NEWARK, Del, Sept. 08, 2022 (GLOBE NEWSWIRE) -- A recently published study by FMI expects the global demand for small molecule API market to increase at a CAGR of 5% during the forecast period between 2022 and 2032, reaching a total of US$ 290.76 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 4.5%.
In-House and outsourcing manufacturing of small molecule API continue to be hot topics in the pharmaceutical sector. The demand for outsource manufacturing in the small molecule market has been on the rise because of increasing production cost and burden management. Subsequently, rising incidence of chronic diseases, besides investment in research and development (R&D) initiatives have been enabling growth.
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Over the years, increased use of novel technologies and the emergence of specialty medicines have been leading to a paradigm shift in the industry. Furthermore, smaller volumes of production are projected to witness a surge. The increasing production of the number of products being launched are a result of flexible manufacturing units and robust processes developed to meet the demand.
Key Takeaways from the Market Study
- China is expected to register 5.5% CAGR during the forecast period
- Japan to emerge as another important market for small molecule API, registering a CAGR of 5.4%
- Germany is projected to account for approximately 30% of the global market share.
- Standard APIs will continue to hold a maximum share of 79.6% in 2022
- Oncology accounts for 26.6% of the Small Molecule API Market share by therapeutic area.
“API manufacturing has proven to be quite effective in the last few years. Besides this, factors such as increasing incidence of cancer and subsequently rising demand for effective diagnosis and R&D in oncology therapeutic will fuel the demand for small molecule oncology therapy.” says an analyst at FMI.
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Market Competition
Key players in the Small Molecule API market are Pfizer Inc., Johnson Matthey, Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., Sanofi S.A., Novartis AG, Bristol-Myers Squibb, Boehringer Ingelheim GmbH, GlaxoSmithKline PLC, GILEAD Science Inc., Albany Molecular Research Inc., AstraZeneca, Merck & Co, Inc., BASF SE, Teva Pharmaceuticals, and Hoffmann-La Roche Ltd.
- In March 2021, U.S. Food and Drug Administration (FDA) has accepted New Drug Application for gefapixant, an orally administered for the Molecule Type of refractory chronic cough (RCC) in adults.
- In March 2022, Sumitomo Chemical Co., Ltd. announced its investment to build a new manufacturing facility in Japan to meet the surge in demand for high-quality small molecule APIs and intermediates.
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global small molecule API market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Molecule Type (Standard API, HPAPI), Production (Captive/In-House, Out Source), Application (Clinical, Commercial), Therapeutic Area & Region across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Drug Development Trends
Get Detailed TOC @ https://www.futuremarketinsights.com/toc/rep-gb-4591
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