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This projected market size reflects the cumulative impact of multiple compounding growth drivers including the branded product demand trajectory (Ozempic, Wegovy, Rybelsus), the generic and biosimilar wave expected to significantly expand API procurement volumes from 2026 onwards, geographic expansion into emerging markets in Asia Pacific, Latin America, and the Middle East, and the potential opening of new therapeutic indications such as Alzheimer's disease (EVOKE trials) and MASLD that could add substantial API volume requirements in the latter years of the forecast period

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