Increasing Aging Population and Prevalence of Chronic Diseases Leads Demand for Active Pharmaceutical Ingredients (API) Global Market to Reach $345 billion by 2030
A new report from Industry Experts Inc, on " Active Pharmaceutical Ingredients (API) ", is published. According to this new global market research report, Active Pharmaceutical Ingredients (API) market is estimated at US$240.8 billion in 2024 and is expected to record a CAGR of 6.2% during the 2024-2030 analysis period and stand at a projected US$345.5 billion by 2030. The Active Pharmaceutical Ingredients (API) market is primarily driven by the rising incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer. With the aging global population and increasing health issues related to lifestyle, there is a greater demand for effective medications, making APIs essential in drug development. The growing availability of healthcare and increased awareness in developing countries further boost the demand for affordable treatment options like biologics and biosimilars. In 2024, synthetic APIs dominate the market with a share of 71.9% due to hi...