The surging population of geriatric people is driving the demand for active pharmaceutical ingredients across the world. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years and above will rise to more than 1.5 billion by 2050. Across the globe, the share of geriatric people in the total population surged from 6% in 1990 to 9% in 2019, and it is expected to rise to 16% by 2050.
Get Deep Analysis With Revenue Estimation - Active Pharmaceutical Ingredient Market
Geriatric people need extensive care, as they are more vulnerable to diseases and require a longer recovery time, because of their low immunity levels. Hence, in order to cater to the escalating requirement for drugs for treating various disorders and diseases in geriatric people, the demand for active pharmaceutical ingredients is soaring. Apart from this, the rising incidence of chronic illnesses, such as cancer and diabetes, is also fueling the expansion of the active pharmaceutical ingredients market, which is expected to witness a surge in its value from nearly $190 billion in 2020 to around $300 billion by 2030.
Depending on the type of producer, active pharmaceutical ingredients are classified into merchant and captive. Between these, the demand for captive active pharmaceutical ingredients was found to be higher during the last few years, and this trend is predicted to continue in the forthcoming years as well. This is attributed to the surging investments being made by major active pharmaceutical ingredient producing companies in various state-of-the-art production facilities and the greater ease of availability of different raw materials.
Hence, it can be safely deduced from the above paragraphs that the sales of active pharmaceutical ingredients will shoot up in the upcoming years, mainly because of the mushrooming population of geriatric people, growing incidence of chronic diseases, and soaring healthcare expenditure of several countries around the world.
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