The global HPAPI 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.
This report segments the HPAPI market into type, type of manufacturer, type of synthesis, therapeutic application, and region. Based on type, the HPAPI market is segmented into innovative and generic APIs. In 2018, the innovative HPAPIs segment is expected to account for the largest share of the market. The large share can be attributed to the increased investments of innovator companies in R&D, manufacture, marketing, and supply of innovative HPAPIs as the revenue generated from these molecules are considerably high.
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On the basis of type of manufacturer, the HPAPI market is segmented into captive HPAPI and merchant HPAPI manufacturers. In 2018, the captive HPAPI manufacturers segment is expected to account for the largest share of the market. The large share of this segment is attributed to the preference of innovative companies to maintain in-house manufacturing facilities for economic benefits.
On the basis of type of synthesis, the HPAPI market is categorized into synthetic and biotech HPAPIs. The synthetic HPAPI segment is expected to command the largest share in 2018. The increasing emergence of new molecules in the market, rising number of product approvals, technological advancements in synthesis, and ease of production are driving the growth of the synthetic HPAPI segment.
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 HPAPI market in 2018. 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 HPAPI 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 HPAPI market in Asia.
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While the HPAPI market presents significant growth opportunities, market growth may be hindered factors like requirement of large investments, discrepancies in HPAPI banding systems, uncertainties associated with products and high risk of cross-contamination are the major factors.
The HPAPI market is competitive in nature, with several major players competing for market space. Some of the prominent players in this market are Pfizer Inc. (US), Novartis International AG (Switzerland), Merck & Co. (US), Teva Pharmaceutical Industries Ltd. (Israel), Mylan, Inc. (US), Boehringer Ingelheim (Germany), Sanofi (France), AbbVie (US), Eli Lilly and Company (US), AstraZeneca plc (UK), Bristol-Myers Squibb (US), and GlaxoSmithKline plc (UK).
Target Audience for this Report:
- Manufacturers of HPAPI
- Distributors and suppliers of HPAPIs
- Potential investors in the HPAPI market
- Pharmaceutical companies
- Biotechnology companies
- Contract manufacturing organizations
- Life science research centers
- Healthcare payers
