IMARC Group’s latest research report, titled “Active Pharmaceutical Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market. The active pharmaceutical ingredients (API) industry research report also includes competitor and regional analysis, and contemporary advancements in the market. The global active pharmaceutical ingredients (API) market size reached US$ 222.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 303.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.
Active Pharmaceutical Ingredients (API) Market Overview:
Active pharmaceutical ingredients (API) are chemical compounds obtained from various sources, including plants, animals, and synthetic processes. They are synthetic active components of a finished pharmaceutical product (FPP) used to produce intended pharmacological outcomes. They are the substance in medications that are responsible for treating the illness or condition it is intended to treat. They are utilized in different medications, including prescription drugs, over-the-counter (OTC) medications, and dietary supplements.
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Global Active Pharmaceutical Ingredients (API) Market Demand Analysis:
The increasing prevalence of chronic diseases, cancer, arthritis, and respiratory disorders and the rising aging population, which is more prone to develop these medical conditions, represents one of the key factors driving the demand for APIs around the world. Moreover, the growing need for generic drugs on account of expanding healthcare costs is catalyzing the demand for APIs to improve the effectiveness of drugs. In addition, the increasing preference for personalized medicines and rising demand for biologic drugs that are made using living cells is favoring the market growth. Apart from this, regulatory authorities of numerous countries are implementing strict regulations to ensure the safety and quality of excipients used in the production of medicinal products. Furthermore, extensive research and development (R&D) activities in the pharmaceutical industry by key players to develop next-generation medicines and therapies are influencing the market positively.
Top Active Pharmaceutical Ingredients Companies Worldwide:
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Key Market Segmentation:
Breakup by Drug Type:
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Breakup by Synthesis:
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