The Latin America, Middle East and Africa API Intermediate Market would witness market growth of 10.7% CAGR during the forecast period (2023-2030).
The production of APIs requires a large amount of capital due to the process' need for highly systematic protocols, which results in the outsourcing of various APIs. Outsourcing API production offers pharmaceutical companies’ additional advantages because it eliminates the need for costly manufacturing unit installation and labor costs. Thus, outsourcing is encouraged by the need for cost savings. Strategic outsourcing enables companies to concentrate on their core competencies, resulting in increased productivity.
A drug's intended effects are achieved through an active pharmaceutical ingredient. They are also referred to as bulk medications. A chemical or biological process produces these. The expanding tendency toward improvements and developments in therapeutic medications by various pharmaceutical and biotechnology companies is projected to benefit the market. The rise of innovative drug delivery systems, and the increasing demand for personalized medication are a few of the factors anticipated to significantly contribute to the growth of the market during the projected year.
According to statistics provided by the UAE’s government under Chronic Illness & Natural Disorders in March 2023, the UAE reports 4,500 new cancer cases yearly. The primary performance metric of the pillar of top-notch healthcare in the UAE National Agenda 2021 is lowering the prevalence of diabetes and cancer-related mortality. Furthermore, creating a top-notch healthcare sector is the aim of the UAE’s government. Also, they wish to build their healthcare sector as a hub for medical tourism. This high number of patients with health issues such as diabetes mainly need products such as API intermediate. Also, other regional nations such as Brazil, and Saudi Arabia have robust healthcare sector. All these aspects are predicted to support the growth of regional market.
The Brazil market dominated the LAMEA API Intermediate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.8 billion by 2030. The Argentina market is estimated to grow at a CAGR of 11.3% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 10.4% during (2023 - 2030).
Based on Type, the market is segmented into Bulk Drug Intermediates, and Chemical Intermediates. Based on End User, the market is segmented into Biotech & Pharmaceutical Companies, CMO, and Others. Based on Application, the market is segmented into Analgesics, Antidiabetic Drugs, Anti-Infective Drugs, Cardiovascular Drugs, Anticancer Drugs, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide API Intermediate Market is Projected to reach USD 237.7 Billion by 2030, at a CAGR of 7.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cation Pharma, Espee Group, Sandoo Pharmaceuticals and Chemicals Co., Ltd., Cipla Limited, Cambrex Corporation, Vertellus, Dr. Reddy’s Laboratories Ltd., Evonik Industries AG (RAG-Stiftung), Pfizer, Inc., Shree Ganesh Remedies Limited.
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