New York, NY -- (SBWire) -- 08/31/2020 --The global pharmaceutical fine chemicals market attained a value of $100.3 billion in 2019 and is predicted to exhibit a CAGR of 6.2% from 2020 to 2030. The surging geriatric population is a key factor fueling the progress of the market. This is because the people belonging in the age group—65 years and above are very vulnerable to various diseases such as those affecting the musculoskeletal, nervous, cardiovascular, and endocrine systems and infections.
According to the United Nations, the total geriatric population in the world in 2019 was 703 million and this number is predicted to rise to 1.5 billion by 2050. Thus, with the growing population of elderly people, the requirement of drugs would increase, which would propel the advancement of the market.
Proprietary Drugs Set to Dominate Market till 2030
Under the drug type segmentation of the pharmaceutical fine chemicals market, the proprietary category is expected to hold the highest market share in the future years. This is attributed to the fact that the commercialization of these drugs is very expensive, because of the requirement of exhaustive R&D (research and development), efficient quality control procedures, regulatory compliance, and patenting and marketing mechanisms. Furthermore, the various ingredients used in these drugs must be of superior standards and have approval from regulatory bodies so that the products are safe and effective.
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During the historical period (2014–2019), the active ingredients category accounted for the largest revenue share in the pharmaceutical fine chemicals market. This is because the active ingredients are utilized in higher quantities than the excipients in drug production processes. Further, the active ingredients make the pharmaceuticals achieve their purpose and are thus, more essential than the other products.
The cardiovascular category is predicted to exhibit the fastest growth, with a 6.6% CAGR, in the market during the forecast period. This is ascribed to the rising incidence of heart diseases. According to the World Health Organization (WHO), the annual mortality rate of cardiovascular diseases is the highest, almost 17.9 million, when compared to other diseases. As a result, the cardiovascular category is advancing rapidly in the market.
In 2019, the pharmaceutical fine chemicals market recorded the highest growth in North America, as this region is one of the biggest producers of pharmaceutical products across the world. Furthermore, the healthcare expenditure in this region is significantly higher than in any other region in the world. However, the market will demonstrate the fastest growth in Asia-Pacific (APAC) during the forecast period, on account of the increasing measures being taken by the governments of many APAC countries for boosting their pharmaceuticals production and the huge investments being made in R&D activities for finding the treatment for several incurable diseases.
Browse report overview with detailed TOC on "Pharmaceutical Fine Chemicals Market Research Report: By Drug Type (Proprietary, Non-Proprietary), Product (Basic Building Blocks, Advanced Intermediates, Active Ingredients), Application (Cardiovascular, Neurological, Oncological, Respiratory, Gastrointestinal, Musculoskeletal) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/pharmaceuticals-fine-chemicals-market
Market Players Upgrading and Expanding their Facilities to Gain Foothold
In the recent years, the players operating in the pharmaceutical fine chemicals market has been actively involved in various facility upgradation and expansion activities to:
- Attain greater cost-effectiveness and flexibility in operations
- Meet the increasing demand for pharmaceutical-grade products from global and regional customers
- Work in compliance with the regulations and policies for certain environmental conditions for pharmaceuticals production
- Increase research and development activities in the different domains of pharmaceutical development
- Conduct effective and logical contract research and analytics in the field of pharmaceuticals and chemicals production
Some of the major players operating in the global pharmaceutical fine chemicals market are Eastman Chemical Company, WeylChem International GmbH, Albemarle Corporation, Angelini S.p.a., AlzChem Group AG, Aceto Corporation, Cerbios-Pharma SA, Chemada Fine Chemicals Ltd., Ampac Fine Chemicals, Boehringer Ingelheim International GmbH, BASF SE, Clariant AG, Koninklijke DSM N.V., Borregaard ASA, DuPont de Nemours Inc., Albany Molecular Research Inc., Lonza Group Ltd., CABB Group GmbH, Evonik Industries AG, CM Fine Chemicals GmbH, Solvay S.A., ACIC Pharmaceuticals Inc., and Merck KGaA.
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Pharmaceutical Fine Chemicals Market to Grow at 6.2% CAGR During 2020–2030