Global API Market to Reach $331 Billion by 2031 as Chronic Diseases and Healthcare Spending Rise
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Global active pharmaceutical ingredients (API) market projected to reach USD 331.3 billion by 2031, with a CAGR of 6.4% from 2023-2031. Valuation of USD 202.3 billion expected in 2023.
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Increasing healthcare spending and prevalence of chronic diseases like cardiovascular disorders, diabetes, and cancer driving demand for APIs.
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North America expected to dominate the market due to well-established pharmaceutical industry, regulatory standards, and high disease prevalence.
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Asia Pacific a key region, with India and China being major API manufacturing hubs. Cost-effective production and large patient pool supporting growth.
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Leading players include Merck, Teva, Sanofi, Pfizer, Novartis, Mylan, Lonza, WuXi AppTec, Piramal Pharma, and Hisun USA. Investments in R&D and capacity expansions key strategies.