As per our research report, the APAC Active Pharmaceutical Ingredients Market size is predicted to be growing at a significant CAGR of 10.24% during the forecast period.
The active pharmaceutical ingredients market in the APAC region is most likely to be driven by the Y-O-Y growth in the prevalence of chronic diseases, increasing adoption of biopharmaceuticals, and enhanced drug research and development activities. Furthermore, advancements in the manufacturing of active pharmaceutical ingredients, rising cardiovascular diseases and cancer in the APAC region, and changes in geopolitical situations are pushing the market growth. Diabetes, cardiovascular disease, asthma, arthritis, and chronic obstructive pulmonary disease have increased in the geriatric population in emerging countries such as India and China. Changes in lifestyle and dietary habits brought on by urban development will have an even more significant impact on market development.
On the other hand, favorable government policies for API development and increased government and private sector investment and funding for developing healthcare infrastructure in Asian countries fuel the regional market growth. Governments in developing countries such as India and China have developed plans and provided incentives to encourage API development. Aging weakens the immune system, making patients more vulnerable to infectious diseases.
Besides, deficiency of body functions raises the risk of contracting disorders such as CVD and diabetes. APIs are frequently used in the formulation of Antibody Drug Conjugates (ADCs). ADCs are essential and effective cancer therapy modalities used in conjunction with clinically active drugs and monoclonal antibodies; thus, the creation of cancer-specific APIs is expected to propel the API market even further.
Unfavorable drug pricing policies in Asian countries restrain the market growth. The high manufacturing cost of APIs is one of the significant challenges which market participants face. Furthermore, the development of these APIs requires substantial investments, which are unaffordable in underdeveloped nations. API chemical synthesis often involves expensive and uncommon building blocks and raw materials, raising API manufacturing costs much further.
Impact of COVID-19 on APAC Active Pharmaceutical Ingredients Market:
The World Health Organisation proclaimed COVID-19 a pandemic and issued specific guidelines for disease containment. Because of the widespread of novel coronaviruses, all regions, including APAC, have been put under lockdown. Many pharmaceutical and biopharmaceutical companies and start-ups are stepping forward to develop a COVID-19 treatment. The COVID-19 epidemic has prompted drug makers and distributors to concentrate their efforts on a massive patient population. The abrupt emergence had disrupted the Asian drug supply chain. The prevalence of chronic illnesses, on the other hand, has boosted demand for medications, which is projected to grow the active pharmaceutical ingredients market. The economic and social costs of pandemics have driven governments to create and mass-produce an effective coronavirus vaccine. As a result, rising funding and research for pharmaceutical product development are expected to have better growth in the coming years.
This research report on the APAC active pharmaceutical ingredients market has been segmented and sub-segmented into the following categories.
By Type of Manufacturing Process:
By Type of Synthesis:
By API Formulation:
Geographically, the APAC regional market is predicted to dominate the global Active Pharmaceutical Ingredients Market during the forecast period due to the presence of emerging economies such as India and China that the world relies on the production of APIs at a lower cost is an advantage in this region.
The Chinese API market is most likely to contribute the most significant share of the APAC Active Pharmaceutical Ingredients market. Enhanced healthcare expenditures in this country and the adoption of advanced technology are expected to boost the market growth.
During the forecast period, the Indian market has been one of the fastest-growing regions in the APAC Active Pharmaceutical Ingredients Market. Increased research funding and engaged market participants are expected to drive market growth. Due to geopolitical circumstances and China's reliance on API goods, India has recently favored China to export API. The Active Pharmaceutical Ingredients market in India has grown significantly. Besides that, the Indian government has established plans and provided incentives to encourage the development of API.
The Japanese market is one of the promising regional markets in the APAC Active Pharmaceutical Ingredients Market and is predicted to grow substantially during the forecast period. Chronic diseases such as cardiovascular disease and chronic obstructive pulmonary disease are anticipated to push market growth.
KEY MARKET PLAYERS:
Notable market participants dominating the APAC active pharmaceutical ingredients profiled in this report are AbbVie Inc., AstraZeneca, Aurobindo Pharma Ltd., BASF, Bayer AG, Boehringer Ingelheim, Dr. Reddy's Laboratories, F. Hoffmann-La Roche, GlaxoSmithKline plc, Lonza Group, Lupin Limited, Merck & Co., Inc., Mylan NV, Novartis International AG, Pfizer Inc., Sanofi, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.