Adoption of Nsaid Api market to Rise During the COVID-19 Crisis Period Owing to Increasing Consumer Awareness
Active pharmaceutical ingredients (APIs) are bulk drug products that are used as raw materials for formulations. Nonsteroidal anti-inflammatory drugs (NSAIDs) are a drug class that groups together drugs that provide analgesic (pain-killing) and antipyretic (fever-reducing) effects, and, in higher doses, anti-inflammatory effects. The term nonsteroidal distinguishes these drugs from steroids, which, among a broad range of other effects, have a similar eicosanoid-depressing, anti-inflammatory action. APIs of good quality is essential for the manufacture of effective and safe medicines. The growing pool of geriatrics is driving the demand for various types of drugs, which in turn is leading to a soaring demand of NSAID API market. However, not all pharmaceutical companies possess in-house API manufacturing capabilities. Furthermore, a single company cannot produce all the APIs required for their formulation offerings.
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NSAID API Market: Drivers and Restraints
The improving access to healthcare with the rapid penetration of technology and other developments in the healthcare sector has increased the consumption of drugs, thereby directly creating a positive impact on NSAID API market. Furthermore, growing healthcare budgets of developed and developing countries are also making a significant contribution towards propelling the sale of NSAID API market. Furthermore, the compliance by Indian active pharmaceutical ingredients manufacturers with U.S. FDA norms is also anticipated to result in increasing applications of this substance.
NSAID API Market: Segmentation
The market for NSAID API is segmented by product type, by a manufacturing process, by drug type and regions:
By product type, the NSAID API market can be segmented into,
By manufacturing process, the NSAID API market can be segmented into,
- Captive Manufacturing
- Contract Manufacturing
By drug type, the NSAID API market can be segmented into,
- Branded Prescription Drugs
- Generic Prescription Drugs
The captive API manufacturing segment is witnessing a continuous decline in the global NSAID API market due to the high degree of competition and reduced profitability. High research & development costs and pricing pressure on finished products are important factors due to which pharmaceutical companies prefer outsourcing their API production instead of in-house manufacturing.
NSAID API Market: Overview
The global pharmaceutical industry has suffered enormously due to patent expiry of blockbuster drugs in the past few years. However, this has facilitated a surge in demand for low-cost substitutes across the globe resulting in a boost to NSAID API manufacturing. The approvals of biosimilars in Europe has added to the total NSAID API market revenue. Advancements in the production technology have enabled the production of biosimilars that are not exact copies of innovator drugs, but highly comparable regarding safety and efficacy. Europe has been the frontrunner in approving biosimilars, and the WHO has also set guidelines on similar lines of those set by the European Union. Regulatory pathways in the biosimilars space in different nations are evolving, and this implies a great market opportunity ahead for the biopharmaceutical companies.
NSAID API Market: Region-wise Outlook
Regionally, the market can be segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America dominated the global NSAID API market due to high demand for APIs in drug formulations and research and development programs in this region. The region is expected to continue its dominance in the coming years owing to increasing preference for generic medicines as a result of high healthcare costs in the U.S. Among other regions, Asia-Pacific is the next largest market for APIs. This region has become the most attractive market due to clustering of a large number of generic medicine manufacturers.
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