 million cancer survivors in the U.S.. The number of cancer survivors is expected to increase to 20.3 million by 2026. As per an EU government agency survey, almost 49 million people were living with cardiovascular disease in the EU in 2017. Lung cancer is the leading cause of cancer deaths in Asia Pacific. China alone accounts for more than 50% of all cancer cases in this region. Changes in lifestyle and socio-cultural factors are propelling the incidence of cervical cancer. Major countries affected by breast cancer in Asia Pacific are India, Thailand, and China.
- Key Trend of Acquisitions and Collaborations among Leading Players to Increase Geographic Presence
The report also provide profiles of leading players operating in global active pharmaceutical ingredients market. Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Pfizer Inc., Boehringer Ingelheim International GmbH., Merck & Co., Inc., Novartis AG, F. Hoffmann-La Roche Ltd., and Bayer AG are a few leading players operating in the global active pharmaceutical ingredients market. The companies account for a significant market share.