The North America API Intermediate Market would witness market growth of 6.5% CAGR during the forecast period (2023-2030).
Active pharmaceutical ingredients (APIs), the essential elements of pharmaceutical medications, are synthesized from chemical molecules known as intermediates, also referred to as active pharmaceutical ingredient intermediates. These intermediates have a variety of uses and are essential to the pharmaceutical manufacturing process. The development stage of novel pharmaceutical substances makes use of API intermediates. API intermediates' precursor molecules or building blocks are used to create APIs. In quality control processes, API intermediates are used as reference standards.
The increase in the number of elderly populations, the rise in chronic illness populations, and the prominence of market participants are the main factors driving the expansion of the market size. For instance, API intermediates manufacture medications for diabetes, gastrointestinal, lung disease, anti-cancer, anti-histamine, anti-psychotic, and anti-diabetic conditions. Thus, it is projected that increasing rates of chronic illnesses like cancer, cardiac diseases, respiratory disorders, and orthopaedic diseases will propel market expansion.
Lung cancer has been diagnosed in the majority of patients in the last five years. In the United States, tens of thousands of people are treated for non- small cell lung cancer (NSCLC) each year. As a result of the rising prevalence of lung cancer, the market is predicted to rise. Based on Canadian Cancer Statistics, 43% of Canadian women and 45% of Canadian men will develop cancer during their lifetime. The number of new cancer cases continues to rise steadily as the Canadian population grows and ages. Also, the prevalence of other chronic conditions is rising in the regional nations. With this rising number of cancer cases, the need for items such as API intermediate would grow, thereby leading to regional market growth.
The US market dominated the North America API Intermediate Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $50.6 billion by 2030. The Canada market is poised to grow at a CAGR of 8.9% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 8% 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 U.S., Mexico, Canada, and Rest of North America.
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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