API Contract Manufacturing Market: Increasing demand for new bio-generic drugs to drive the market
Global API Contract Manufacturing Market – Overview
Contract manufacturing is a process where the manufacturers typically engage in an agreement with different companies for product manufacturing or component manufacturing. Active pharmaceutical ingredient (API) contract manufacturing indicates to the overall development of the pharma drugs with the help of contract manufacturing by outsourcing other companies. The global API contract manufacturing market is projected to witness growing demand in the coming years of the forecast period because of the availability of skilled labor at the economic expenses, favorable governmental policies, and tax advantages.
Global API Contract Manufacturing Market – Key Players
The competition in the global API Contract Manufacturing Market is high. The companies in the market are constantly doing R&D activities to stay ahead of the competition. The companies in the global market are also projected to resort to aggressive growth strategies such as mergers, acquisitions, and strategic alliances in order to stay ahead of the competitive curve.
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Some of the key players in the in the global API Contract Manufacturing Market are Ranbaxy Laboratories Ltd., AstraZeneca Plc, Teva Pharmaceuticals Industries Ltd, Merck & Co., Inc., Dr. Reddy's Laboratories Ltd, BoehringerIngelhein GmbH, Novartis AG, Sun Pharmaceutical Industries Ltd., Piramal Pharma Solutions, Sandoz-Lek-Biochemie, GlaxoSmithKline Pharmaceuticals Ltd. and others.
Global API Contract Manufacturing Market – Drivers and Restraints
There are multiple factors that are projected to drive the overall development of the global API Contract Manufacturing Market. One of the key factors that is driving the market growth has been the presence of low cost labor in emerging economies. Major driving factors for the growth of the API contract manufacturing market are reduced investment costs due to the availability of cheap labor in emerging Asia economies, easier access to gain new technology in the market, and better utilization of resources in such regions.
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Other factors such as increasing need to focus on core activities, increasing need to fasten the drug development process and considerable reduction in time-to-market will further provide growth opportunities towards this market.
Global API Contract Manufacturing Market – Geographical Outlook
Based on the geographical segmentation, there are five key regions of the global API Contract Manufacturing Market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global API Contract Manufacturing Market is being dominated by the regional segment of North America.
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The region is expected to continue to dominate over the course of the given forecast period ranging from 2020 to 2030. The growth of the region is mainly attributed to the rapid technological innovations which are spurring the production of novel APIs, increasing demand for new bio-generic drugs and reduced cost of production of APIs.
On the other hand, the regional segment of Asia-Pacific is also emerging as one of the fastest developing regions and is the most lucrative regional market for API contract manufacturing. The region is expected to witness promising growth opportunities in the coming years of the forecast period. Due to the higher costs associated with production of APIs in western countries, India and China have become the two most preferred regions for contract manufacturing outsourcing.
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The major factors responsible for the growth of this market in the region are easy availability of required skilled labor at an effective cost, favorable government policies, tax benefits, better trade relationships, and this region constitutes some of the stable democracies, which is endowed with advanced technologies. Also, as several international pharmaceutical companies are gradually outsourcing API manufacture to Asia-Pacific.
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