India Active Pharmaceutical Ingredients Market to surpass US$ 34,968.7 Million by 2028, Says Coherent Market Insights (CMI)
SEATTLE, Dec. 24, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the India active pharmaceutical ingredients market is estimated to be valued at US$ 19,993.2 Million in 2021 and is expected to exhibit a CAGR of 8.3% during the forecast period (2021-2028).
Key Trends and Analysis of the India Active Pharmaceutical Ingredients Market:
Increasing approvals from the central government for new active pharmaceutical ingredient manufacturing plants is a major factor driving the growth of the market during the forecast period. For instance, in February 2019, the Government of India approved two API (Active Pharmaceutical Ingredients) parks in Assam and Andhra Pradesh. The new API Park in Assam will be located in Guwahati. The central government will also be providing a financial support of US$ 9.8 million for each of these initiatives in addition to the investment from state government.
In addition, market players are focusing on increasing their active pharmaceutical ingredient production, which is expected to drive the growth of the market during the forecast period. For instance, in February 2021, Aurobindo Pharma Limited, a Hyderabad-based pharmaceutical manufacturing company, declared it is planning to invest approximately US$ 404 million over 30-32 months, as well as the company will manufacture four more fermentation-based bulk medicines that are currently not manufactured in India.
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Key Market Takeaways:
The India active pharmaceutical ingredient market is expected to exhibit a CAGR of 8.3% during the forecast period, owing to increasing agreements by major market players. For instance, in July 2020, Advent International, a global private equity investor, signed an agreement to acquire a controlling stake in RA Chem Pharma Limited, a vertically integrated pharmaceutical company which mainly focuses on active pharmaceutical ingredients.
Among product type, high potent APIs product segment is expected to witness highest growth in the India active pharmaceutical ingredient market over the forecast period, owing to the rising manufacturing capabilities of high potent active pharmaceutical ingredients (HPAPI) in India. For instance, in August 2020, Ajinomoto Bio-Pharma Services, a leading provider of biopharmaceutical contract development and manufacturing services, started a new small molecule production facility in Visakhapatnam, India. The new small molecule manufacturing facility doubled the site's production capacity for active pharmaceutical ingredients (API) and intermediates, as well as dedicated equipment to achieve high potency ingredients.
Based on molecule type, others segment is expected to exhibit highest CAGR in the India active pharmaceutical ingredient market over the forecast period owing to rising healthcare expenditure, rising consumption of generic drugs, and increasing disposable income are the factors that propelling the active pharmaceutical ingredients market growth in India.
Among formulation, injectable segment is expected to witness highest growth in the India active pharmaceutical ingredients market over the forecast period, owing to increasing regulatory approvals of injectable APIs, and acquisitions by market players operating in the active pharmaceutical ingredient manufacturing. For instance, in August 2020, Biological E, a vaccine manufacturer based in Hyderabad, conducted clinical trials on COVID-19 vaccine candidates, announced the acquisition of Akorn India a pharmaceutical company. Biological E, a Hyderabad-based pharmaceutical company will receive Akorn’s injectable and specialty sterile pharmaceuticals manufacturing capabilities in Himachal Pradesh, India, under the acquisition agreement.
In terms of application, cardiovascular segment is expected to exhibit highest growth rate in the India active pharmaceutical ingredients market over the forecast period, owing to various strategies adopted by key market players such as new product launches. For instance, in July 2018, Reddy's Laboratories declared that it launched Repatha 140 mg/ml (evolocumab) in India. Repatha 140 mg/ml is the only PCSK9 Inhibitor available in India, approved by the Drug Controller General India (DCGI), according to the company.
On the basis of region, West India is expected to expand at highest CAGR in the India active pharmaceutical ingredient market over the forecast period owing to increasing mergers, acquisitions, and agreements by market players. For instance, in March 2021, Piramal Pharma Solutions (PPS), the Contract Development and Manufacturing Organization (CDMO) of Piramal Pharma Limited, announced that they entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd., a Mumbai-based pharmaceutical company, which develops and manufactures peptide API.
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Competitive Landscape:
Key players operating in the India active pharmaceutical ingredient market include Teva Pharmaceutical Industries Ltd., Solara, Aurobindo Pharma Limited, Dr. Reddy's Laboratories, Lupin Limited, Sun Pharmaceutical Industries Limited, Divi’s 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.
Market Segmentation:
India Active Pharmaceutical Ingredient Market, By Product Type:
Low Potent APIs
High Potent APIs
India Active Pharmaceutical Ingredient Market, By Molecular Type:
Acetaminophen
Naproxen
Dextromethorphan Hydrobromide
Gabapentin
Ciprofloxacin
Ofloxacin
Mirtazapine
Sotalol
Levetiracetam
Salmeterol
Salbutamol
Fexuprazan
Diclofenac
Azithromycin
Afatinib dimaleate
Apixaban
Bendamustine
Bosentan Monohydrate
Atorvastin Calcium
Atorvastin Calcium
Ibuprofen
Praziquantel
Oseltamivir - Process A
Lanthanum Carbonate Octa
Sevelamer Carbonate
Succinyl Choline Chloride
Others
India Active Pharmaceutical Ingredient Market, By Formulation:
Oral
Topical
Injectables
Drops
India Active Pharmaceutical Ingredient Market, By Application:
Diabetes
Oncology
Cardiovascular
CNS
Analgesics
Dermatology
Respiratory
Ophthalmic
Others
India Active Pharmaceutical Ingredient Market, By Region:
North India
By States
Delhi
Uttar Pradesh
Rajasthan
Punjab
Others
South India
By States
Tamil Nadu
Kerala
Andhra Pradesh
Telangana
Others
East India
By States
Bihar
Jharkhand
West Bengal
Others (North East India)
West India
By States
Maharashtra
Goa
Gujarat
Central India
By States
Madhya Pradesh
Chhattisgarh
Related Market Intelligence Reports:
Active Pharmaceutical Ingredient (API) Market, by Product Type (Low Potent APIs and High Potent APIs), by Molecular Type (Small Molecules and Large Molecules), by Formulation (Oral, Topical, Injectables, and Drops), by Application (Diabetes, Oncology, Cardiovascular, CNS, Analgesics, Ophthalmic, Respiratory, Dermatology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
High Potency Active Pharmaceutical Ingredients Market, By Molecule Type (Innovative, Generic), By Production Technology (Chemical Synthesis, Biotechnology), By Application (Oncology, Hormonal, Glaucoma, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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