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 generated USD 179.6 billion in the year 2020 and is slated to rise exponentially during 2021-2026.

Soaring geriatric population, rising number of API manufacturing facilities, and surging research & development activities in medical field are factors propelling the growth of global active pharmaceutical ingredient (API) industry.

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Moreover, massive technological advancements by leading players are uncovering lucrative opportunities for enterprises in this line of work. Besides, growing awareness about new drugs in the business environment is prompting the number of clinical trials which is supporting the expansion of market.

During the COVID-19 pandemic, the rise in respiratory issues caused by the outbreak of coronavirus led to an exponential increase in demand for drug development which positively influenced the market dynamics.

Also, various mergers & acquisitions among companies to gain access to new technologies and broaden their capital for clinical trials are further boosting the development of global active pharmaceutical ingredient (API) business sphere.

Based on application scope, the industry is split into oncology, diabetes, cardiology, neurology, and others. In terms of drug type, the market is categorized into generic API and innovative API. As per synthesis, the industry is classified into biotech and synthetic.

From a regional standpoint, Asia Pacific market is poised to record notable growth during the assessment timeframe, backed by a huge population base in countries like China and India where the pervasiveness of infectious diseases call for numerous medicinal treatments. 

The established names amplifying the competitive scope of global active pharmaceutical ingredient (API) market include Pfizer Inc., Bristol-Myers Squibb, GlaxoSmithKline plc, Sanofi S.A., C.H. Boehringer Sohn AG & Ko. KG, AbbVie Inc., Teva Pharmaceutical Industries Ltd., Novartis International AG, Merck KGaA, and Eli Lilly and Company among others.