Global Industry Growth Boosting Factors:
# Increasing incidence of chronic diseases
# Technological advancements in API manufacturing
# Growing importance of generics
COVID-19 impact on the Active Pharmaceutical Ingredient Market
With the WHO declaring the COVID-19 outbreak a pandemic, a mix of established pharmaceutical and biopharmaceutical companies, as well as small startups, have stepped forward to develop treatments that target the infection. In just a few weeks, scientists found a list of molecules that target COVID-19. Currently, around 155 molecules are under clinical investigation, and 45 molecules are under preclinical development to be targeted against COVID-19. In this list, there are four promising drugs (Remdesivir, Chloroquine & Hydroxychloroquine, Lopinavir & Ritonavir, and Lopinavir with Ritonavir plus Interferon beta-1a) that have been repurposed for use against COVID-19.
On March 24, 2020, the WHO announced that it had initiated a global mega trial of the four most promising drugs against COVID-19. Countries are in a global race to develop and mass-produce an efficient vaccine to fight COVID-19. The economic and social burden of pandemics has prompted government bodies to increase funding for vaccine development on a global scale. According to the WHO, as of June 2020, there were over 140 vaccines in various stages of development.
Of these, 13 are now in the human clinical trial stage, while others remain at the very early stages of preclinical testing. Increase in funding and research for development of pharmaceutical products will drive growth for the market. However, coronavirus outbreak has disrupted business and economic activities globally.in the first quarter of 2020 It is expected to have a short-term impact on the active pharmaceutical ingredients market to a certain extent.
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Expected Growth Rate:
The global active pharmaceutical ingredient market size is projected to be growing at a healthy rate of 5.8% during the forecast period.
Major Objectives of This Study:
# To define, describe, and forecast the global active pharmaceutical ingredients market based on the type, type of manufacturer, type of synthesis, type of drug, application and region.
# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, challenges, and opportunities).
# To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall active pharmaceutical ingredients market.
# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, Asia, and Rest of the World.
# To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies.
# To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements, partnerships, and R&D activities in the active pharmaceutical ingredients market.
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Geographical Growth Dynamics:
North America was the largest regional market for active pharmaceutical ingredients market in 2019
The global active pharmaceutical ingredients market is segmented into North America, Europe, Asia, Latin America, and Rest of the World. In 2019, North America accounted for the largest share of the active pharmaceutical ingredients market, followed by Europe and the Asia.
The large share of North America in the global market is attributed to the growing incidence of preventable chronic diseases, increasing government focus on generic drugs, rising demand for biologics and specialty drugs, and technological advancements in the manufacturing processes of APIs.
However, the market in the Asia is expected to grow at the highest CAGR during the forecast period. This can be attributed to the low manufacturing costs, growth in the increase in disposable income, the high prevalence of lifestyle- and age-related diseases, and government efforts to reform healthcare industry.
Key Developments, Globally:
# In 2020, Pfizer (US) signed a multiyear agreement with Gilead Sciences to manufacture and supply Gilead’s antiviral drug (Remdesivir) for the treatment of COVID-19.
# In 2020, Novartis (Switzerland) acquired Aspen’s Japanese operations to strengthen its position in the global generics and off-patent medicines market. Novartis also entered into a manufacturing and supply agreement with Aspen.
# In April 2020, Boehringer Ingelheim (Germany) acquired Northern Biologics, which focuses on therapeutic antibodies targeting the tumor microenvironment. This acquisition broadened Boehringer Ingelheim’s oncology product portfolio.
Read the Detailed Report@ https://www.prnewswire.com/news-releases/active-pharmaceutical-ingredients-api-market-worth-248-3-billion-by-2025---exclusive-report-by-marketsandmarkets-301141713.html
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