Active Pharmaceutical Ingredients (API) Market Regional Trends, Growth Projection and Global Industry Analysis Report 2023-2033
The active pharmaceutical ingredients (API) market was valued at approximately USD 174.96 billion in 2023, and it is expected to reach USD 245.88 billion by 2033, registering a CAGR of nearly 5.84% during the forecast period, 2023-2033. In 2020, the outbreak of the COVID-19 pandemic had a favorable impact on the market as the countries and major players are manufacturing huge amounts of ingredients to maintain the demand for the treatment of COVID 19. The outbreak of COVID-19 has led drug manufacturers to redirect their models to focus on a larger pool of patients. For example, the United States requested that hydroxychloroquine (HCQ) be imported from India as a treatment for coronavirus. The virus has also disrupted the drug supply chain in Canada and may cause problems for patients in the country. Canadian pharma majors expand their programs with countries other than China to gain access to new regions. The key factors boosting the growth of the active pharmaceutical ingredients mark