PUBLISHER: Grand View Research | PRODUCT CODE: 1300981
PUBLISHER: Grand View Research | PRODUCT CODE: 1300981
The global plant-based API market size is expected to reach USD 44.65 billion by 2030, expanding at a CAGR of 6.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the plant based active pharmaceutical ingredient (API) market is attributable to the rising prevalence of chronic diseases and an increasing adoption of plant based products for development of medication owing to the high effectiveness associated with herbal products. For instance, taxol is found the most effective for cancer treatment., scopolamine is found to be effective for motion sickness and buprenorphine is best adopted for addiction treatments. These drugs are long being used for medicinal purposes in treatment of wide range of diseases.
A major driver for market growth is the enhancement of brain function due to the presence of secondary metabolites. Plant based API are widely used for modification of CNS functions. It is highly researched that most plant-based extracts and chemicals have greater efficacy in treating psychiatric disorders. Several extracts/phytochemicals are seen to provide promising results in treatment of various CNS disorders. However, the most dominant group of phytochemicals include alkaloids, terpenes, and phenolic compounds.
The surge in consumption of Ayurveda drugs or traditional medicines is further giving rise to increasing demand for natural plant ingredients and API. India has many small, medium, and large-scale manufacturers that are focusing on expanding their manufacturing capabilities for personal care and medicinal products. Moreover, the ayurvedic system of medicine has highly been focused on in India which makes it important for manufacturers to develop and satisfy the need of health care in the country. Furthermore, research in field of pharmaceuticals for formulation and development of novel plant based therapeutics. For instance, in May 2023, researchers at The University of Texas at San Antonio and Southwest Research Institute developed a method for artemisinin, a potent antimalarial drug that would aid in developing cost effective treatment for malaria.
Furthermore, key players involved in developing and formulating various plant based API are focusing on collaborations and partnerships to develop novel therapeutics and to maintain their competitive position in the market. In addition, increasing interest in plant based medicines owing to natural remedies offered by them is expected to boost the market over the forecast period. Moreover, a number of players are involved in geographic expansion and distribution to meet the rising demand for medicinal products. For instance, in April 2020, Brains Bioceutical Corp announced the approval from ANVISA to provide EU-GMP Phytochemical API to Brazil, for its first approved cannabis product.