The global specialty Active Pharmaceutical Ingredients (API) market reached US$ 152.5 Bn in 2019, up by 8.5% in 2018.
Increase in the prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease has boosted the demand for specialty active pharmaceutical ingredients (API).
Manufacturers are on continuous lookout to produce new small molecule APIs. This is expected to give an impetus to the specialty active pharmaceutical ingredients (API) market during the forecast period.
Increasing investments in the specialty active pharmaceutical ingredients (API) market by key players and new technology development for low-cost production of generic drugs are the major factors expected to drive the market growth.
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Key Takeaways of Specialty Active pharmaceutical ingredients (API) Market Study
- Increasing demand in the production of generic drugs is likely to fuel demand for small molecules
- Europe, followed by North America, is expected to be the most lucrative region and account for a notable revenue share of about 29% in the global specialty active pharmaceutical ingredients (API) market in 2020 and trend is expected to continue owing to large number of drugs going off-patent during forecast period.
High patient population and growing pharmaceutical contract manufacturing organizations in Asian countries is expected to propel the growth of the specialty active pharmaceutical ingredients (API) market in the region
Increasing Research Collaboration – Imperative Strategy for Market Players
Manufacturers are now focusing on discovering and developing new drug candidates through research collaborations and license agreements for the treatment of cardiovascular diseases, lung diseases and the other chronic diseases.
For instance, in March 2020, Bayer signed a research collaboration and license agreement with Indian drug discovery firm Curdev to discover novel drug candidates.
Covid-19 to Stall Short-term Momentum
The outbreak of Covid-19 has not left any vertical untouched, and specialty API market is no exception. Certain manufacturers are dependent on China for APIs. This influx has slowed down due to this ongoing pandemic. The trend is expected to continue at least for the next few months till manufacturers come up with an alternative to by in sync with the “new” normal.
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