The global small molecule API market size reached US$ 183.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 292.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.31% during 2024-2032. The increasing demand for small molecule drugs among the masses, the growing trend of outsourcing on the global level, and the widespread adoption of novel technologies represent some of the key factors driving the market.