The global HPAPIs market is expected to reach USD 26.84 billion by 2023 from USD 17.72 billion in 2018, at a CAGR 8.7%. The growth in this market is driven by factors such as increasing demand for oncology drugs, growing demand for antibody-drug conjugates, increasing focus of leading pharmaceutical companies on HPAPIs, advancements in HPAPI manufacturing technologies, and growing focus on precision medicine.
Download PDF Brochure @https://www.marketsandmarkets.com/pdfdownload.asp?id=36582475
The HPAPIs market is segmented on the basis of type, type of manufacturer, type of synthesis, therapeutic application, and region. Based on type, the HPAPIs market is segmented into innovative and generic APIs. The generic HPAPIs segment is expected to register the highest growth rate during the forecast period. The impending patent cliff, increasing healthcare costs, and government initiatives to encourage the adoption of generics are the major factors driving the growth of this market segment.
On the basis of type of manufacturer, the HPAPIs market is segmented into captive HPAPI and merchant HPAPI manufacturers. The merchant HPAPI manufacturers segment is expected to register the highest CAGR during the forecast period. The high growth rate of the merchant manufacturers segment is attributed to the growing trend of outsourcing of manufacturing processes.
On the basis of type of synthesis, the HPAPIs market is categorized into synthetic and biotech HPAPIs. The biotech HPAPIs segment is expected to grow at the highest CAGR during the forecast period. Advances in biotechnology, growing demand for antibody-drug conjugates, growing demand due to their specificity in action, their similarity with the natural biological compounds, and significant growth in the demand for monoclonal antibodies are the major factors driving the growth of this market.
On the basis of therapeutic application, the market is segmented into oncology, hormonal imbalance, glaucoma, and other therapeutic applications. The oncology segment is expected to account for the largest share of the global HPAPIs market in 2018. This segment is also expected to register the highest CAGR during the forecast period. The growing incidence and prevalence of cancer across the globe and the launch of new target therapies in addition to technological advancements in the oncology HPAPI-antibody conjugate technology are major factors contributing to the growth of this segment.
Geographically, the HPAPIs market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to dominate the market in 2018, followed by Europe. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growth in geriatric population, high prevalence of chronic and lifestyle diseases, increase in disposable income, prevalence of lifestyle- and age-related diseases, government efforts to reform healthcare and encourage the adoption of generics, and growing market for merchant manufacturers in this region owing to the low labor and manufacturing costs are driving the growth of the HPAPIs market in Asia.
Emerging economies such as India, China, and the Middle East present high growth opportunities for players in the HPAPIs market. In most of these geographies, the market is expected to show a high growth rate in the coming years owing to their huge population, increasing prosperity, and improving longevity. Additionally, this market presents high growth opportunities for CMOs and CDMOs, as various innovator companies prefer going to CMOs and CDMOs for assistance with the development, manufacturing, and distribution of HPAPIs and their formulated drug products as many of these companies have the necessary HPAPIs manufacturing facilities. In the last few years, a large number of contract CMOs have expanded their HPAPI capacities to leverage this opportunity.
