Active Pharmaceutical Ingredients (API) Market Projected to Reach US$219,601.9mn by 2023

The global active pharmaceutical ingredients (API) market is prognosticated to showcase promising growth in the coming years, according to a report published by Transparency Market Research (TMR). The market features vendors that have gained expertise in specific technologies, and are operating with cutting edge specialization in their production capacities. Leading names in the industry are Dow Chemicals, BASF and DuPont. Some other prominent players such as Teva, Sun Pharma, Cipla, Takeda, and Orchid Pharma, are seen expanding their business to emerging economies in the Asia Pacific such as India.

Vendors are expected to face the challenge of application of sophisticated technologies and gaining long-term contracts with international manufacturers, leading to optimized scale of economies. Manufacturers have been producing their own drugs to gain substantial profit margins and explore the pharmaceutical landscape better. The vendor landscape of the global active pharmaceutical ingredients market is moderately consolidated at the present. Due to stringency in quality checks and regulations, new players are hard-pressed to enter the market.

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Higher Adoption of Quality Standards to Propel Growth

The global API market has witnessed tremendous growth over the last few decades owing to the increased use of drugs and biologics in the treatment of diseases. The increasing adoption of quality standards in API manufacturing such as Good Manufacturing Practices (GMP), current GMP (cGMP), and the global adoption of International Conference on Harmonisation (ICH) guidelines, have helped improve the safety standards. On the other hand, the API industry is facing the challenges such as, shortening the development time, reducing the cost of development, improving the process design and meeting the quality standard without compromising on the profitability.

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