India Active Pharmaceutical Ingredients Market Estimated To Witness High Growth Owing To Wide Applications In Pharmaceutical Formulations
Paragraph: The India active pharmaceutical ingredients market is estimated to be valued at US$ 23,449.8 Mn or Million in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Active pharmaceutical ingredients (APIs) are the biologically active components of drugs that are responsible for their intended effects. APIs are commonly used in pharmaceutical formulations for various therapeutic areas including cardiology, oncology, neurology, and others. APIs have wide applications in various dosage forms including tablets, capsules, injectables, and ointments among others.
Market Dynamics:
The India active pharmaceutical ingredients market is driven by the wide applications of APIs in pharmaceutical formulations and the growing pharmaceutical industry in India. India is among the leading exporters of generic drugs, owing to the cost competitiveness and regulatory frameworks. According to an analysis by IQVIA, India's pharmaceutical exports stood at US$ 24.44 billion in FY22, growing 9.7% year-on-year. Further, the increasing burden of chronic diseases and growing healthcare expenditure are also expected to drive the demand for APIs and pharmaceutical drugs in India over the forecast period. However, stringent regulations pertaining to manufacturing processes and quality compliance increase production costs, which may hamper market growth.
SWOT Analysis
Strength:
The India active pharmaceutical ingredients market has a large customer base due to the high population in India. India also has a large talent pool of skilled pharmaceutical professionals. Further, growing health awareness among Indians is boosting demand for quality API.
Weakness:
India faces fierce competition from China in API manufacturing. Further, stringent regulations regarding API manufacturing and supply can increase costs for Indian players.
Opportunity:
Growing geriatric population suffering from chronic diseases is driving demand for affordable medicines. Further, supportive government policies are encouraging local manufacturing of APIs in India. Moreover, India can leverage its expertise to export APIs to regulated pharmaceutical markets.
Threats:
Volatility in raw material prices poses risks. Further, trade wars and geo-political tensions can disrupt supply chains and export markets. Regulatory hurdles and price controls also act as deterrents.
Key Takeaways
The global India Active Pharmaceutical Ingredients Market Share is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis
The western region dominated the India active pharmaceutical ingredients market in 2022, and is expected to maintain its dominance over the forecast period. However, southern region is expected to witness highest CAGR during the forecast period owing to expanding pharmaceutical industries and presence of domestic manufacturers in this region.
Key players
Key players operating in the India active pharmaceutical ingredients market are Teva Pharmaceutical Industries Ltd., Solara, Aurobindo Pharma Limited, Dr. Reddy's Laboratories, Lupin Limited, Sun Pharmaceutical Industries Limited, Divis Laboratories Ltd., Aarti Drugs Ltd., Hikal Ltd., Neuland Labs, Century Pharmaceuticals Ltd., Proventus Life Sciences Pvt Ltd, Chiral Drugs Pvt Ltd, USV Private Limited, and ASolution Pharmaceuticals Pvt. Ltd.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/india-active-pharmaceutical-ingredients-market-estimated-to-witness-high-growth-owing-to-wide-applications-in-pharmaceutical-formulations
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