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Rigid Packaging Container Market Demand, Industry Growth Drivers, Business Trends 2034
The rigid packaging container market is projected to reach a staggering US$204.8 billion in FY 2024, according to a recently upgraded market intelligence report by FMI. This growth is fueled by the rising demand for sustainable and functional packaging solutions across various industries.
Aluminum cans, corrugated boxes, glass jars, and more are witnessing a surge in popularity for packaging a wide range of products, from laundry detergents and canned goods to beverages and spirits. The market is further bolstered by the growing demand for rigid containers in the chemical and automotive industries.
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Germany is Poised to Drive Demand for Small Molecule API
The Global Small Molecule API Industry is poised for significant growth, with projections indicating a substantial increase in revenue. According to the latest industry insights, the market is expected to generate US$ 116 billion in 2023, and the revenue is forecasted to reach an impressive US$ 174 billion by 2033.
The compound annual growth rate (CAGR) for the Global Small Molecule API Industry is anticipated to be 4.1% during the forecast period, reflecting sustained and robust expansion in the sector. This steady growth underscores the market’s resilience and its ability to adapt to evolving healthcare needs.
A small molecule drug can enter cells easily because it has a low molecular weight. Once inside the cells, it can affect other molecules, such as proteins, and may cause cancer cells to die. Increasing research on small molecule APIs and novel Biologics APIs will boost the market growth. The high-potency drug market is a growing pharmaceutical segment. The increasing prevalence of cancer and other chronic diseases owes to the need for oncology drugs and antibody-drug conjugates.
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The oncology market is growing enormously. High-potency drugs constitute significant new drugs that are under development. Small molecule demand still dominates the API market, however, new biological entity demand is also growing rapidly healthcare expenditure is resulting in new molecule discovery, the evaluation of various molecules for possible disease treatment, and the adoption of an innovative approach to these studies.
As increasing prevalence of chronic disorders like cardiovascular diseases, diabetes, cancer, and infectious diseases, and increasing research on small molecule APIs will boost the market growth. Besides this, government funding for API manufacturing units is also increasing in developing countries like India, Israel, and China. In May 2020, AstraZeneca recovered the global rights to brazikumab from Allergan. Small molecule monoclonal antibody is developed for Crohn’s Disease and Ulcerative Colitis and adds to their growing presence in Immunology
The coronavirus pandemic has changed public medical care needs and spending however this is viewed as a transient effect on the Small Molecule API market. The immense COVID-19 patient pool attracted the spotlight on the treatment of these patients, in turn increasing the demand for small molecule API.
Global Small Molecule API Industry Key Takeaways:
Revenue Surge: Projections reveal a substantial growth trajectory, with the market expected to generate US$ 116 billion in 2023, climbing to an impressive US$ 174 billion by 2033.
Steady Expansion: The compound annual growth rate (CAGR) for the small molecule API market is anticipated to be 4.1% during the forecast period, reflecting sustained and robust expansion.
Resilience and Adaptability: The market’s steady growth underscores its resilience and its ability to adapt to evolving healthcare needs, reinforcing its pivotal role in the pharmaceutical sector.
Small Molecule Drug Advantages: Small molecule drugs, with their low molecular weight, easily enter cells, impacting molecules like proteins and potentially leading to the demise of cancer cells.
Research Boosting Market Growth: Increasing research on small molecule APIs and novel Biologics APIs is expected to propel market growth, indicating a growing focus on innovation and advancement.
High-Potency Drug Market Growth: The high-potency drug market, a burgeoning pharmaceutical segment, is contributing to the overall expansion of the small molecule API industry.
Rising Demand for Oncology Drugs: The increasing prevalence of cancer and other chronic diseases is fueling the demand for oncology drugs and antibody-drug conjugates, further driving market growth.
“The market is highly competitive, compelling the key players to aim at strategic partnerships. Some of the leading players have been focusing on strategic collaborations to expand their footprint and portfolio” says the FMI Analyst
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The use of external resources (people, equipment, and/or expertise) to facilitate the preparation of Active Pharmaceutical Ingredients (API) or advanced intermediates has become a common practice for most pharmaceutical development organizations. In early development, the reasons to seek external support for the manufacture of API were attributed to several factors, including a lack of sufficient internal capacity, a need to source unique technical expertise, or a desire to achieve overall cost reductions.
For organizations that have no internal GMP manufacturing capabilities whatsoever (e.g. biotech companies), outsourcing is, of course, a necessity. However, companies that have some level of internal manufacturing capacity may have options to use outsourcing to their strategic advantage. This outsourcing capability has increased the source of generating more revenue for new emerging companies. For the fast growth of the industry, they follow outsourcing strategies.
In addition, key players in the Small Molecule API market are keenly focusing on carrying out strategic activities such as advanced technology for manufacturing, and acquisitions, to create a strong position in the market is leading to vigorous developments which is helping the market to grow at a considerable rate.
For Instance, In January 2020, Novartis acquired of operations of Aspen in Japan. This acquisition strengthened Sandoz’s position in the world market of off-patent medicines and generic drugs manufacturing.
Key Participant Insights
Various manufacturers are undergoing partnerships, collaborations, acquisitions, and distribution agreements to improve their market footprint.
For Instance, in December 2020, Pfizer Inc. and PostEra announced a strategic partnership to accelerate small molecule drug discovery by developing a platform technology based on generative chemistry.
Also, in January 2020, Merck announced its strategic collaboration for an oncology platform with Taiho Pharmaceutical Co, Ltd. And Taiho Pharmaceutical Co., Ltd to expand its focus on small molecule inhibitors for cancer research.
Key players in the Global Small Molecule API Industry are focusing on developing novel drugs due to their demand across various therapeutic areas. Some of the key players are
Hoffmann-La Roche Ltd, Albany Molecular Research Inc., AstraZeneca, Merck & Co., Inc., BASF SE, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Pfizer Inc., Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., Novartis AG, Bristol-Myers Squibb, Boehringer Ingelheim GmbH, GlaxoSmithKline PLC, GILEAD Science Inc.,
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Global Small Molecule API Industry by Category Molecule Type
Standard API
HPAPI
Production
Captive/In-House
Out Source
Application
Clinical
Commercial
Therapeutic Area
Cardiovascular Diseases
Respiratory Disorders
Infectious Diseases
Metabolic Disorders
Oncology
Immunology
Neurology
Urology
Dermatology
Ophthalmology
General Health
Others
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Overcoming Key Challenges in the Smart Insulin Pens Market Growth
The Global Smart Insulin Pens Industry is on the brink of a transformative journey, with projections indicating a remarkable surge from US$ 3,927.3 million in 2023 to an impressive US$ 8,750.7 million by 2033. The adoption of smart insulin pens is at the forefront of this industry evolution, poised for a significant Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
Amidst the escalating global diabetic population, there is a growing emphasis on innovative therapeutic strategies. Healthcare stakeholders and patients alike are seeking advanced solutions to effectively address the challenges associated with diabetes. In this context, smart insulin pens are emerging as a crucial component in the arsenal against diabetes.
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Manufacturers are thus capitalizing on these trends to launch fresh and inventive product lines, allowing them to gain a firm foothold in the market. Medtronic, for example, will debut its InPenTM smart insulin device with real-time GuardianTM Connect CGM Data in November 2020, making it the first smart insulin pen for diabetics who require many daily injections. BioCorp and Roche Diabetes Care just launched the Mallya smart insulin pen device in France in April 2021.
Key Takeaways from FMI’s Global Smart Insulin Pens Industry Report
Bluetooth-enabled Smart Insulin Pens will account for more than half of the revenue share by 2031.
According to indications, type 2 diabetes therapy will account for the majority of smart insulin pen deployment.
Smart Insulin Pens were primarily distributed through retail pharmacies, with e-commerce sales fast increasing.
The United States will see credible growth as the approval rate for new diabetes treatment devices rises.
Growing acceptance of needle-free insulin injections in the United Kingdom
In the long run, Germany and France will see increasing collaboration between key manufacturers.
A high concentration of regional manufacturers will drive growth in India and China.
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Global Smart Insulin Pens Industry – Key questions answered in the report
What trends are in store for the Global Smart Insulin Pens Industry growth?
According to FMI, the Global Smart Insulin Pens Industry is expected to reach multi-billion dollar valuations in both the short and long run, owing to an increase in the global diabetes population pool and the resulting increase in hospital workload. Bluetooth-enabled Smart Insulin Pens are predicted to stay in high demand.
Which is the most promising Global Smart Insulin Pens Industry?
According to FMI’s estimate, demand for Smart Insulin Pens is projected to continue high in the US market, owing to the government’s ongoing efforts to eradicate the diabetes epidemic through major advertising campaigns. Furthermore, with the presence of multiple regional-level producers, India and China are likely to emerge as the main markets in the Asia-Pacific region.
Global Smart Insulin Pens Industry Competitive Landscape
significant insulin pen manufacturers are efficiently using significant expansion tactics, such as new product releases and R&D, collaboration with current manufacturers, and outright/partial purchase of important market participants. The incorporation of virtual technological breakthroughs to improve diabetes care is being prioritized.
Novo Nordisk and the University of Toronto signed a CAD 40 million investment agreement in February 2021 to establish the Novo Nordisk Network for Healthy Populations. This network will concentrate on novel methods of diabetes management and chronic disease prevention. This will most likely aid in the creation of Smart Insulin Pens.
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Companies are also focusing on providing advanced software platforms, such as Digital Medics’ DiabetesPlus DataSync Software. This platform enables users to download insulin and glucose data directly from the device. Key features include downloading insulin data from the insulin pen, glucose levels from the glucose meter, and synchronization of data on the Cloud for use with mobile devices.
Global Smart Insulin Pens Industry Key Players
Digital Medics Pty Ltd.
Emperra GmbH e-Health Technologies
Companion Medical Inc.
Sanofi Aventis LLC
Novo Nordisk A/S
Eli Lily and Company
Companion Medical
Diabnext
Jiangsu Delfu Medical Device Co. Ltd.
DIAMESCO Co Ltd.
Patients Pending Ltd (Bigfoot Biomedical Inc.)
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Global Smart Insulin Pens Industry – Key Segments Covered
Indication
Diabetes Type I
Diabetes Type II
Connectivity
Bluetooth Connected
USB Connected
Distribution Channel
Clinics & Ambulatory Surgical Centers
E-Commerce
Retail Pharmacies
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Setup Social Platform ‘PixelPhoto’ - Tech Prastish
Pixelphoto is a photo sharing script that has a PHP codebase and is implemented with object-oriented programming concepts. It supports both Android and iOS, along with the web, and has a convenient way to start your own photo-sharing website. Read here how to set up the social platform 'PixelPhoto'
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