Increasing incidence of chronic diseases is expected to drive the growth of India Active Pharmaceutical Ingredients market during the forecast period.
According to TechSci Research report, “India Active Pharmaceutical Ingredients Market By Method of Synthesis (Synthetic v/s Biological), By Source (Contact Manufacturing Organizations v/s In-house Manufacturing), By Therapeutic Application (Cardiovascular Diseases, Anti-diabetic Drugs, Oncology Drugs, Neurological Disorders, Musculoskeletal Disorders, Others), By Drug Type (Generics v/s Innovator), By Region, Competition Forecast & Opportunities, FY2027F”, India active pharmaceutical Ingredients market stood at USD11806.93 million in FY2021 and is expected to grow at a formidable rate of 12.24% during the forecast period owing to improvement in healthcare infrastructure coupled with continuous advancements in active pharmaceutical ingredients (API) manufacturing. However, there are some challenges that hinder the growth of active pharmaceutical market such as unfavorable drug price control policies across various nations and high manufacturing costs and regulatory stringencies.
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The India active pharmaceutical ingredients market is segmented based on method of synthesis, source, therapeutic application, drug type, company, and region. Based on source, the market can be further categorized into in-house v/s contract manufacturing organizations. The contract manufacturing segment dominated the market with 70.20% share in FY2021 as most of the leading companies give license to smaller companies for manufacturing the drugs which allows them to meet the demands of the market. Furthermore, it allows them to focus more on research and development of new drugs. Contract manufacturing organizations also save cost and maximizes profit. Rising number of contract manufacturers will contribute to the growth of contract manufacturing organizations segment during the forecast period at a CAGR of 12.77%.
Teva API India Limited, Pfizer Ltd., Ipca Laboratories Limited, Dr. Reddy’s Laboratories Ltd., Sun Pharmaceutical Industries Limited, Cipla Limited, Lupin Limited, Aurobindo Pharma Limited, Aarti Drugs Ltd., IOL Chemicals and Pharmaceuticals Limited, Divis Laboratories Ltd., Granules India Limited, Laurus Labs Ltd., Solara Active Pharma Sciences, GlaxoSmithKline Pharmaceuticals Ltd, and others are some of the major players operating in the India active pharmaceutical ingredients market. Major companies are developing advanced technologies, receiving approvals from regulatory bodies, and launching new products to stay competitive in the market. Other inorganic growth strategies include mergers & acquisitions, research collaborations, joint ventures, and new product developments to sustain themselves amidst fierce competition. Many companies have applied for Production Linked Incentive Scheme for manufacturing active pharmaceutical ingredients. Which will provide incentives and profits to the companies. RMC Performance Chemicals Private Limited has got approval for production of active pharmaceutical ingredient via Production Linked Incentive Scheme with a capacity of 15000MT of Aspirin.
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“India Active Pharmaceutical Ingredients market is expected to grow at robust rate during the forecast period which is attributable to increasing uptake of biopharmaceuticals. Additionally, major market players are focusing on strategic collaborations to commercialize their newly developed drugs. This is further expected to create lucrative opportunities for the market growth of India Active Pharmaceutical Ingredients market over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Active Pharmaceutical Ingredients Market By Method of Synthesis (Synthetic v/s Biological), By Source (Contact Manufacturing Organizations v/s In-house Manufacturing), By Therapeutic Application (Cardiovascular Diseases, Anti-diabetic Drugs, Oncology Drugs, Neurological Disorders, Musculoskeletal Disorders, Others), By Drug Type (Generics v/s Innovator), By Region, Competition Forecast & Opportunities, FY2027F”, has evaluated the future growth potential of India active pharmaceutical ingredients market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India active pharmaceutical ingredients market.
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