Active Pharmaceutical Ingredients Market: Industry , Growth Drivers, size, Share and Forecast 2024-2031
Active Pharmaceutical Ingredients Market Share
The global Active Pharmaceutical Ingredients (API) market was valued at USD 197.2 billion in 2022 and is projected to reach USD 313.7 billion by 2031, reflecting a robust CAGR of 6.1% during the forecast period from 2024 to 2031.
Active Pharmaceutical Ingredients are crucial components in high-quality medications used to treat a range of conditions, including oncology, cardiology, CNS and neurology, orthopedics, pulmonology, gastroenterology, nephrology, ophthalmology, and endocrinology. The growth of the API market is driven by the rising prevalence of chronic diseases and an expanding elderly population, which underscores the need for more innovative and effective pharmaceutical products. Additionally, advancements in API technology have the potential to contribute to a more sustainable healthcare system by improving drug efficacy and accessibility.
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Rising Geriatric Population Driving Market Growth
The increasing number of elderly individuals worldwide is significantly contributing to the growth of the Active Pharmaceutical Ingredients (API) market. A substantial portion of the aging population suffers from chronic conditions such as heart disease, cancer, type 2 diabetes, and arthritis, the European Union's population was approximately 446.7 million, with 21.1% aged 65 or older. This represents a 0.3 percentage point increase from the previous year and a 3.1 percentage point rise over the past decade.
The growing elderly demographic is expected to drive market growth by increasing the demand for APIs that address age-related health issues. This trend highlights the urgent need for pharmaceuticals that cater to the unique health challenges of the elderly, further accelerating market dynamics.
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Segmentations
By Type :Synthetic API, Biotech API
By Nature :Generic API, Innovator API
By Manufacturing type: aptive, Merchant
By Application ;Cardiovascular, Diabetes, Oncology, Orthopaedics, Neurology, NSAIDS, Others
Key Players are
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Aurobindo Pharma
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Teva Pharmaceutical Industries Ltd
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Pfizer Inc.
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Novartis AG
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BASF SE
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Boehringer Ingelheim GmbH
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Dr. Reddy’s Laboratories Ltd
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Lupin Ltd
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Mylan NV
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Sun Pharmaceutical Industries Ltd
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And others
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