Global Pharmaceutical Fine Chemicals Market Growth & Forecast

Posted by Manish Kumar on November 20th, 2020

The global pharmaceutical fine chemicals market generated a revenue of $ 100.3 billion in 2019. According to the forecast of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 6.2% between 2020 and 2030. The main factors driving the progress of the market are the rapid expansion of the pharmaceuticals industry, especially in the Asia-Pacific region, and the surging population of geriatric people all over the world.

According to the 2019 World Population Aging report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of geriatric people (people in the age bracket—65 years and above) was 703 billion in 2019. Furthermore, the organization predicts this number to grow to 1.5 billion by 2050. As geriatric people have weaker immune systems than younger individuals, they tend to fall sick very often. This creates a huge demand for various medicines and drugs.

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The mushrooming demand for various medicines is boosting the sales of pharmaceutical fine chemicals all over the world. This is because these chemicals are extensively used in the production of these medications and drugs. Based on drug type, the pharmaceutical fine chemicals market is classified into proprietary and non-proprietary. Between these two categories, the proprietary drugs one is predicted to exhibit faster growth in the market in the forthcoming years.

Geographically, the pharmaceutical fine chemicals market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This is credited to the soaring R&D investments being made in various countries and the increasing implementation of supportive government regulations regarding the production of drugs for diseases that cannot be currently cured. Moreover, the surging drug production, on account of the increasing geriatric population, especially in China and India, is boosting the market advancement in the region.