The booming oncology research and rising cases of cancer, diabetes, and other cardiovascular diseases have created a sizeable demand for dedicated treatments, thereby driving the high potency active pharmaceutical ingredient (HPAPI) market. The HPAPI market stood at a valuation of US$2.64 bn in 2014. The cost containment strategies adopted by companies through outsourcing are favoring market growth. This has brought down the cost of drugs drastically, making them affordable to a larger audience. The positive result of this trend is seen on the increased focus of companies on drug development and commercialization. As a result of these favorable trends, the HPAPI market is projected to be worth US$25.11 bn by 2023. Between 2015 and 2023, the market is expected to expand at a CAGR of 8.3%.
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Extensive Research and Development Aimed at Cost-efficiency to accelerate the Market Growth
The high potency active pharmaceutical ingredient market is expected to grow exponentially over the next few years due to rising cases of diabetes, cancer, and various cardiovascular diseases and the booming ongoing oncology research. The cost of drugs have been reduced due the cost containment strategies followed by the players in this market. This has in turn made these drugs more affordable to a larger audience. This trend has boosted the market and is expected to help the market grow in the coming years. Furthermore, promising pipeline of targeted therapeutic drugs is most likely to add advantage to the market growth. Without any lingering after effects, these drugs help patients to impact targeted areas and recover faster. Continuous development and research going on in mimic branded drugs are envisioned to create cost-effective treatments, further accelerating the growth of the market.
Post treatment effects of chemotherapy such as infection to non-cancerous cells are motivating numerous health facilities to adopt targeted therapy as they do not harm non-cancerous cells. This trend is expected to fuel the market growth during the forecast period. HPAPI are extensively used in hormonal drugs that are used for treatment of breast cancer. The other prominent applications of HPAPI is for the treatment of glaucoma. The increasing incidences of glaucoma is most likely to poise to the growth of the market. Applications of HPAPIs in musculoskeletal drugs, central nervous system drugs, and cardiovascular drugs are increasing adding benefits to growth of the market.
High Labor Cost for Drug Manufacturing Could Impede Market Growth
The capital intensive nature of manufacturing activities of high potency active pharmaceutical ingredient have been a major subject of concern for the players in this market. Furthermore, the manufacturing of these drugs need highly skilled labors, which could increase the labor cost hence the cost of the pharmaceutical ingredient. This can act as a restraining factor for growth of the market. In addition, the absence of norms pertaining to environmental, health, and occupational safety while manufacturing and researching potency APIs is threatening the market growth.