According to the research report titled ‘Global Active Pharmaceutical Ingredient (API) Market - Analysis By Drug Type (Generic, Innovative), Synthesis (Synthetic, Biotech), By Application, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global active pharmaceutical ingredient (API) market was worth USD 179.6 billion in 2020 and is anticipated to register a healthy CAGR during 2021-2026.

As per report findings, global active pharmaceutical ingredient (API) market growth is attributed to growing geriatric population, numerous technological advancements, and increasing API manufacturing facilities around the world.

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Furthermore, expenditures in the discovery of novel treatments as well as increased awareness of these developments are slated to augment industry outlook in the coming years.

Notably, the COVID-19 pandemic has bolstered the demand of drugs. Moreover, growing death toll and spread of the virus has driven numerous pharmaceutical, biopharmaceutical, and small start-up firms to work together and develop effective medications to combat the same, thus propelling industry expansion.

Based on drug type, global active pharmaceutical ingredient (API) market is split into innovative API and generic API. In terms of synthesis, the industry is bifurcated into biotech and synthetic. On the basis of application, the marketplace is divided into neurology, diabetes, cardiology, oncology, and others.

Regionally, the latest industry trends are studied across North America (U.S., Canada), Europe (UK, France, Germany, Italy, Spain), and Asia Pacific (China, India, Japan).

Among these, Asia Pacific industry is poised to grow significantly over the study period, owing to rising prevalence of infectious diseases that need medications for treatment in highly populated countries like Japan, China, and India.

Coming to competitive landscape, C.H. Boehringer Sohn Ko. KG, Bristol-Myers Squibb Company, Sanofi S.A., Teva Pharmaceutical Industries Ltd., Merck KGaA, Eli Lilly and Company, Novartis AG, AbbVie Inc., GlaxoSmithKline plc, and Pfizer Inc. are the leading players in global active pharmaceutical ingredient (API) market.