Active Pharmaceutical Ingredients (API) Market in the US 2015-2019
Albany, NY (PRWEB) February 18, 2015 -- ResearchMoz features a report titled “Active Pharmaceutical Ingredients (API) Market in the US 2015-2019”, which presents the scenario and valuable growth prospects of the active pharmaceutical ingredients (API) market in the U.S. According to the report, the U.S. API market will expand with a compound annual growth rate (CAGR) of 7.01% during the forecast period of 2014 to 2019.
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Some of the most established vendors in the U.S. API market are Mylan, Aurobindo Pharma, Abbott Laboratories, and Teva Pharmaceutical Industries. Apart from these established players, over 12 other key companies in the market have been evaluated in the report. Other prominent players in the U.S. API market are BASF, Aptuit, Cipla, Novartis, Sun Pharmaceutical Industries, and Pfizer.
The global active pharmaceutical ingredients (API) market is driven by the developments in biogeneric drugs and high potency active pharmaceutical ingredient (HPAPI). A prominent shift has been noticed in the market after the economic meltdown of 2008-2009; the use of innovative drugs has increased compared to cheaper API drugs. This trend has influenced the growth of the global API market positively. To take advantage of this trend, several of the aforementioned API manufacturers are deploying various novel technologies to decrease production time and increase yield output.
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According to SOCMA (Society of Chemical Manufacturers and Affiliates), Bulk Pharmaceutical Task Force (BPTF) – a special interest group – serves as the voice of API manufacturers in the United States. This group helps various drug industry stakeholders, right from manufacturers to staff. No inspection is required for foreign sites to import their API in the U.S., however, only drug product and site registration is necessary.
North America Dominates the Market
The U.S. dominates the global API market, which is closely followed by countries in Asia Pacific such as China and India. Synthetic pharmaceuticals also remain the largest sector in the API industry as biotech API drugs are gaining popularity in the market. According to pharmatech.com, the North America API market declined by a few percentage points during 2008-2012 as shares of the Asia Pacific API market increased. A CPA (Chemical Pharmaceutical Generic Association) report shows that North America contributed to a total of 43% of the global API market share in 2012, which was noted at 48% in 2008. On the other hand, the Asia Pacific API market’s share was noted to be 28.3% in 2012, which went up from 24.2% share in 2008.
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Highly Competitive Nature of the Market
The U.S. API market is marked by high level of competition, with mergers and collaborations taking place between several market players. Many new entrants in the market are causing threats to existing small and medium companies, which has intensified the competition in the U.S. API industry. To combat these challenges, enterprises in the market are now forming joint ventures to share the technology used in the production of API drugs.
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Michelle Thoras, ResearchMoz, http://www.researchmoz.us/, +1-518-618-1030, [email protected]
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