India's active pharmaceutical ingredients (API) industry plays a pivotal role in the global pharmaceutical supply chain. Generic APIs are widely used in producing both generic and patented drugs globally. APIs provide active medicinal substances that help in the prevention and treatment of various diseases. With its ability to manufacture generic drugs at affordable prices, India has emerged as a key exporter and producer of APIs.
The India Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 15 Billion in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Increasing Generic Drugs Manufacturing
The increasing demand and production of generic drugs across the globe is a major factor propelling the growth of the API market in India. As per industry estimates, over 80% of the global demand for generic drugs is met by India. Indian pharmaceutical companies can produce most generic drugs at nearly 25-30% lower costs as compared to the western world. Further, patent expiries of blockbuster drugs and emergence of biosimilar drugs have opened up opportunities for Indian API manufacturers to penetrate the global generics market. The development of complex generics and specialized APIs in chronic therapeutic areas will continue to drive growth of India's API industry over the forecast period.
Segment Analysis
The India active pharmaceutical ingredients market is dominated by the generic and biosimilar segment. This segment is estimated to account for over 85% share of the overall market during the forecast period. Factors such as growing demand for low-cost drugs along with rising prevalence of chronic diseases are propelling growth of generics and biosimilars segment.
Key Takeaways
The India Active Pharmaceutical Ingredients Market Size is expected to witness high growth. The India Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 15 Billion in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030.
The Western region of India currently accounts for around 35% share of the overall active pharmaceutical ingredients market in India. However, South and Eastern regions are anticipated to emerge as high potential markets during the forecast period.
Key players related content comprises Key players related content - Key players operating in the India active pharmaceutical ingredients market are Dr. Reddy's Laboratories Ltd, Sun Pharmaceutical Industries Ltd, Cipla Ltd, Lupin Ltd, Aurobindo Pharma Ltd.
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https://www.newswirestats.com/india-active-pharmaceutical-ingredients-market-size-share-growth-outlook-2023/
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