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Active Pharmaceutical Ingredients Market is Expected to Expand at a Modest 5.9% CAGR by 2031 Owing to Growing Demand for Novel Drugs and Pharmaceutical Products

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Active Pharmaceutical Ingredients Market is Expected to Expand at a Modest 5.9% CAGR by 2031 Owing to Growing Demand for Novel Drugs and Pharmaceutical Products

June 24
20:00 2024
Active Pharmaceutical Ingredients Market is Expected to Expand at a Modest 5.9% CAGR by 2031 Owing to Growing Demand for Novel Drugs and Pharmaceutical Products
Skyquest Technology
Active Pharmaceutical Ingredients (API) Market Size, Share, Growth Analysis, By Type(Generic APIs, and Innovative APIs), By Synthesis(Synthetic APIs (Generic APIs, Innovative APIs), Biotech (Type {Generic APIs and Innovative APIs}, Product {Monoclonal Antibodies), By Drug(Prescription, and Over-the-Counter Drugs (OTC)), By Potency(Traditional APIs, and High Potency APIs), By Region – Industry Forecast 2024-2031

Active Pharmaceutical Ingredients (API) Market size was valued at USD 210.01 Billion in 2022 and is poised to grow from USD 222.4 Billion in 2023 to USD 351.81 Billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

Active pharmaceutical ingredients (APIs) are chemical compounds that have pharmacological activity used in the preparation of various drugs and pharmaceuticals. High investments in the pharmaceutical industry and growing demand for novel drugs and pharmaceuticals are slated to promote the sales of active pharmaceutical ingredients over the coming years. 

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The high prevalence of chronic diseases has led to an increased demand for advanced pharmaceuticals and drugs, which in turn, is slated to benefit active pharmaceutical ingredients market growth. An increasing number of pharmaceutical companies outsourcing their work is also slated to create new opportunities for active pharmaceutical ingredients market players going forward. Supportive government initiatives and the discovery of new active pharmaceutical ingredients are also forecasted to augment the market growth trajectory in the long run.

Expansion of Active Pharmaceutical Ingredients Production Capacity to Remain in Limelight for Most Companies

Most new as well as established active pharmaceutical ingredient manufacturers will focus on increasing their production capacity to meet the surging demand on a global level. Active pharmaceutical ingredient providers are also estimated to take advantage of supportive initiatives and programs to maximize their business potential in the future. Acquisition of business or particular API divisions will be a prominent strategy for established active pharmaceutical ingredients companies looking to extend their lead in the business landscape. Active pharmaceutical ingredients companies are also investing in the development of new manufacturing facilities all over the world to boost revenue generation potential across the forecast period and beyond.

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  • Cadila Pharmaceuticals, an Indian pharmaceutical giant, inaugurated its active pharmaceutical ingredients manufacturing plant back in November 2023. The plant is set up in Dahej, Gujrat, India, and features Distributed Control System (DCS) automation technology as well.
  • In January 2023, Novartis completed the sale of its active pharmaceutical ingredients manufacturing facility based in Ireland to Sterling Pharma Solutions. This helped Sterling expand its API manufacturing capacity and also secures its on-going supply agreement with seller Novartis.
  • USAID (United States Agency for International Development), a government agency focusing on aid development assistance in foreign countries, launched a new project to boost active pharmaceutical ingredients production in Central Asia in May 2024. The initiative intended to spend USD 5 million in Kazakhstan and Uzbekistan to promote the production and regulation of quality APIs.
  • Dr. Reddy’s Laboratories, a renowned name in the pharmaceutical industry, announced its plans to invest around INR 700 crore to expand its active pharmaceutical ingredients and biosimilar business back in January 2024. The company aimed to capitalize on the growing use of AI in healthcare trend through this investment move.

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 The active pharmaceutical ingredients market presents highly rewarding opportunities for all kinds of healthcare companies. Supportive government initiatives and grants will be highly beneficial for new companies looking to penetrate the active pharmaceutical ingredients market. Established companies will have to prioritize active pharmaceutical ingredients production capacity expansion and the development of innovative new APIs to maintain their market share. Regulatory compliance will be a key factor in determining the success of any active pharmaceutical ingredients company operating in this market.

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Website: https://www.skyquestt.com/report/active-pharmaceutical-ingredients-market