The high potency API market is very fairly expected to cross approximately US$27 billion by the year 2024. At present, the compounded annual growth rate is at approximately 8.5%.
Following are some of the trends and market dynamics:
– The demand for oncology drugs is increasing significantly: Oncology drugs are considered to be the most active ingredients in the pharmaceutical market. They are very much specific in their action and provide a low therapeutic dose. The high potential API can target the disease cells and is used in the formulation of various drugs.
Globally the disease of cancer is growing a lot. As per a report from WHO in the year 2012, there were approximately 14 million new cancer cases worldwide and 8 million of them died. A growing number of cases demands an increasing number of sales of cancer-based drugs across the globe. The pharmaceutical industry’s top 20 cancer selling drugs generate approximately 50 billion of revenue for this industry.
– There is a requirement of huge investments: There are several challenges in this industry and the industry requires heavy investments to implement the containment facilities so that the safety of the employees and everybody can be ensured. In the high potential market, pharmaceutical manufacturers have to face several challenges. So to invest in building the facilities which will be designed especially for the manufacturing of such drugs, they should have access to proper funds. The requirements of large investments will help in meeting the needs of everybody and will provide great growth to this market.
-There are various opportunities in the emerging markets: Several emerging economies like China as well as India present the great growth opportunities for this kind of market. The markets are expected to show great growth in the coming years which will ultimately improve prosperity and longevity. Several diseases are prevailing in these kinds of markets and have a significant impact on the health status of the people.
– The industry requires proper and continuous evaluation of the standards: This is another challenge which is faced by the players in this industry. All the manufacturing facilities require proper technologies as well as regulations according to the industry standards. The companies who are willing to enter this market have to adapt to the latest technologies so that they can generally translate to the huge investments.
These analytical technologies can help in providing sensitivity and detection levels to the determination of such markets. So this rapid environment poses to be a great challenge for the manufacturers which they have to incorporate in the coming years to achieve success.
The factors which lead to growth in this market can be termed as the high prevalence of chronic and lifestyle-related diseases, increase in the incomes of individuals, efforts of the government to reform the healthcare sector and encouragement of the adoption of generics. Based on geography, this market can be segmented into North America, Asia, Europe and the rest of the world. Hence the active pharmaceutical ingredients market report has provided various market dynamics which have been mentioned above.