by The global India Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 23,449.8 Mn or Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Active pharmaceutical ingredients (APIs) are an essential component of any drug. APIs are core pharmaceutical chemicals responsible for the medical efficacy of pharmaceutical formulations and finished dosage forms. Advantages of APIs include increased drug effectiveness with fewer side effects.
Market key trends:
The India API Market is witnessing growth owing to rising domestic demand from generic drug manufacturers and exporters coupled with low-cost of production in India. The government policies supporting cost-effective drugs production is further contributing towards the growth of the market. Furthermore, increasing investments towards healthcare infrastructure development in India is also supplementing the market growth. Large pharmaceutical companies are outsourcing API production to India due to availability of technical skills and lower costs as compared to developed economies.
SWOT Analysis
Strength: The India Active Pharmaceutical Ingredients market has a large pool of skilled workforce and high domestic demand for generic drugs which provides opportunities for growth.
Weakness: Presence of large number of small and medium size players further fragments the market and impacts economies of scale. Compliance with regulatory standards also imposes challenges.
Opportunity: Impetus provided by the government initiatives like ‘Make in India’ and expansion of global players into the market present opportunities for expansion. Also, increasing export opportunities provide room for growth.
Threats: Higher production and compliance costs compared to other countries impact competitiveness. Stringent environmental regulations also add to production costs.
Key Takeaways
The global India Active Pharmaceutical Ingredients Market Share is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing production of generic drugs in India. India provides over 30% of global export of generic medicines owing to its cost competitiveness.
Regional analysis
India dominates the global active pharmaceutical ingredients market and is expected to continue its dominance in the forecast period as well owing to presence of large number of manufacturing facilities and cost competitiveness. The southern region of India is expected to grow at the fastest rate led by states like Karnataka and Telangana which are emerging as hubs for pharmaceutical companies.
Key players operating in the India Active Pharmaceutical Ingredients market are Teva Pharmaceutical Industries Ltd., Solara, Aurobindo Pharma Limited, Dr. Reddy’s Laboratories, Lupin Limited, Sun Pharmaceutical Industries Limited, Divis 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
