CHICAGO, Dec. 2, 2022 /PRNewswire/ -- Active Pharmaceutical Ingredient Market is estimated to reach USD 216.4 billion by 2027 from USD 145.9 billion in 2022, at a CAGR of 8.2% during the forecast period according to a new report by MarketsandMarkets. Factors such as the increasing incidence of chronic diseases, the growing importance of generics, and the increasing uptake of biopharmaceuticals are some of the major factors driving the growth of the global APIs market.
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"The biotech APIs segment is expected to grow at the highest CAGR during the forecast period."
On the basis of the type of synthesis, the APIs market is categorized into synthetic APIs and biotech APIs. The synthetic APIs segment is estimated to account for the largest share in 2021. The biotech APIs segment is expected to grow at a higher rate over the forecast period. The demand for biotech-derived molecules is growing owing to their specificity in action.
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"North America dominated the market in 2021."
In 2021,North America was expected to dominate the market, followed by Europe. Major factors driving the overall growth of the APIs market in this region include technological advancements in the manufacturing processes of APIs, the presence of major pharmaceutical & biopharmaceutical manufacturing facilities, and increasing government focus on generic drugs.
The key players in the market are Pfizer, Inc. (US), Novartis AG (Switzerland), Sanofi (France), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (US), Teva Pharmaceutical Industries Ltd. (Israel), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), AbbVie Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and AstraZeneca plc (UK).
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