Global Pharmaceutical Fine Chemicals Market To Grow at 6.2% CAGR between 2020 and 2030

Factors such as the rise in the elderly population and the rapid growth in the pharmaceutical industry in the APAC region will help the pharmaceutical fine chemicals market to grow at a CAGR of 6.2% between 2020 and 2030. In contemporary years, the surging focus of African countries, such as Nigeria and Kenya, on local production of medical drugs and improvement of public health is creating huge growth opportunities for key market players.

The booming geriatric population will drive the demand for pharmaceutical fine chemicals, worldwide, as the weak immunity of old people makes them vulnerable to numerous diseases. For instance, the global population of individuals aged 65 years and more surged from 699,061,108 in 2019 to 723,184,486 in 2020, as per the World Bank. Furthermore, the WHO predicts that 1 in 6 people in the world will be aged 60 years or above by 2030. In addition, the UNDESA forecasts that the population of people aged 65 years or over will reach around 1.5 billion by 2050.

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In 2019, the proprietary category, within the drug type segment, accounted for a larger share in the pharmaceutical fine chemicals industry, owing to the extensive R&D efforts being made in drug development. The development of proprietary drugs requires massive capital investment and adequate quality control measures. Pharmaceutical companies are mandated to ensure the integrity of ingredients of such drugs to make the final product safe and effective, owing to the toughening regulations on drug development and discovery.

Presently, players of the pharmaceutical fine chemicals industry are engaging in partnerships and joint ventures to accelerate their growth. For instance, in December 2018, GE Healthcare agreed to provide a biologics production plant to Lonza Group Ltd. in Guangzhou, China. With this agreement, Lonza Group aimed to fulfill the burgeoning demand for contract manufacturing and developing services in China. Other companies opting for such strategic measures include AlzChem Group AG, Albany Molecular Research Inc., BASF SE, and Clariant AG.

According to P&S Intelligence, the North American pharmaceutical fine chemicals market generated the highest revenue in the years gone by, owing to the presence of the world's largest pharmaceutical industry in the region. This region is home to several key market players, such as Pfizer Inc., Johnson & Johnson, and Abbott Laboratories, which are increasingly focusing on R&D activities to develop medication for untreatable diseases. Additionally, the high healthcare expenditure in regional countries is also a key contributor to the market growth in North America.

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Whereas, the APAC pharmaceutical fine chemicals market is expected to showcase the fastest growth during this decade, owing to the soaring R&D investments in the pharmaceutical sector and the booming geriatric population, especially in India and China. According to the UN ESCAP, the number of people aged more than 65 years in India and China was 90,720,000 and 172,262,000, respectively, in 2020. As per the UNFPA, 1 in 4 people in the APAC region will be over 60 years of age by 2050.

Thus, the growing elderly population and the booming pharmaceutical sector in APAC countries will fuel the demand for pharmaceutical fine chemicals, globally.

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This release was published on openPR.