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Active Pharmaceutical Ingredients (API)-Global Market Insights and Sales Trends 2025

Active Pharmaceutical Ingredients (API)-Global Market Insights and Sales Trends 2025

Publishing Date : Mar, 2025

License Type :
 

Report Code : 1824703

No of Pages : 124

Synopsis
An active ingredient (AI) is the ingredient in a pharmaceutical drug that is biologically active. The similar terms active pharmaceutical ingredient (API) and bulk active are also used in medicine, and the term active substance may be used for natural products. Some medication products may contain more than one active ingredient. The traditional word for the API is pharmacon or pharmakon which originally denoted a magical substance or drug.
The global Active Pharmaceutical Ingredients (API) market size is expected to reach US$ 113360 million by 2029, growing at a CAGR of 6.6% from 2023 to 2029. The market is mainly driven by the significant applications of Active Pharmaceutical Ingredients (API) in various end use industries. The expanding demands from the CNS, Cardiovascular, Genitourinary/Hormonal Drugs and Respiratory, are propelling Active Pharmaceutical Ingredients (API) market. Synthetic APIs, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Biotech APIs segment is estimated at % CAGR for the next seven-year period.
India is the largest region of Active Pharmaceutical Ingredients (API), with a market share about 30%. Teva Active Pharmaceutical Industries Limited, DSM, Novartis, Roche and Johnson & Johnson are the top 5 manufacturers of industry.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Active Pharmaceutical Ingredients (API), with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Active Pharmaceutical Ingredients (API) market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Active Pharmaceutical Ingredients (API) market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Active Pharmaceutical Ingredients (API) sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Active Pharmaceutical Ingredients (API) covered in this report include Teva, Mylan, DSM, Aurobindo Pharma, Aspen, Novartis, BASF, Pfizer and Huahai Pharmaceutical, etc.
The global Active Pharmaceutical Ingredients (API) market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Teva
Mylan
DSM
Aurobindo Pharma
Aspen
Novartis
BASF
Pfizer
Huahai Pharmaceutical
Hisun Pharmaceutical
Sun Pharmaceutical Industries
Zhejiang Medicine
Dr. Reddy’s Laboratories
Zhejiang NHU
Bayer
NCPC
AbbVie
Shandong Xinhua Pharmaceutical
Northeast Pharm
Harbin Pharmaceutical
LKPC
Global Active Pharmaceutical Ingredients (API) market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Active Pharmaceutical Ingredients (API) market, Segment by Type:
Synthetic APIs
Biotech APIs
Global Active Pharmaceutical Ingredients (API) market, by Application
CNS
Cardiovascular
Genitourinary/Hormonal Drugs
Respiratory
Rheumatology
Diabetes
Oncology
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Active Pharmaceutical Ingredients (API) manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Active Pharmaceutical Ingredients (API) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
Index
1 Active Pharmaceutical Ingredients (API) Market Overview
1.1 Active Pharmaceutical Ingredients (API) Product Overview
1.2 Active Pharmaceutical Ingredients (API) Market Segment by Type
1.2.1 Synthetic APIs
1.2.2 Biotech APIs
1.3 Global Active Pharmaceutical Ingredients (API) Market Size by Type
1.3.1 Global Active Pharmaceutical Ingredients (API) Market Size Overview by Type (2018-2029)
1.3.2 Global Active Pharmaceutical Ingredients (API) Historic Market Size Review by Type (2018-2023)
1.3.3 Global Active Pharmaceutical Ingredients (API) Forecasted Market Size by Type (2024-2029)
1.4 Key Regions Market Size Segment by Type
1.4.1 North America Active Pharmaceutical Ingredients (API) Sales Breakdown by Type (2018-2023)
1.4.2 Europe Active Pharmaceutical Ingredients (API) Sales Breakdown by Type (2018-2023)
1.4.3 Asia-Pacific Active Pharmaceutical Ingredients (API) Sales Breakdown by Type (2018-2023)
1.4.4 Latin America Active Pharmaceutical Ingredients (API) Sales Breakdown by Type (2018-2023)
1.4.5 Middle East and Africa Active Pharmaceutical Ingredients (API) Sales Breakdown by Type (2018-2023)
2 Global Active Pharmaceutical Ingredients (API) Market Competition by Company
2.1 Global Top Players by Active Pharmaceutical Ingredients (API) Sales (2018-2023)
2.2 Global Top Players by Active Pharmaceutical Ingredients (API) Revenue (2018-2023)
2.3 Global Top Players by Active Pharmaceutical Ingredients (API) Price (2018-2023)
2.4 Global Top Manufacturers Active Pharmaceutical Ingredients (API) Manufacturing Base Distribution, Sales Area, Product Type
2.5 Active Pharmaceutical Ingredients (API) Market Competitive Situation and Trends
2.5.1 Active Pharmaceutical Ingredients (API) Market Concentration Rate (2018-2023)
2.5.2 Global 5 and 10 Largest Manufacturers by Active Pharmaceutical Ingredients (API) Sales and Revenue in 2022
2.6 Global Top Manufacturers by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Active Pharmaceutical Ingredients (API) as of 2022)
2.7 Date of Key Manufacturers Enter into Active Pharmaceutical Ingredients (API) Market
2.8 Key Manufacturers Active Pharmaceutical Ingredients (API) Product Offered
2.9 Mergers & Acquisitions, Expansion
3 Active Pharmaceutical Ingredients (API) Status and Outlook by Region
3.1 Global Active Pharmaceutical Ingredients (API) Market Size and CAGR by Region: 2018 VS 2022 VS 2029
3.2 Global Active Pharmaceutical Ingredients (API) Historic Market Size by Region
3.2.1 Global Active Pharmaceutical Ingredients (API) Sales in Volume by Region (2018-2023)
3.2.2 Global Active Pharmaceutical Ingredients (API) Sales in Value by Region (2018-2023)
3.2.3 Global Active Pharmaceutical Ingredients (API) Sales (Volume & Value) Price and Gross Margin (2018-2023)
3.3 Global Active Pharmaceutical Ingredients (API) Forecasted Market Size by Region
3.3.1 Global Active Pharmaceutical Ingredients (API) Sales in Volume by Region (2024-2029)
3.3.2 Global Active Pharmaceutical Ingredients (API) Sales in Value by Region (2024-2029)
3.3.3 Global Active Pharmaceutical Ingredients (API) Sales (Volume & Value), Price and Gross Margin (2024-2029)
4 Global Active Pharmaceutical Ingredients (API) by Application
4.1 Active Pharmaceutical Ingredients (API) Market Segment by Application
4.1.1 CNS
4.1.2 Cardiovascular
4.1.3 Genitourinary/Hormonal Drugs
4.1.4 Respiratory
4.1.5 Rheumatology
4.1.6 Diabetes
4.1.7 Oncology
4.1.8 Others
4.2 Global Active Pharmaceutical Ingredients (API) Market Size by Application
4.2.1 Global Active Pharmaceutical Ingredients (API) Market Size Overview by Application (2018-2029)
4.2.2 Global Active Pharmaceutical Ingredients (API) Historic Market Size Review by Application (2018-2023)
4.2.3 Global Active Pharmaceutical Ingredients (API) Forecasted Market Size by Application (2024-2029)
4.3 Key Regions Market Size Segment by Application
4.3.1 North America Active Pharmaceutical Ingredients (API) Sales Breakdown by Application (2018-2023)
4.3.2 Europe Active Pharmaceutical Ingredients (API) Sales Breakdown by Application (2018-2023)
4.3.3 Asia-Pacific Active Pharmaceutical Ingredients (API) Sales Breakdown by Application (2018-2023)
4.3.4 Latin America Active Pharmaceutical Ingredients (API) Sales Breakdown by Application (2018-2023)
4.3.5 Middle East and Africa Active Pharmaceutical Ingredients (API) Sales Breakdown by Application (2018-2023)
5 North America Active Pharmaceutical Ingredients (API) by Country
5.1 North America Active Pharmaceutical Ingredients (API) Historic Market Size by Country
5.1.1 North America Active Pharmaceutical Ingredients (API) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
5.1.2 North America Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2018-2023)
5.1.3 North America Active Pharmaceutical Ingredients (API) Sales in Value by Country (2018-2023)
5.2 North America Active Pharmaceutical Ingredients (API) Forecasted Market Size by Country
5.2.1 North America Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2024-2029)
5.2.2 North America Active Pharmaceutical Ingredients (API) Sales in Value by Country (2024-2029)
6 Europe Active Pharmaceutical Ingredients (API) by Country
6.1 Europe Active Pharmaceutical Ingredients (API) Historic Market Size by Country
6.1.1 Europe Active Pharmaceutical Ingredients (API) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
6.1.2 Europe Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2018-2023)
6.1.3 Europe Active Pharmaceutical Ingredients (API) Sales in Value by Country (2018-2023)
6.2 Europe Active Pharmaceutical Ingredients (API) Forecasted Market Size by Country
6.2.1 Europe Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2024-2029)
6.2.2 Europe Active Pharmaceutical Ingredients (API) Sales in Value by Country (2024-2029)
7 Asia-Pacific Active Pharmaceutical Ingredients (API) by Region
7.1 Asia-Pacific Active Pharmaceutical Ingredients (API) Historic Market Size by Region
7.1.1 Asia-Pacific Active Pharmaceutical Ingredients (API) Market Size Growth Rate (CAGR) by Region: 2018 VS 2022 VS 2029
7.1.2 Asia-Pacific Active Pharmaceutical Ingredients (API) Sales in Volume by Region (2018-2023)
7.1.3 Asia-Pacific Active Pharmaceutical Ingredients (API) Sales in Value by Region (2018-2023)
7.2 Asia-Pacific Active Pharmaceutical Ingredients (API) Forecasted Market Size by Region
7.2.1 Asia-Pacific Active Pharmaceutical Ingredients (API) Sales in Volume by Region (2024-2029)
7.2.2 Asia-Pacific Active Pharmaceutical Ingredients (API) Sales in Value by Region (2024-2029)
8 Latin America Active Pharmaceutical Ingredients (API) by Country
8.1 Latin America Active Pharmaceutical Ingredients (API) Historic Market Size by Country
8.1.1 Latin America Active Pharmaceutical Ingredients (API) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
8.1.2 Latin America Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2018-2023)
8.1.3 Latin America Active Pharmaceutical Ingredients (API) Sales in Value by Country (2018-2023)
8.2 Latin America Active Pharmaceutical Ingredients (API) Forecasted Market Size by Country
8.2.1 Latin America Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2024-2029)
8.2.2 Latin America Active Pharmaceutical Ingredients (API) Sales in Value by Country (2024-2029)
9 Middle East and Africa Active Pharmaceutical Ingredients (API) by Country
9.1 Middle East and Africa Active Pharmaceutical Ingredients (API) Historic Market Size by Country
9.1.1 Middle East and Africa Active Pharmaceutical Ingredients (API) Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
9.1.2 Middle East and Africa Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2018-2023)
9.1.3 Middle East and Africa Active Pharmaceutical Ingredients (API) Sales in Value by Country (2018-2023)
9.2 Middle East and Africa Active Pharmaceutical Ingredients (API) Forecasted Market Size by Country
9.2.1 Middle East and Africa Active Pharmaceutical Ingredients (API) Sales in Volume by Country (2024-2029)
9.2.2 Middle East and Africa Active Pharmaceutical Ingredients (API) Sales in Value by Country (2024-2029)
10 Company Profiles
10.1 Teva
10.1.1 Teva Company Information
10.1.2 Teva Introduction and Business Overview
10.1.3 Teva Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.1.4 Teva Active Pharmaceutical Ingredients (API) Products Offered
10.1.5 Teva Recent Development
10.2 Mylan
10.2.1 Mylan Company Information
10.2.2 Mylan Introduction and Business Overview
10.2.3 Mylan Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.2.4 Mylan Active Pharmaceutical Ingredients (API) Products Offered
10.2.5 Mylan Recent Development
10.3 DSM
10.3.1 DSM Company Information
10.3.2 DSM Introduction and Business Overview
10.3.3 DSM Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.3.4 DSM Active Pharmaceutical Ingredients (API) Products Offered
10.3.5 DSM Recent Development
10.4 Aurobindo Pharma
10.4.1 Aurobindo Pharma Company Information
10.4.2 Aurobindo Pharma Introduction and Business Overview
10.4.3 Aurobindo Pharma Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.4.4 Aurobindo Pharma Active Pharmaceutical Ingredients (API) Products Offered
10.4.5 Aurobindo Pharma Recent Development
10.5 Aspen
10.5.1 Aspen Company Information
10.5.2 Aspen Introduction and Business Overview
10.5.3 Aspen Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.5.4 Aspen Active Pharmaceutical Ingredients (API) Products Offered
10.5.5 Aspen Recent Development
10.6 Novartis
10.6.1 Novartis Company Information
10.6.2 Novartis Introduction and Business Overview
10.6.3 Novartis Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.6.4 Novartis Active Pharmaceutical Ingredients (API) Products Offered
10.6.5 Novartis Recent Development
10.7 BASF
10.7.1 BASF Company Information
10.7.2 BASF Introduction and Business Overview
10.7.3 BASF Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.7.4 BASF Active Pharmaceutical Ingredients (API) Products Offered
10.7.5 BASF Recent Development
10.8 Pfizer
10.8.1 Pfizer Company Information
10.8.2 Pfizer Introduction and Business Overview
10.8.3 Pfizer Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.8.4 Pfizer Active Pharmaceutical Ingredients (API) Products Offered
10.8.5 Pfizer Recent Development
10.9 Huahai Pharmaceutical
10.9.1 Huahai Pharmaceutical Company Information
10.9.2 Huahai Pharmaceutical Introduction and Business Overview
10.9.3 Huahai Pharmaceutical Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.9.4 Huahai Pharmaceutical Active Pharmaceutical Ingredients (API) Products Offered
10.9.5 Huahai Pharmaceutical Recent Development
10.10 Hisun Pharmaceutical
10.10.1 Hisun Pharmaceutical Company Information
10.10.2 Hisun Pharmaceutical Introduction and Business Overview
10.10.3 Hisun Pharmaceutical Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.10.4 Hisun Pharmaceutical Active Pharmaceutical Ingredients (API) Products Offered
10.10.5 Hisun Pharmaceutical Recent Development
10.11 Sun Pharmaceutical Industries
10.11.1 Sun Pharmaceutical Industries Company Information
10.11.2 Sun Pharmaceutical Industries Introduction and Business Overview
10.11.3 Sun Pharmaceutical Industries Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.11.4 Sun Pharmaceutical Industries Active Pharmaceutical Ingredients (API) Products Offered
10.11.5 Sun Pharmaceutical Industries Recent Development
10.12 Zhejiang Medicine
10.12.1 Zhejiang Medicine Company Information
10.12.2 Zhejiang Medicine Introduction and Business Overview
10.12.3 Zhejiang Medicine Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.12.4 Zhejiang Medicine Active Pharmaceutical Ingredients (API) Products Offered
10.12.5 Zhejiang Medicine Recent Development
10.13 Dr. Reddy’s Laboratories
10.13.1 Dr. Reddy’s Laboratories Company Information
10.13.2 Dr. Reddy’s Laboratories Introduction and Business Overview
10.13.3 Dr. Reddy’s Laboratories Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.13.4 Dr. Reddy’s Laboratories Active Pharmaceutical Ingredients (API) Products Offered
10.13.5 Dr. Reddy’s Laboratories Recent Development
10.14 Zhejiang NHU
10.14.1 Zhejiang NHU Company Information
10.14.2 Zhejiang NHU Introduction and Business Overview
10.14.3 Zhejiang NHU Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.14.4 Zhejiang NHU Active Pharmaceutical Ingredients (API) Products Offered
10.14.5 Zhejiang NHU Recent Development
10.15 Bayer
10.15.1 Bayer Company Information
10.15.2 Bayer Introduction and Business Overview
10.15.3 Bayer Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.15.4 Bayer Active Pharmaceutical Ingredients (API) Products Offered
10.15.5 Bayer Recent Development
10.16 NCPC
10.16.1 NCPC Company Information
10.16.2 NCPC Introduction and Business Overview
10.16.3 NCPC Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.16.4 NCPC Active Pharmaceutical Ingredients (API) Products Offered
10.16.5 NCPC Recent Development
10.17 AbbVie
10.17.1 AbbVie Company Information
10.17.2 AbbVie Introduction and Business Overview
10.17.3 AbbVie Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.17.4 AbbVie Active Pharmaceutical Ingredients (API) Products Offered
10.17.5 AbbVie Recent Development
10.18 Shandong Xinhua Pharmaceutical
10.18.1 Shandong Xinhua Pharmaceutical Company Information
10.18.2 Shandong Xinhua Pharmaceutical Introduction and Business Overview
10.18.3 Shandong Xinhua Pharmaceutical Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.18.4 Shandong Xinhua Pharmaceutical Active Pharmaceutical Ingredients (API) Products Offered
10.18.5 Shandong Xinhua Pharmaceutical Recent Development
10.19 Northeast Pharm
10.19.1 Northeast Pharm Company Information
10.19.2 Northeast Pharm Introduction and Business Overview
10.19.3 Northeast Pharm Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.19.4 Northeast Pharm Active Pharmaceutical Ingredients (API) Products Offered
10.19.5 Northeast Pharm Recent Development
10.20 Harbin Pharmaceutical
10.20.1 Harbin Pharmaceutical Company Information
10.20.2 Harbin Pharmaceutical Introduction and Business Overview
10.20.3 Harbin Pharmaceutical Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.20.4 Harbin Pharmaceutical Active Pharmaceutical Ingredients (API) Products Offered
10.20.5 Harbin Pharmaceutical Recent Development
10.21 LKPC
10.21.1 LKPC Company Information
10.21.2 LKPC Introduction and Business Overview
10.21.3 LKPC Active Pharmaceutical Ingredients (API) Sales, Revenue and Gross Margin (2018-2023)
10.21.4 LKPC Active Pharmaceutical Ingredients (API) Products Offered
10.21.5 LKPC Recent Development
11 Upstream, Opportunities, Challenges, Risks and Influences Factors Analysis
11.1 Active Pharmaceutical Ingredients (API) Key Raw Materials
11.1.1 Key Raw Materials
11.1.2 Key Raw Materials Price
11.1.3 Raw Materials Key Suppliers
11.2 Manufacturing Cost Structure
11.2.1 Raw Materials
11.2.2 Labor Cost
11.2.3 Manufacturing Expenses
11.3 Active Pharmaceutical Ingredients (API) Industrial Chain Analysis
11.4 Active Pharmaceutical Ingredients (API) Market Dynamics
11.4.1 Active Pharmaceutical Ingredients (API) Industry Trends
11.4.2 Active Pharmaceutical Ingredients (API) Market Drivers
11.4.3 Active Pharmaceutical Ingredients (API) Market Challenges
11.4.4 Active Pharmaceutical Ingredients (API) Market Restraints
12 Market Strategy Analysis, Distributors
12.1 Sales Channel
12.2 Active Pharmaceutical Ingredients (API) Distributors
12.3 Active Pharmaceutical Ingredients (API) Downstream Customers
13 Research Findings and Conclusion
14 Appendix
14.1 Research Methodology
14.1.1 Methodology/Research Approach
14.1.2 Data Source
14.2 Author Details
14.3 Disclaimer

Published By : QY Research

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