Analysis by Product (Cytokines, Vaccines, Fusion Proteins, Blood Factors, Therapeutic Enzymes, and Others); by Expression System (Mammalian, Microbial, Yeast, and Others); and by Application (Diabetes, CVDs, Oncology, and Neurological Disorders) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
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According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Growth Drivers
Escalating Cases of Cancer- As of 2020, cancer accounted to more than 8 million deaths across the globe, out of which, 2.26 million cases of breast cancer and 2.21 million cases of lung cancer were diagnosed in a similar year. Cancer is one of the major chronic diseases that causes the highest number of death. A person with cancer has to undergo particular therapies and deal with severe pain. In these conditions, active pharmaceutical ingredients are taken to relieve pain. Hence, such a requirement is anticipated to propel the growth of the market during the forecast period.
Growing Geriatrics Population Globally- Based on the report provided by the World Bank, in 2021, the number of people aged 65 and over was stated to be 747,2338,580.
Higher Prevalence of Diabetes- As of 2019, approximately 35 million Americans were noticed to be living with diabetes summing up to about 10% of the population.
Significant Growth in the Healthcare Expenditure- A report published by the World Bank showed the global healthcare expenditure reached 1,121.9 per capita.
Challenges
The global nervous system active pharmaceutical ingredients market is segmented and analyzed for demand and supply by application into diabetes, CVDs, oncology, and neurological disorders, out of which, CVDs segment is projected to acquire the largest market share over the forecast period. The segment is estimated to grow on the back of rising cases of chronic diseases across the globe. For Instance, approximately 40 million people die due to chronic diseases every year.
Regionally, the global nervous system active pharmaceutical ingredients market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031. The growth of the market in the region is accounted to the escalating number of geriatrics with severe chronic diseases. Data provided by the World Bank showed that in 2021, the number of people aged 65 or above was 56,545,938. Furthermore, the higher prevalence of neurological disorders and rising healthcare expenditure in the region are also expected to hike the growth of the market during the forecast period.
The global nervous system active pharmaceutical ingredients market is further classified on the basis of region as follows:
Our in-depth analysis of the global nervous system active pharmaceutical ingredients market includes the following segments:
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Pfizer, Inc.
Boehringer Ingelheim International GmbH to become a partner of CarthroniX, a biopharmaceutical company, to develop therapies based on small molecules to cure diseases associated with elderly people. The research and development are further associated with small molecule therapeutics in canine oncology.
F. Hoffmann-La Roche Ltd to acquire acceptance from FDA for its Biologics License Application. The application is associated with untreated diffuse large B-cell lymphoma.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The higher prevalence of Alzheimer’s among geriatrics and higher prevalence of diabetes is estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Ans: The possibility of side effects and shortage of the required ingredients are estimated to challenge the market growth.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Boehringer Ingelheim International GmbH, Bristol Myers Squibb Company, Shenzhen Hepalink Pharmaceutical Co. Ltd., GSK plc, F. Hoffmann-La Roche Ltd, Cipla Inc., and Eli Lilly and Company.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, expression system, application, and by region.
Ans: The CVDs is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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