Biotech API manufacturing market growing fast

30 July 2024

The global market for biotech active pharmaceutical ingredient (API) manufacturing services is poised for significant growth, according to an analysis from Transparency Market Research (TMR).

The trend is driven by the increasing demand for biologics, biosimilars, and other biopharmaceuticals, with an aging population one of the key factors at work.

TMR forecasts the biotech API manufacturing market to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2031, reaching a value of $73 billion by 2031.

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