Published Date: 2020-02-18 | Pages: 135 | Tables: 164 | Report ID: 7588 | Industry: Chemical & Material | Format :
The governments across the globe are giving importance to biomedical innovation, as the manufacturers of pharmaceutical drugs do not have sufficient in-house capacity to cater to the growing demand. One of the key trends emerging in the Active Pharmaceutical Ingredients (API) market could be of companies outsourcing API manufacturing to key regions so as to eliminate the need to invest in costly infrastructure and equipment. Also, API manufacturers are likely to go green in the years to come in order to reduce the waste produced.
Introduction of New Drugs to get Prominent among Manufacturers
In 2019, one of the key companies, Teva Pharmaceutical Industries Ltd., announced the launch of an authorized generic of Flector®1 Patch (1.3 %), which is indicated for the treatment of acute pain due to sprains, minor strains, and contusions. The introduction of this medicine has added to Teva's portfolio of above 40 generic pain management medicines.
Key manufacturers of Active Pharmaceutical Ingredients (API) include Teva, DSM, Mylan, Aurobindo Pharma, BASF, Aspen, Novartis, Pfizer, Huahai Pharmaceutical, Sun Pharmaceutical Industries, Hisun Pharmaceutical, Zhejiang Medicine, Zhejiang NHU, Dr. Reddy’s Laboratories, Bayer, AbbVie, NCPC, Shandong Xinhua Pharmaceutical, Harbin Pharmaceutical, Northeast Pharm, and LKPC.
Emergence of Novel Medical Technologies to Play a Key Role in Market Growth
With the advent of novel medical technologies, demand for APIs is on the rise across the globe. Increasing importation of raw pharmaceutical ingredients from emerging markets is also positively influencing the market growth. Technological advancements are anticipated to open doors for the Active Pharmaceutical Ingredients (API) market growth. Moreover, emergence of new entrants and extensive research and development by the companies is resulting in huge competition in the market.
By Product Type
● Synthetic APIs
● Biotech APIs
● Genitourinary/Hormonal Drugs
Although application of APIs is common in the development of medicines for cardiovascular diseases. However, as per the analysts, oncology is likely to emerge as a key application segment on the back of availability of various APIs for cancer treatment. The report also offers comprehensive analysis of the product type segments including synthetic and biotech APIs and their contribution to the overall market size.
Increasing incidence of cancer in North America is urging the manufacturers in this region to come up with novel drugs and biological products for the treatment. Technological developments and extensive R&D will give North America an upper hand over other regions. Asia Pacific is also not lagging behind on the back of presence of leading manufacturers of API, particularly in India and China.
The chemicals and materials sector has been witnessing an exponential rise in the past few years. The industrial boom and infrastructural growth across the globe has had a positive impact on the chemical and materials industry. Chemicals are an integral part of many industries, which, over the years, have created lucrative opportunities for players. Similarly, materials are an indispensable part of myriad industries. The rise of the chemicals and materials sector has been mapped by QYR Consulting through exhaustive research reports.
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