The active pharmaceutical ingredients (API) market was valued at approximately USD 174.96 billion in 2020, and it is expected to reach USD 245.88 billion by 2026, registering a CAGR of nearly 5.84% during the forecast period, 2021-2026.
In 2020, the outbreak of the COVID-19 pandemic had a favorable impact on the market as the countries and major players are manufacturing huge amounts of ingredients to maintain the demand for the treatment of COVID 19. The outbreak of COVID-19 has led drug manufacturers to redirect their models to focus on a larger pool of patients. For example, the United States requested that hydroxychloroquine (HCQ) be imported from India as a treatment for coronavirus. The virus has also disrupted the drug supply chain in Canada and may cause problems for patients in the country. Canadian pharma majors expand their programs with countries other than China to gain access to new regions.
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The increasing prevalence of chronic diseases is expected to increase the demand for drugs, which is expected to fuel the active pharmaceutical ingredients market growth in the near future. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for an estimated 17.9 million lives each year.
The major factors limiting the market growth include drug price control policies across various countries, fierce competition among existing players, and stringent regulatory policies.
Key Market Trends
The Cardiology Segment is Expected to hold the Largest Market Share
Presently, the pulmonology segment has been experiencing a high peak in growth due to the pandemic, as the pharma industry is at the lead of the combat against COVID-19 and has responded to this global challenge by guaranteeing the availability of medicines in spite of supply chain interruptions.
The cardiology segment holds a significant share due to the vast population using various CVD drugs owing to the high prevalence of cardiovascular diseases. According to the European Society of Cardiology 2019 Statistics, cardiovascular diseases (CVD) remain the leading cause of mortality and a major cause of morbidity in Europe. Currently, there are more than 6 million new cases of CVD in the EU and more than 11 million in Europe as a whole, every year. With almost 49 million people living with the disease in the EU, the cost to the EU economies is high at EUR 210 billion a year.
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