The global market for biotech active pharmaceutical ingredients (API) manufacturing services is expected to experience significant growth, according to an analysis by Transparency Market Research (TMR).
This trend is driven by increasing demand for biologics, biosimilars and other biological medicines, with an aging population being one of the main factors.
TMR predicts that the biotech API manufacturing market will grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2031, reaching $73 billion by 2031.
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