Healthcare ERP Market: Current Analysis and Forecast (2021-2027)

Healthcare ERP Market: Current Analysis and Forecast (2021-2027)

The Active Pharmaceutical Ingredient (API) market is predicted to grow at a CAGR of ~6% between 2021 and 2027. This growth is mainly attributed to the increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases coupled with the rising need for the availability of advanced treatment and medications for these diseases. Furthermore, rising healthcare spending by private and government institutions for the development of new and advanced APIs is expected to support the market growth. In addition, the continuous investment in the research and development of novel, stable, and more efficient drugs boosts the market growth of the active pharmaceutical ingredients. Moreover, highly potent active pharmaceutical ingredients (HPAPIs) represent a significant change in the way pharmaceutical companies are using small molecules to deliver new therapies. As the generic APIs market continues to get highly competitive, API manufacturers are shifting toward newer avenues such as HPAPIs to differentiate themselves from the competition.

Merck & Co., Inc., AbbVie, Inc., Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH, Cipla, Inc., Teva Pharmaceutical Industries Ltd., Albemarle Corporation, Viatris Inc., Aurobindo Pharma, Sun Pharmaceutical Industries Ltd., and Dr. Reddy’s Laboratories Ltd. are some of the prominent players operating in the API market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst synthesis, biotech to witness higher incremental gain during the forecast period”

On the basis of synthesis, the market is bifurcated into biotech and synthetic. Among the two, in 2020, synthetic drugs held the higher share in the market. The presence of a well-established infrastructure for chemical-based drug manufacturing and increasing demand for synthetic APIs due to rising chronic diseases results in the category’s higher share. However, during the forecast period (2020-2027F) the market for biotech APIs is expected to witness significant growth. The increasing demand for the more targeted and patient-specific drugs along with increasing investment in biotechnology research attributes to the growth of the category in the foreseeable future.
"Amongst manufacturer type, captive APIs category held a significant share in 2020”

On the basis of manufacturer type, the market is categorized into merchant APIs and captive APIs. Among the two, the captive API is expected to witness significant growth during the forecast period. Increasing start-ups along with improved marketing strategies are responsible for the growth of the market. Furthermore, surging demand for better treatments due to an increase in chronic diseases coupled with the COVID- 19 has provided market players the opportunity to develop more advanced APIs.

Amongst drug type, innovative APIs to witness higher incremental gain during the forecast period”

Based on drug type, the active pharmaceutical ingredient market has been bifurcated into generic APIs and innovative APIs. Amongst them, the market for innovative APIs is expected to grow at a significant rate during the forecast period. The rising prevalence of novel diseases and increasing demand for the more targeted and effective drugs for the treatment of various chronic diseases is expected to drive the market.
"Amongst therapeutic application, cardiovascular category to witness highest CAGR”

On the basis of therapeutic application, the market is categorized into communicable diseases, oncology, diabetes, cardiovascular diseases (CVDs), pain management, respiratory diseases, and others. Among them, the cardiovascular segment dominated the market in 2020 due to the increasing prevalence of cardiovascular disorders and increasing awareness about the severity of heart diseases. However, the oncology segment is expected to witness growth in the foreseeable future. The sedentary lifestyle, increase cases of alcohol and tobacco abuse, and increasing pollution are some key factors responsible for the rising cases of chronic diseases such as cancer and diabetes across the world. Thus, the need for effective treatment and drugs is expected to drive the API market during the forecast period.
"North America is expected to witness significant growth in global active pharmaceutical ingredient market during 2021–2027”

For a better understanding of the market adoption of the Active Pharmaceutical Ingredient Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. During the forecast period, North America is expected to witness the highest CAGR during the forecast period. In addition, the higher geriatric population coupled with the rising number of patients with chronic diseases offer immense opportunities for market players to develop APIs. Furthermore, increasing investment in the biotechnology and biopharmaceutical industry along with rising healthcare expenditure in the region are some other major factors driving the North American API market.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Deep dive regional level analysis of the industry