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The rising prevalence of transmittable diseases, such as coronavirus, will drive the growth
According to a recent report by Polaris Market Research, the worldwide active pharmaceutical ingredient (API) market valuation is projected to reach $306.1 billion by 2027. An increase in occurrences of chronic ailments such as cardiovascular diseases (CVDs), arthritis and diabetes, along with growing prevalence of infectious diseases such as influenza, hepatitis and Covid-19, are boosting the demand for drugs and medications across the globe. The growing elderly segment is also a contributor.
The global API market includes monoclonal antibodies (mAbs), cytokines, immunoglobulin, insulin, blood factors, peptide hormones, peptide antibiotics, small molecule antibiotics, vaccines and highly potent active APIs, among other areas.
Experts note as well that factors such as drug side-effects, high capital investment requirements, along with government regulations and policies, could potentially hinder the growth of the API market between now and 2027.