Pharmaceuticals Grade Sodium Bicarbonate Market Projected to Register 3.2% CAGR through 2027
In order to cater to the growing needs of the pharmaceuticals industry, the companies operating in the market are coming up with new strategies. For instance, In January 2018, Solvay SA inaugurated its new energy-efficient gas turbine at its soda ash plant in Rosignano, Italy, securing the plant’s current production capacity and long-term competitiveness in local and export markets. Following this other companies also pulled up their socks in order to stay competent in the market. Some of the other companies operating in the market are Novacap Group, Tata Chemical limited, Ciech SA, Natural Soda LLC, Jost Chemical Co., and Tronox Alkali Corporation.
According to the report, the global market for pharmaceuticals grade sodium bicarbonate is expected to witness a CAGR of 3.2% from 2017 to 2027. The market was worth US$ 160.4 Mn in 2017 and is expected to reach a valuation of US$ 220.3 Mn by the end of 2027.
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Demographic Changes to Act as Growth Booster for the Global Market
Globalisation, demographic changes, and population growth have not only contributed to the pharmaceuticals industry growth, but also have led to the rising standards of healthcare services across the globe. The expansion of government health programmes, especially in developing countries, is further boosting the overall healthcare and pharmaceutical spending in various regions. In a broader perspective, a shift in day-today activities, eating habits, disease patterns with respect to age, etc. are estimated to remain key factors leading to increased demand for pharma and medical services.
Availability of Substitutes to Pose a Threat to Market Development
Sodium bicarbonate has various substitutes for pharmaceutical applications, such as calcium carbonate, calcium chloride, etc. Calcium carbonate occurs in nature as limestone, chalk, marble, calcite, seashells, corals, etc. Although calcium carbonate is a soluble alkali, tests prove that sodium bicarbonate is a stronger base than calcium carbonate. The sodium bicarbonate salt is relatively cheap and high consumption of sodium source compounds can cause renal diseases and may also increase heart pressure, which can lead to heart failure or stroke. Calcium carbonate is more effective and safe than sodium bicarbonate and is the first line of medication for heartburn. Calcium carbonate works in seconds and is readily available over the counter. Calcium chloride has minimal side effects and is available in chewable form.
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