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Pharmaceutical Chemicals Market Size, Share Analysis, Trends, Growth And Forecast To 2033
Pharmaceutical Chemicals Market Share
According to The Business Research Company's, the pharmaceutical chemicals market size has grown strongly in recent years. It will grow from $129.54 billion in 2023 to $138.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to advancements in drug discovery, aging population, regulatory changes, increasing chronic diseases.
The pharmaceutical chemicals market size is expected to see strong growth in the next few years. It will grow to $182.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to personalized medicine, biopharmaceuticals and biosimilars, emerging markets, digital health and telemedicine. Major trends in the forecast period include precision drug manufacturing, gene and cell therapies, drug repurposing, vaccine development and production.
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Market Drivers and Trends:
The increasing prevalence of neurological disorders is expected to propel the growth of the pharmaceutical chemicals market. A neurological disorder is a condition that affects the central and peripheral nervous system, including the brain, spinal cord and nerves found throughout the human body. Pharmaceutical chemicals are used to formulate and create neurological disorder drugs that help treat pain and movement disorders. For instance, according to the 2023 Alzheimer's Disease Facts and Figures report by Alzheimer's Association, a US-based voluntary health organization providing Alzheimer's care and support, about 6 million Americans are living with Alzheimer's in 2023 and is estimated to rise to nearly 13 million by 2030. Further, Alzheimer's and other dementias will cost the nation $345 billion in 2023, estimated to reach $1 trillion by 2050. Therefore, the increasing prevalence of neurological disorders drives the pharmaceutical chemicals market.
Major pharmaceutical chemical businesses are using new revolutionary technologies that are gaining traction in the pharmaceutical industry, such as software-as-a-service (SaaS) quantum chemistry platforms, to maintain their market position. SaaS (software-as-a-service) Quantum chemistry platforms are cloud-based platforms that offer subscription-based access to quantum chemistry software and resources. For instance, in April 2023, QC Ware Corp, a US-based provider of quantum computing software, launched Promethium, a software-as-a-service (SaaS) quantum chemistry platform. It is uniquely designed to accelerate pharmaceutical, chemicals and materials discovery with an advanced quantum chemistry toolset that uses H100 or A100 Tensor Core. The Promethium toolbox can calculate various chemical systems with around 100 atoms in seconds instead of minutes or hours using traditional algorithms.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
BASF SE, The Dow Chemical Company, Abbott Laboratories, Johnson Matthey PLC, Evonik Industries AG, Eastman Chemical Company, Koninklijke DSM N.V, Lanxess AG, Albemarle Corporation, Lonza Group AG, Clariant AG, W. R. Grace and Co, Jubilant Life Sciences Ltd., Sumitomo Seika Chemicals Co Ltd., Borregaard ASA, WeylChem International GmbH, Vertellus Holdings LLC, CABB Group GmbH, Dishman Carbogen Amcis Ltd., Hikal Ltd., Porton Fine Chemicals Ltd., Denisco Chemicals Pvt Ltd., CHEMADA Industries Ltd., Valaji Pharma Chem, Syntor Fine Chemicals Ltd., Kenko Corporation.
Pharmaceutical Chemicals Market 2024 Key Insights:
• The pharmaceutical chemicals market is expected to grow to $182.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Pharmaceutical Industry Expansion Thriving The Market Growth
• Pharmaceutical Chemical Industry Embraces Saas Quantum Chemistry Platforms For Innovation And Efficiency
• North America was the largest region in the pharmaceutical chemicals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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