Market Research Future (MRFR)’s latest study asserts that the global small molecule API market is set to expand at a CAGR of 7% during the forecast period 2016 to 2027. The global market is set to reach a value over USD 279.7 Mn by 2027. The increased investments in the research findings coupled with government support are likely to propel the market growth in the forthcoming years.
The pharmaceutical industry is presently making massive profits and is equipped with developed infrastructure. The pharmaceutical industry is anticipated to expand in the foreseeable future. This, in turn, is expected to drive the growth of the small molecule API market. Additionally, the increase in the prevalence of diseases coupled with the discovery of new viruses and diseases is prognosticated to affect the small molecule API market proliferation positively.
Some of the factors responsible for favoring the expansion of the small molecule API market include growing demand for small molecule drugs, rising access to the medication in developing and underdeveloped countries, entry of big CMOs into the market, etc. Furthermore, rising burden of cardiovascular diseases and cancer is forecasted to intensify the competition among the players of the small molecule api manufacturing companies market. According to the American Cancer Society, 1,735,350 new cancer cases and 609,640 cancer deaths are estimated in the U.S. alone.
Some of the key players profiled in the report are Albemarle Corporation, Dr. Reddy’s Laboratories Ltd, GlaxoSmithKline Plc, Lonza, Merck Sharp Dohme Corp., Allergan Plc, Aurobindo Pharma, Cambrex Corporation, Mylan N.V., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd, Novartis AG, Pfizer Inc., and Siegfried AG.
By type, the small molecule API market has been segmented into synthetic/chemical API, and biological API. Synthetic/chemical API segment currently holds 81.4% share of the market. It is likely to retain its pole position over the forecast period.
By application, the global small molecule API market is segmented into cardiovascular, oncology, diabetes, immunological disorders, and others. The cardiovascular segment held the maximum share of the market in 2015. It is anticipated to show positive growth across the review period.
By manufacturing method, the small molecule API market has been segmented into in-house and contract.
By region, the global small molecule API market has been segmented into North America, Europe, Asia Pacific, and the Middle East Africa. North America is the largest market for small molecule API. It is expected to retain a significant market share through the assessment period. The factors favoring the expansion of the regional market include developed healthcare sector, availability of funds, increasing clinical trials, rising burden of cancer, etc.
Europe is the second largest small molecule API market. It is estimated to exhibit healthy growth over the next few years. The growth is attributable to the initiatives undertaken by the governments to support the expansion oh pharmaceutical industry. Furthermore, the availability of funds coupled with the adoption of next-gen healthcare technology is anticipated to aid market proliferation in the region.
Asia Pacific is projected to thrive at the highest CAGR during the review period. The Asian countries have an abundance of raw materials required for drug manufacturing. Additionally, low labor cost and regulatory relaxations have aided profit maximization for the regional market players. Asia Pacific is one of the significant exporters of small molecule drug, and the trend is projected to continue over the next few years.
The Middle East Africa is set to exhibit steady growth. The African regions lack proper healthcare facilities and resonate strong growth opportunities. However, the Middle Eastern countries such as Qatar and Kuwait are expected to witness considerable growth due to the developed healthcare sector and increasing awareness.
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