The global active pharmaceutical ingredients (API) market is expected to reach a value of $239.8 billion by 2025, based on a new report by Grand View Research. The rising prevalence of lifestyle-induced & age-related diseases and cancer is projected to drive the market over the forecast period. Advancements in recombinant molecular technologies and high capitalization for development of novel drugs are also estimated to boost growth.
Favorable government initiatives for increasing focus toward generic drugs is a key factor for market growth. Decrease in generic drug prices, higher acceptance in low income and decrease in reimbursement for branded drugs are the recent trends in the market affirming growth of generic drugs.
Further key findings from the study suggest: