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Growing Emphasis on Generic Drug Manufacturing Boosts Active Pharmaceutical Ingredient Market to US$ 300.2 Billion by 2033: Persistence Market Research

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New York, July 25, 2023 (GLOBE NEWSWIRE) — Worldwide revenue from the active pharmaceutical ingredients market stands at US$ 192.3 Billion in 2022, with the global market estimated to surge ahead at a CAGR value of 4.2% to reach a valuation of US$ 300.2 Billion by the end of 2033.

The Active Pharmaceutical Ingredient (API) market plays a critical role in the pharmaceutical industry, serving as the primary component in the formulation of drugs and medications. APIs are biologically active substances responsible for the therapeutic effects of pharmaceutical products. As the demand for innovative and effective drugs increases worldwide, the API market has witnessed substantial growth and transformation in recent years.

Market Overview

The global Active Pharmaceutical Ingredient market has experienced remarkable growth over the past decade. Factors such as the rising prevalence of chronic diseases, growing aging population, and advancements in drug development technologies have been instrumental in fueling the market expansion. Additionally, the increasing adoption of generic drugs and the rise of contract manufacturing organizations (CMOs) have further boosted API production and supply chain efficiency.

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Market Drivers and Challenges

Market Drivers:

  • Increasing prevalence of chronic diseases and the demand for effective treatments.
  • Rising adoption of generic drugs and biosimilars.
  • Technological advancements in drug development and manufacturing processes.
  • Growing investments in research and development activities.
  • Favorable government regulations promoting pharmaceutical development.
  • Surging demand for personalized medicine and biologics.

Market Challenges:

  • Stringent regulatory approval processes.
  • Fluctuating prices of raw materials.
  • Patent expirations and increasing competition from generics.
  • Supply chain complexities and quality assurance issues.
  • Adverse environmental impact of API manufacturing.
  • Rising concerns over counterfeit drugs.

Market Trends

  • Increased focus on biologics and specialty APIs.
  • Growing adoption of green chemistry and sustainable API manufacturing practices.
  • Rise of personalized medicine and targeted therapies.
  • Integration of artificial intelligence and big data analytics in drug development.
  • Collaborations and partnerships between pharmaceutical companies and CMOs.

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Key Companies: Bristol-Myers Squibb Company, Pfizer Inc., Boehringer Ingelheim International GmbH, Cipla Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Hepalink Group Lonza, Merck & Co. Inc., Sandoz International GmbH, Aurobindo Pharma Limited, Fresenius Kabi LLC and more

Recent Developments

Some Recent Developments of companies in the active pharmaceutical ingredient (API) market:

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  • Pfizer entered into an agreement with Acuitas in 2022 to deliver a lipid nanoparticle delivery system for use in mRNA vaccines such as COMIRNATY ((tozinameran) and therapeutics.
  • Sanofi and IGM announced a strategic collaboration agreement in 2022 to streamline and optimize the development and commercialization of IgM antibody agonists for oncology, immunology, and inflammation target.
  • Boehringer Ingelheim and Mabgenesis collaborated in 2022 to develop novel monoclonal antibodies for canine therapeutic treatments.
  • Teva Pharmaceutical Industries Ltd. invested USD 68.5 million in in new state-of-the-art facility in Durham, NC, in 2021, to further advance gene therapy capabilities.

Future Outlook

The future of the API market appears promising, driven by ongoing advancements in the pharmaceutical industry and the development of novel therapies. The market is likely to witness sustained growth, with a focus on specialty APIs and personalized medicine. The demand for green and sustainable manufacturing processes is expected to gain traction, aligning with the global emphasis on environmental conservation.

Key Market Study Points

  • API market size, growth, and forecast for the next 5-10 years.
  • Segmentation analysis based on service type, sourcing type, application, industry vertical, and region.
  • Regional analysis of the API market, including major countries and growth opportunities.
  • Identification of key market drivers, challenges, and trends influencing the industry.
  • Analysis of recent developments, mergers, acquisitions, and collaborations in the API market.
  • Competitive landscape assessment, profiling major players, and their market strategies.

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Market Segmentations

  • By type: Synthetic APIs are the most common type of API, accounting for the majority of the market. They are made from chemical compounds that are synthesized in a laboratory. Biotech APIs are made from living organisms, such as bacteria or yeast. Natural APIs are derived from plants or animals.
  • By application: Prescription drugs are the largest application segment for APIs, accounting for the majority of the market. Over-the-counter drugs are the second largest application segment. Generic drugs are copies of brand-name drugs that are made by different companies.
  • By synthesis type: Organic synthesis is the most common type of synthesis for APIs. Inorganic synthesis is used to make a small number of APIs, such as metal-based drugs. Biosynthesis is used to make a small number of APIs, such as antibiotics.
  • By region: North America is the largest market for APIs, followed by Europe and Asia Pacific. Latin America and Middle East & Africa are the smallest markets for APIs.
  • By end-user: Pharmaceutical companies are the largest end-users of APIs, followed by CMOs and R&D institutions.

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About Persistence Market Research:

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.

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Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.

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Artificial Intelligence

VeriPark and FICO Announce Strategic Partnership to Transform Financial Services

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ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.

 
The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
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Artificial Intelligence

Altair Names Devoteam Channel Partner for the EMEA Region

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Devoteam to offer Altair’s leading data analytics and AI solutions throughout the EMEA region
TROY, Mich., June 26, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Devoteam as a new channel partner for the EMEA region. Within the partnership, Devoteam will offer Altair’s leading data analytics and artificial intelligence (AI) solutions to its customers throughout the EMEA region.

“Partnering with Devoteam underscores our dedication to shaping the future of technology,” said Kimon Afsaridis, managing director of Eastern Europe and vice president of indirect EMEA sales, Altair. “This partnership marks a pivotal moment in our global expansion strategy, reinforcing our mission to lead and innovate in AI and beyond.”
“Together, Devoteam and Altair will help industrial companies harness the power of data to improve their efficiency, productivity, and competitiveness,” said Pablo Martin, industry and retail business unit director, Devoteam. “This collaboration is an important step in our commitment to help companies, particularly in the industrial sector, better their digital transformation efforts.”
Devoteam boasts more than 25 years of passion for tech and more than 11,000 tech-native specialists in offices in 25 countries. The company believes that technology combined with strong human values can drive change for the better, and specializes in managing large-scale projects while remaining agile enough to deliver customized solutions.
Altair works with a global network of channel and technology partners. To learn more or to become a partner, visit https://altair.com/altair-partners.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.
Media contacts
Altair Corporate
 Altair Investor Relations
Bridget Hagan
 Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
 [email protected]
Altair Europe/The Middle East/Africa 
Charlotte Hartmann
+49 7031 6208 0
[email protected]
 
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Artificial Intelligence

IBM Study: Fan Engagement and Consumption of Sports Shifting, Reveals New Opportunities for Technology Integrations including AI

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International sports fans surveyed are optimistic about the impact of technologies like AI on their digital sports experiences.Real-time updates and personalized content rank as top priorities for fans when it comes to how generative AI can enhance following and engaging with sports events.Younger sports fans overwhelmingly embrace AI-powered experiences and digital platforms for sports content consumption and engagement.ARMONK, N.Y., June 26, 2024 /PRNewswire/ — As sports fans worldwide tune in to a myriad of athletic events this summer, new research commissioned by IBM (NYSE: IBM) reveals a growing generational shift and acceptance of technology-driven experiences that will impact the future of sports consumption.

The international study*, conducted by Morning Consult, gathers insights from more than 18,000 sports fans across 10 countries to better understand both how they follow and engage with sports, including live coverage, highlights, and summaries, as well as preferences for future engagement and consumption. The findings confirm that fans are prioritizing more personalized and time-saving digital sports content, with the majority recognizing the positive impact technologies like artificial intelligence (AI) will have on these experiences.
The data also confirms that younger sports fans are more likely to favor AI-enhanced features as they increasingly turn to digital platforms for sports content. Surveyed fans aged 18-29 are using a mobile phone or tablet as their primary device to watch sporting events more often than older fans, with subscription streaming of live sporting events being most popular among the younger age group. More than half (58%) of 18-29 year old respondents also believe AI will have a positive impact on sports.
Alternatively, respondents from older age groups remain loyal to traditional methods of consumption, with linear broadcasting being most popular among fans 45+. Forty percent of surveyed fans over the age of 55 believe AI will have a positive impact on sports.
“Fans worldwide are continuing to embrace platforms and solutions that allow them to feel more connected and informed on their favorite sporting events and athletes, and IBM’s new study confirms this now includes embracing technologies like AI to deliver these experiences,” said Noah Syken, Vice President, Sports and Entertainment Partnerships. “IBM’s longstanding portfolio of Sports and Entertainment partnerships aims to deliver on these expectations from fans by putting in the hands of our partners the most advanced IBM technologies from our AI and data platform watsonx.”
Other key study findings include:
Fans are optimistic about the impact of technology on sports, paving the way for generative AI powered experiences
63% of respondents point to data analytics as having the most positive impact on sports, while 50% of respondents think AI will have a positive impact.When it comes to how generative AI can improve engagement, surveyed sports fans identify real-time updates (34%) and personalized content (29%) as the top priorities.India, UAE and Saudi Arabia rank the highest in countries where fans are prioritizing real-time updates and personalized content powered by generative AI.Fans now prioritize personalized, bite-sized content when it comes to their consumption of sport content
More than half (56%) of respondents turn to social media for additional sports content; 46% are getting additional content from broadcast/video news while 35% are turning to news articles.64% of those fans engaging in additional sports content are viewing highlight videos of best moments; 48% are consuming post-match recaps and analysis.Among those engaging in additional sports content, respondents rank summarized content (33%) as their top priority followed by personalized content (26%).Sports fans are watching event summaries more often, with 41% of respondents indicating they watch summaries or highlights weekly; 24% report daily engagement.Younger fans may be reshaping how consumers experience sports content, as they engage with content via multiple screens and are more likely to favor AI-powered enhancements
Younger fans (18-29) are most likely to view sports highlights through social media over other platforms.When it comes to consuming sports content, fans aged between 18-29 are more likely to rank personalized content as their top priority.Fans aged 18-29 are more likely to rate AI improvements as high priority, with real-time updates (40%) and personalized content (36%) topping the list of priorities.While real-time updates (26%) and personalized content (19%) also top the list of AI improvement priorities among older fans (55+), these respondents are much less likely to consider AI improvements a high priority.Younger fans are also more likely to be using multiple devices while engaging with sporting events than older fans (55+). 10% of younger fans surveyed use three or more devices while watching sports compared to only 2% of older fans.While TV is the most common method for viewing sports, fans are increasingly using multiple devices to follow sporting events
64% of surveyed fans say linear or streaming TV is their top choice for watching sports.31% of respondents say they are most likely to watch a live sporting event on linear broadcast; 28% say they use a subscription streaming service and 23% use a free streaming serviceSubscription streaming of live sporting events is most popular among younger fans aged between 18-29.Mobile devices are a noteworthy alternative for watching sports, with 20% of consumers reporting it is the top way they watch sporting events and 38% saying it is their second most likely options.28% of surveyed sports fans use at least two devices while watching sporting events; 24% report they use at least two devices while listening to sportsFans between 18-44 are more likely to be using three or more devices.Respondents rank multi-tasking as the top reason for using multiple devices when consuming sports, followed by finding more game information while watching or listening to the sport.To view the full study, visit: https://newsroom.ibm.com/image/IBM+Global+Sports+Attitudes+and+Behaviors+Report+June+2024.pdf
*Study MethodologyThis survey was conducted in May 2024 among a total sample of 18,082 sports fans 18+ in the US, Canada, the UK, France, Germany, Italy, Spain, India, the UAE, and Saudi Arabia. The interviews for each country were conducted online, and the data is unweighted, with ~2,000 responses per market in the US, Canada, the UK, France, Germany, Italy, Spain, and India and ~1,000 responses per market in the UAE and Saudi Arabia.
To qualify for this survey respondents must be at least an average sports fan and follow one or more of the following sports: Soccer, Cricket, Tennis, Basketball, Baseball, Rugby, Golf, American football, F1 racing, Track and field, Swimming, and the Olympics.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media Contacts:
Sarah BenchaitaIBM Corporate [email protected]
Marisa ConwayIBM Corporate [email protected]
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