Pharmaceuticals

The Pharmaceutical industry is a vast and complex sector with a focus on developing, producing and marketing licensed products to be used as medication. This includes drugs, pharmaceuticals, and biopharmaceuticals.

The rise in aging population is one of the major drivers of the pharmaceutical API manufacturing market. As the aging population increases, the demand for pharmaceutical drugs also increases. API acts as a specialty drug in these medicines to cure a particular disease. For instance, in 2019, number of people over the age of 65 were 703 million, in 2050, the number of elderly people is expected to double to 1.5 billion. This led to increase demand for pharmaceutical drugs, significantly impacting the pharmaceutical API manufacturing market growth.