India Active Pharmaceutical Ingredients Market Growth is Accelerated by Increasing Generic Drugs Manufacturing

 

India Active Pharmaceutical Ingredients Market

Active pharmaceutical ingredients (APIs) form the basic component of finished pharmaceutical formulations and are manufactured on a very large scale in India to cater to the growing domestic and global demand for generic drugs. APIs are used in a wide range of prescription as well as over-the-counter medications for treating acute and chronic ailments across various disease segments. Increasing prevalence of lifestyle-induced chronic diseases, rising income levels, growing demand for cost-effective drugs, and the need for regular supply of essential medicines are propelling the Indian pharmaceutical industry's growth.

The India Active Pharmaceutical Ingredients Market is estimated to be valued at US$ 17 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The robust growth of the Indian API market is primarily ascribed to rising demand for generic drugs worldwide. As India is one of the largest exporters of generic medicines globally and generic drugs industry accounts for nearly 20% of the global exports in terms of volume, the demand for APIs from Indian manufacturers is surging continuously. Additionally, growing geriatric population and rising prevalence of chronic medical conditions have further spurred the need for pharmaceutical formulations, thus positively impacting the API production in the country. The increasing healthcare expenditure and growing promotion of generic medicines by governments across nations are also augmenting the growth of the India active pharmaceutical ingredients market in recent years.

 

SWOT Analysis

 

Strength: The India active pharmaceutical ingredients market has a large pool of skilled workforce which contributes to low manufacturing costs. The low manufacturing costs allow Indian companies to efficiently produce high-quality APIs at competitive prices. In addition, the Indian government supports the growth of the domestic pharmaceutical industry through favorable policies and regulations.

 

Weakness: The India API market faces challenges in terms of inconsistent quality standards and compliance issues. Some local manufacturers lack adequate quality control procedures and sufficient monitoring of production facilities. This has led to increased regulatory scrutiny and import warnings from developed markets like the US.

 

Opportunity: There is huge growth potential in contract manufacturing as many large pharmaceutical companies are outsourcing API production to countries like India. Indian manufacturers can capitalize on this opportunity by improving their quality systems as per international standards. Further, with the growing incidence of diseases, there will be increased global demand for affordable medicines which can boost API exports.

 

Threats: Stringent regulatory changes in import markets pose compliance challenges for Indian exporters. Additionally, trade protectionism and localization trends in developed nations threaten export opportunities for Indian drug makers. Further, competition from other low-cost API producers like China can affect market share of Indian manufacturers.

 

Key Takeaways

 

The India Active Pharmaceutical Ingredients Market Size is projected to exhibit strong growth over the forecast period owing to a variety of factors.

 

Regional analysis: The Western region currently dominates India's domestic API market led by states like Gujarat and Maharashtra that are major pharmaceutical hubs. However, Northern and Southern regions are emerging as new hotspots with various state governments offering attractive incentives to drug makers.

 

Key players: Major players operating in the India active pharmaceutical ingredients market include Dr. Reddy's Laboratories, Sun Pharmaceutical Industries, Aurobindo Pharma, Lupin, Zydus Cadila, Glenmark Pharmaceuticals, and Divis Laboratories. These companies have enhanced their API production capacities and quality management systems to leverage export opportunities.


Get More Insights Here

https://www.newsstatix.com/india-active-pharmaceutical-ingredients-market-size-share-growth-outlook-2023/

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