The COVID19 drug-associated APIs market consists of sales of active pharmaceutical ingredients used in the manufacturing of COVID19 drugs. The active pharmaceutical ingredients are chemicals which are responsible for pharmacological activity in the human body and are used as a base in pharmaceutical drug or medicine. The APIs used for the preparation of COVID19 drugs and include Azithromycin, Fentanyl, Albuterol, Cisatracurium and others.
The global COVID-19 associated API market is expected to grow from $4.07 billion in 2019 to $5.11 billion by the end of 2020 at a compound annual growth rate (CAGR) of 25.6%. The growth is mainly attributed to the COVID-19 outbreak and the urgent need to treat the growing number of cases. However, with the COVID-19 cases continuously increasing, restrictive containment measures involving social distancing are enforcing the closure of industries and other commercial activities. This has an impact on all stages from production to international trade attributing to transportation and supply chain disruptions. The market is expected to reach $6.02 billion in 2023 at a CAGR of 5.6%.