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This review explores the medicinal potential of Carica papaya due to its rich phytochemical composition, including flavonoids, carotenoids, and alkaloids. The fruit exhibits antioxidant, anti-inflammatory, and anticancer properties and supports gut health. Environmental factors influence its phytochemical profile, impacting its pharmacological efficacy. Highlighted applications include treating diabetes, cardiovascular diseases, and gastrointestinal disorders. Papaya-derived compounds hold significant promise in drug discovery, necessitating further exploration of their therapeutic capabilities.