UAE Active Pharmaceutical Ingredients (API) Market Size Zooming More Than 7X
UAE active pharmaceutical ingredients market is gaining traction because of the increasing demand for generic drugs and rising prevalence of chronic diseases.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UAE active pharmaceutical ingredients (API) market size at USD 1,264.75 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the UAE active pharmaceutical ingredients (API) market size to grow at a CAGR of 38.61% reaching a value of USD 8,967.75 million by 2029. The prevalence of chronic diseases is on the rise, and patients are increasingly demanding individualized treatment plans, which are two major growth reasons for the UAE active pharmaceutical ingredients (API) market. Additionally, it is projected that the development of novel drug delivery methods would have a substantial impact on the market expansion over the forecast period.
UAE Active Pharmaceutical Ingredients (API) Market – Overview
Active pharmaceutical ingredients (API) are chemically and physiologically active components of medications that have a direct impact on the treatment, mitigation, and prevention of illnesses. These are produced using both chemical and biological methods. Paracetamol in medications for pain treatment and atorvastatin in medications for decreasing cholesterol are two examples of active substances. Oncology, cardiology, CNS and neurology, orthopedics, pulmonology, gastroenterology, nephrology, ophthalmology, and endocrinology are just a few of the medical specialties where APIs are used in high-quality medications.
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UAE Active Pharmaceutical Ingredients (API) Market
Segmental Information
UAE Active Pharmaceutical Ingredients (API) Market – By Manufacturer
Based on manufacturer, the UAE active pharmaceutical ingredients (API) market is segmented into captive manufacturers and merchant manufacturers. Captive manufacturers hold a larger market share owing to the expanding pharmaceutical manufacturing industry in the UAE and the establishment of manufacturing facilities in the country. Captive manufacturing allows manufacturers to attain higher privacy and physical and intellectual property protection. However, merchant manufacturers are growing at a high rate owing to the rising outsourcing due to the lower cost of manufacturing.
Impact of COVID-19 on UAE Active Pharmaceutical Ingredients (API) Market
The unprecedented COVID-19 outbreak presented lucrative growth opportunities to the UAE active pharmaceutical ingredients (API) market. The pharmaceutical sector had a key role in treating COVID-19 symptoms such as high fever, cough, and cold. The active pharmaceutical components market expanded during the pandemic as a result of the pharma sector's exponential growth. After the COVID-19 outbreak was classified as a pandemic by the World Health Organization (WHO), a wide range of known pharmaceutical and biopharmaceutical businesses as well as new startups rushed up to develop treatments for the virus.
Competitive Landscape
Major players operating in the UAE active pharmaceutical ingredients (API) market include Teva Pharmaceutical Industries Ltd., Pfizer Inc., Novartis International AG, Mylan N.V., Aurobindo Pharma Ltd, Sun Pharmaceutical Industries Ltd, Boehringer Ingelheim GmbH, Dr. Reddy's Laboratories Ltd, Merck & Co., Inc., and Lonza Group Ltd.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the UAE Active Pharmaceutical Ingredients (API) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the UAE Active Pharmaceutical Ingredients (API) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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