Geographical analysis for Active Pharmaceutical Ingredients (API) market
The Global Active Pharmaceutical Ingredients (API) market is estimated to reach USD 228,640.8 million by 2027 from the initial value of USD XX million in 2019. The market is estimated to grow at a CAGR of 6.3% during the forecast period from 2019 to 2027.
North America holds the largest market share from the Global Active Pharma Ingredients market for about 38% in 2019 and is expected to dominate the market over the forecast period. Asia Pacific is the second largest market with 32% market share in the global API market. Followed by Europe with 22% market share in 2019. Global API market is driven by an increasing aged population along with chronic diseases, which is boosting the demand for pharmaceutical drugs. Increasing companies are outsourcing the production of APIs to avail economic benefits, this also further led to the quality concerns and increased the need for inspections, to ensure adequate inaccuracy of these facilities. Increasing focus by companies in terms of quality due to stringent regulations is driving the manufacturers towards onshore production rather than off-shore production, which previously followed to have economic benefits. The non-compliance of Good Manufacturing Practices (GMP) by the. industry players is hampering their growth in the market globally
North America
The North America Active Pharmaceutical Ingredients (API) market is estimated to reach USD 87,774 million by 2027 from the initial value of USD XX million in 2019. The market is estimated to grow at a CAGR of 6.4% during the forecast period from 2019 to 2027. The increasing demand for Pharmaceutical Ingredients in North America in recent years is driving the growth of APIs in the region. The rising standards of APIs for quality and safe manufacturing process in the region is further strengthening the API market performance in recent years. The United States is the largest market for Active Pharma Ingredients market accounted for 87% market share within the North America API market in 2019. Canada is the second largest market with 10% market share in the North America API market. Followed by Mexico with 3% market share in 2019.
The United States Active Pharmaceutical Ingredients (API) market is estimated to reach USD 76,951.48 million by 2027 from the initial value of USD YY million in 2019. The market is estimated to grow at a CAGR of 6.1% during the forecast period from 2018 to 2027. About 80% of the APIs used in US pharmaceutical production are imported from India and China, of which most of them were commodity type products. However increasing quality and regulatory concerns for India and Chines APIs is driving the US based API manufacturing in recent years. Increasing demand for Quality and stringent regulations for Specialty APIs for outsourcing from other countries have made manufacturers expand in the United States. Favorable tax policies/ incentives also drive the capacity increase of API manufacturing units in the United States in recent years.
The Canada Active Pharmaceutical Ingredients (API) market is estimated to reach USD 8,462.46 million by 2027 from the initial value of USD XX million in 2019. The market is estimated to grow at a CAGR of 8.9% during the forecast period from 2019 to 2027. The growth in the Canadian API market is mainly due to increasing demand for pharmaceuticals in the country. Generic drug segment accounts for major share in the Canadian API market. The growing demand for Branded Generics in the recent years is driving the growth rate of Branded generics in Canada.
The Mexico Active Pharmaceutical Ingredients (API) market is estimated to reach USD 2,360.02 million by 2027 from the initial value of USD XX million in 2019. The market is estimated to grow at a CAGR of 5.4% during the forecast period from 2019 to 2027. Mexico API market growth is majorly due to increasing demand for pharmaceuticals, especially for branded Generics in the country and has shown strong growth in recent years. The growth is further supported by the government for healthcare reimbursement of around 45%. The collaboration between the government and pharmaceutical industry has further favored the API production activities in the country in recent years.
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