The global active pharmaceutical ingredient (API) market is projected to be worth USD 357,005.7 million by 2030, growing at a CAGR of 6.9%, according to P&S Intelligence. This development can be credited to the increasing elderly populace, the growing occurrence of chronic illnesses, and the rising importance of generics.
In the past few years, the prescription drug category had a larger revenue share in the active pharmaceutical ingredient industry, on the basis of drug type. This can be credited to the growing demand for prescription medications for the supervision of chronic illnesses, throughout the globe.
In recent years, the oncology category held the largest market share, on the basis of therapeutic application. This is mainly because of the high occurrence of cancer and the surge in the requirement for extremely potent APIs (HPAPIs) for the treatment of cancer.
As per the American Cancer Society, approximately 1.9 million fresh cancer cases and 608,570 cancer-associated demises are projected to be reported in the coming few years. Correspondingly, as per the report by the World Health Organization, 2,003,789 cases of diverse kinds of cancer were stated in Southeast Asia and 1,336,026 individuals lost their lives because of them in 2018.
The offline category is projected to experience quicker development in the active pharmaceutical ingredient market in the coming few years, on the basis of distribution platforms. This will mainly be because of the high sales of APIs through this platform, credited to the growing count of contracts with API providers and medication manufacturing businesses, and the well-known offline distribution platforms of the providers.
In the coming few years the North American region is projected to dominate the active pharmaceutical ingredient industry, credited to the rising occurrence of chronic illnesses, growing government emphasis on generic medications, growing demand for specialty and biologics medications, rising count of pharmaceutical research and development activities, and growing technological improvements.
Moreover, individuals are becoming more knowledgeable regarding several lifestyle-related illnesses, which is further boosting the industry development in the continent. As per the Centers for Disease Control and Prevention (CDC), chronic illnesses price USD 3.5 trillion in 2018 to the U.S. healthcare arrangement.
The growing life expectancy and dropping demise rates are the key contributors to the development of the elderly populace. As per the report by the WHO, individuals are living lengthier as the average life expectancy has amplified. This has led to an enormous development in the world’s elderly populace.
As per the World Population Ageing Report published in 2019, the count of individuals old 65 years and more stood at approximately 703 million, and this populace is projected to touch 1.5 billion by 2050.
Hence, the increasing elderly populace, growing occurrence of chronic illnesses, and rising importance of generics are the major factors propelling the pharmaceutical ingredient market.
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