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Active Pharmaceutical Ingredient Market To Generate $357,005.7 Million Revenue by 2030
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The growing prevalence of chronic diseases, such as cardiovascular diseases (CVDs), cancer, respiratory diseases, and diabetes, is one of the most-prominent growth drivers for the market. According to the WHO, around 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths around the world are caused due to CVDs, cancer, respiratory diseases, and diabetes, respectively, every year. These four diseases collectively account for more than 80% of all the premature non-communicable disease (NCD) deaths.
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The therapeutic application segment of the active pharmaceutical ingredient market is classified into diabetes, pain management, oncology, communicable diseases, CVDs, respiratory diseases, and others. Under this segment, the oncology category generated the highest revenue in 2020 due to the surging incidence of cancer and escalating demand for highly potent APIs (HPAPIs). The International Agency for Research on Cancer (IARC) estimates that 2,261,419 breast cancer, 865,630 colore-ctum cancer, 770,828 lung cancer, 604,127 cervix uteri cancer, and 448,915 thyroid cancer cases were diagnosed in females across the world in 2020.
Geographically, the North American region is expected to account for the largest share in the active pharmaceutical ingredient market during the forecast period owing to the rising prevalence of chronic diseases, increasing number of research and development (R&D) activities, surging technological developments, soaring government focus on generic drugs, and burgeoning demand for specialty drugs and biologics. Besides, the mounting public awareness about lifestyle-related diseases, such as diabetes, will facilitate
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