Oncology Active Pharmaceutical Ingredient Market Size

Oncology Active Pharmaceutical Ingredient (API) Market size was over USD 2 Billion in 2023 and is poised to cross USD 4.82 Billion by the end of 2036, growing at more than 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of oncology active pharmaceutical ingredient is estimated at USD 2.17 Billion.The growth of the market can be estimated to be the higher prevalence of cancer owing to unhealthy lifestyles and genetic disorders across the globe. Based on the report published by World Health Organization (WHO) it was stated that in 2020, approximately 10 million deaths were caused by cancer around the world. Furthermore, the rising awareness about the effectiveness of active pharmaceutical ingredients (API) on targeted cancerous cells is also anticipated to propel their demand in the upcoming years.

Global oncology active pharmaceutical ingredient (API) market trends such as growing consumption of pain relievers and ongoing multiple Research & Development activities pertaining to the development of novel anti-cancer drugs are further estimated to influence the market growth positively during the forecast period. Other than the aforementioned factors, the recent development by biomarkers to increase the effectiveness of active pharmaceutical ingredients on targeted cancerous cells while minimizing the effect on non-cancerous cells is also anticipated to proliferate the market for growth and expansion. Also, rising awareness among patients regarding the side effects associated with chemotherapy treatments is projected to augment the demand for biologically active drugs with lower dosages coupled with technological advancements to reduce the pain from chronic diseases among patients are other factors that are estimated to bring lucrative growth opportunities for market growth. It is observed that 1 out of 5 individuals which is equivalent to 20 million people in the United States suffers from chronic pain. Thereby, all these factors are projected to fuel the market growth over the forecast period.