Advancement in API Manufacturing and Growing Prevalence of Chronic Diseases to Steer Korea Cholesterol API Sales Past US$ 9.30 Mn in 2032
[345 Pages Report] The global cholesterol active pharmaceutical ingredient (API) market is projected to be valued at US$ 269.0 Mn by 2022, expanding at a CAGR of 4.7% between 2022 and 2032. By 2032, the global market for cholesterol API is expected to be worth US$ 426.9 Mn.
In Korea, the market for cholesterol APIs is anticipated to grow at a sluggish rate of CAGR of 3.9% over the forecast period, according to FMI. Sales in Korea cholesterol API market are projected to reach US$ 6.36 Mn by 2022. By the year 2032, it is expected that the market for cholesterol API in Korea would reach at a value of US$ 9.30 Mn. For the base year, a historical market worth of US$ 6.14 Mn has been registered.
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Government regulations that favor API development and changes in geopolitical conditions are driving market expansion. The expansion is due to advancements in manufacturing active pharmaceutical ingredients (APIs) and the increased incidence of chronic diseases, including cancer and cardiovascular disorders.
The governments of various regions have also developed policies and provided incentives to encourage the production of API. Pharmaceutical firms take advantage of API production outsourcing since it eliminates the requirement for costly manufacturing unit installation and labor force. Thus, outsourcing is encouraged by the demand for cost savings.
IOL Chemicals & Pharmaceuticals announced that the Korean Ministry of Food and Drug Safety had approved its active pharmaceutical ingredient (API) products, ibuprofen and fenofibrate. According to a regulatory filing by IOL Chemicals & Pharmaceuticals, the Korean Ministry of Food and Drug Safety certification re-establishes the company’s efforts to maintain the highest quality standards and increase its position in regulated markets.
Key Takeaways from the Cholesterol API Market
- The market for cholesterol APIs in Korea is anticipated to grow at a CAGR of 3.9% over the forecast period.
- Korea cholesterol API market is projected to reach a value of US$ 9.30 Mn by the end of 2032.
- For the base year2021, Korea cholesterol API market recorded revenues of US$ 6.14 Mn.
- In 2022, the market for cholesterol API in Korea is anticipated to hold a share of 11.2%.
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“Change in geopolitical environment, government policies that support API development, and improvement in the production of active pharmaceutical ingredients (APIs) will propel the demand. Further, rise in chronic diseases including cancer and cardiovascular diseases will create conducive environment for the key players.” – Says an FMI Analyst.
Competition Landscape in the Cholesterol API Market
Companies in the cholesterol API market are creating new designs and features in order to expand their market share. To improve the position in the global market, companies are focusing on a variety of strategies, such as M&A and the creation of new products.
Samsung Biologics, Daewoong Pharmaceutical, and Chong Kun Dang Pharmaceutical are some of the leading players in the Korea threat hunting market.
- In January 2022, Samsung Biologics entered into an agreement with Biogen to acquire Biogen’s stake in the Samsung Bioepis joint venture for US$ 2.3 billion. By fully utilizing Samsung Bioepis’ growth prospective, the deal is anticipated to increase Samsung Biologics’ overall earnings growth.
- In August 2022, Daewoong Pharmaceutical is a South Korean pharmaceutical business that is publicly traded and develops, manufactures, and commercializes medications globally announced that DWP213388, a novel medication candidate being developed for autoimmune illnesses, has received approval from the U.S. Food and Drug Administration (FDA) to begin a Phase 1 clinical trial.
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Cholesterol API Market Outlook by Category
- Animal Derived
- Plant Derived
By Manufacturing Process:
- Non – GMP
By End User:
- RNA Vaccines
- Monoclonal Antibodies
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