Specialty API Sales to Expand at 7.0% CAGR Through 2030, Raw materials Supply Shortages Due to COVID-19 Pandemic Challenges Rapid Market Growth
Technological progressions to increase manufacturing capacity in API production offers higher market prospects in developed markets for specialty active pharmaceutical ingredients (API). Substantial investments in the growth of permitted specialty API is one of the most important variables amid companies in the specialty API market. The specialty API market is anticipated to expand at a CAGR of over 7.0 % in terms of revenue consistently during the forecast period 2020-2030.
Specialty API Market: Key Developments
Rising cases of chronic diseases such as cardiovascular, diabetes, cancer, and infectious ailments are additionally offering potential prospects to the companies for the development of small-molecule APIs in the specialty API market.
Progressions of analytical methods offer better characterization and quantification of the specialty APIs of interest which also decrease the production and time. For instance, the presentation of the latest LC/MS methods in the past few years which utilizes both – low levels of triethylamine (TEA) and hexafluoroisopropanol (HFIP) as a mobile-phase buffer, impel the refinement processes and as well reduce cost and time.
Moreover, there has been substantial growth in proprietary chemical processes to augment production capabilities that have significantly bring down the production cost of specialty API.
Key Takeaways of Market Study
- Based on product type, the small molecules API category stays dominant in the specialty API market, during the forecast period.
- The growing acceptance of small molecules (non-biologics) due to myriad generic drugs in development and patent expiry has resulted in low-cost healthcare expenses which are projected to fuel the specialty API market.
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COVID-19 Impact Analysis
The immediate risk to the pharmaceutical sector from the supply shortages of vital raw materials from China because of the COVID-19 outbreak is limited. COVID-19 pandemic has directed towards a decrease in the manufacturing capability of several specialty API producers incorporating Contract Manufacturing Organization (CMOs) and pharmaceutical companies. Over a longer-term, the API sector in emerging economies such as India will stand to benefit as regulators, to encourage investments as well as incentivize the API sector and reduce dependence on China.
Europe continues to be a thriving market for specialty APIs because of the higher implementation rate of patented/innovative medicines followed by North America. The U. S. stays a flourishing nation in the global market and it has consistently reflected noteworthy annual growth rates of over 5.5% in 2020. Apart from North America and Europe, India, China, Japan, and GCC Countries reflect noteworthy prospects for specialty API market players.
The majority of the market players of the specialty API market are developing business strategies and highly innovative approaches to keep the market extensively consolidated.
The major market players are focusing on the growth of technologies, acquisition of medium and small-sized companies, and exclusive product licensing to keep up their strong market position. Also, partnerships, new product development, distribution agreements are the other approaches adopted by the prominent market players to lead themselves in the specialty API market.
For example, Anacor Pharmaceuticals, Inc. a top pharmaceutical company involved in building small molecule therapeutics API was taken over by Pfizer Inc, in June 2016.
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