Small Molecule API Market Size, Share, Growth Analysis, By Type (Synthetic, Biotech), By Manufacturer (In-house, Outsourced), By Application (Cardiology, Oncology), By Region - Industry Forecast 2024-2031

Drivers

High Incidence of Chronic Diseases

• Poor lifestyle choices have led to an increased prevalence of multiple chronic disorders around the world and this is boosting the demand for pharmaceuticals as well. Increasing demand for pharmaceuticals is projected to favor small molecule API market growth as well.

Growing Sales of Generic Drugs

• Rising costs of healthcare around the world are pushing people to opt for generic drugs instead of branded ones, which are generally the costlier alternative. Growing emphasis on healthcare accessibility will also promote sales of generic drugs and thereby boost small molecule API demand as well.

Restraints

High Costs of Manufacturing

• Manufacturing small molecule API is quite an expensive task as it requires specialized equipment setups and skilled professionals to handle the same. Use of expensive raw materials also contributes to the high costs of small molecule API manufacturing and impedes market development potential.

Popularity of Biologics

• Biologics are gaining massive traction around the world owing to their better efficacy and affordable nature as compared to small molecule drugs. This increase in preference and popularity could slow down small molecule API demand outlook in the future.