Future Market Insights’ global small molecule active pharmaceutical ingredient (API) market report forecasts a prolific nudge through 2021, as increasing demand of high potency drugs and increasing chronic diseases boosts the market demand. Rising cancer cases and increasing demand for effective diagnosis and R&D for oncology procedures is accelerating the growth of small molecule API market.
Furthermore, rising government reimbursement policies and funding to develop small molecule oncology drugs is spurring the growth of market. Rapid development in technologies for long-term delivery of medication in molecule type is aiding the growth for small molecule API market. Driven by these factors, the market is poised to expand at the rate of 5% CAGR through 2021.
For instance, chronic disease such as diabetes, asthma, cancer, are significantly rising across the globe. According to the report of International Diabetes Federation, around 463 million people in 2019 were diagnosed with diabetes and new cancer cases are expected to grow by 23.6 million by 2030. Hence, rising incidence of various chronic disease are providing growth opportunities for manufacturing companies.
“Increasing research on small molecule APIs and novel biologics is expected to drive the market demand,” remarks the FMI analyst.
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- Standard API will hold the maximum share of over 79.6% through 2021
- Oncology segmented is expected to be the lucrative segment, accounting for 26.6% market share
- Commercial application account for greater grater sales of small molecule API
- China is estimated to remain one of the most lucrative market for small molecule, exhibiting growth of 5.5% CAGR
- India is expected to emerge as a lucrative market backed by increasing manufacturing in pharmaceutical industry
- Germany to retain its dominance in European small molecule API market, accounting for over 30% sales
- Technological advancements in API manufacturing and growing importance of generics are key factors driving market demand
- Growing adoption of AI-based tools for drug discovery is expected to propel the market growth
- Investment in small molecule API drug discovery from pharmaceutical companies is likely to improve the demand
- Growing demand for newly developed small molecule drugs in manufacturing industry is expected to improve the demand
- Increasing penetration of counterfeit drugs is likely to restrict the growth of small molecule API market
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