The “Pharmaceutical Fine Chemicals Market Research Report: By Drug Type, Product, Application – Global Industry Analysis and Growth Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global pharmaceutical fine chemicals market generated a revenue of $100.3 billion in 2019, and it is predicted to grow at a 6.2% CAGR during the forecast period (2020-2030). The major driving factors of the market are the surging geriatric population, and rapid expansion of the pharmaceutical industry in the Asia-Pacific (APAC) region. In terms of drug type, the pharmaceutical fine chemicals market is bifurcated into non-proprietary and proprietary, between which, the proprietary drug bifurcation accounted for the larger revenue share of the market.
This is because of the fact that the production of these drugs requires high capital investment, compliance to stringent regulations, strong research & development efforts, and adequate quality control measures. On the basis of product, the pharmaceutical fine chemicals market is categorized into active ingredients, basic building blocks, and advanced intermediaries. Out of these, the active ingredients category is predicted to advance at the fastest pace during the forecast period. These are the most important component of the drug, since they accomplish the purpose of medication, owing to which, their demand is predicted to increase.
The surging aging population is one of the major driving factors of the pharmaceuticals fine chemicals market. According to the latest World Population Ageing report by the United Nations Department of Economic and Social Affairs, the number of people aged 65 and above is expected to increase to 1.5 billion by 2050. Because of their physical weakness and immunocompromised nature, aged people fall sick more often than adults and children, which is why, the need for medical drugs is higher for them. This is further creating the need for chemicals to produce drugs.
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The growing awareness in Africa is expected to open up wide opportunities for players operating in the pharmaceuticals fine chemical market. The governments of various countries in the region, such as Nigeria and Kenya, are encouraging the local production of medical drugs, which is primarily aimed at improving the accessibility of these products. Countries in the region are further focusing on enhancing the public health and aiming to have a larger and healthier workforce for the benefit of national economy. These aspects are projected to result in the growth of the market.
When application is taken into consideration, the pharmaceutical fine chemicals market is divided into musculoskeletal, cardiovascular, gastrointestinal, neurological, respiratory, and oncological. The largest revenue share of the market during the forecast period is predicted to be held by the cardiovascular division. This is due to the growing prevalence of cardiovascular diseases, such as hypertension, stroke, coronary artery disease, and arrhythmias. This is leading to the increasing demand for heart medication, which, in turn, is driving the demand for pharmaceutical fine chemicals.
Geographically, North America accounted for the major revenue share of the pharmaceutical fine chemicals market during the historical period (2014-2019). This is because of the fact that the region has the largest pharmaceutical industry in the region and further accounts for increased high healthcare expenditure. In addition to this, various drug manufacturers in the region are pursuing research & development activities for coming up with medication for the rising number of presently-untreatable diseases.
Source: Globenews Wire
