Pharmaceutical fine chemicals are extensively used in medicines and as a result, the growing demand for medicines is positively impacting the sales of these chemicals across the world. One of the main factors responsible for the high incidence of various diseases such as diabetes, cancer, and cardiovascular ailments is the growing geriatric population all over the world. This is because the elderly people have weaker immune systems and are thus, extremely vulnerable to diseases.
According to the 2019 World Population Ageing report produced by the United Nations Department of Economic and Social Affairs (UNDESA), the total geriatric population (population of people in the age bracket- 65 years and above) was 703 billion in 2019 and this number is expected to rise to 1.5 billion in 2050. As the elderly people fall sick very often, their rising population is pushing up the requirement for medical drugs, which contain pharmaceutical fine chemicals.
Apart from the surging geriatric population, the rapid expansion of the pharmaceutical sector, especially in the Asia-Pacific region, is also fueling the rise in the sales of pharmaceutical fine chemicals. This is, in turn, causing the boom of the global pharmaceutical fine chemicals market. As a result, the market attained a value of $100.3 billion in 2019 and is expected to progress at a CAGR of 6.2% from 2020 to 2030.
There are mainly two types of drugs available in the market—proprietary and non-proprietary. Between them, the revenue generated from the sales of the proprietary drugs will rise at a faster rate during the coming years, because of the rising research and development (RD) projects being launched throughout the world, increasing need for huge investments in the development and discovery of these drugs, compliance to strict regulations, and effective advertising and marketing activities for the commercialization of these drugs.
Additionally, the drug manufacturing companies are required to maintain the integrity of the ingredients used in their drugs in order to ensure that the medicines meet the efficacy and safety parameters. When product is taken into consideration, the pharmaceutical fine chemicals market is divided into active ingredients, advanced intermediates, and basic building blocks. Amongst these, the active ingredients division will exhibit the fastest growth in the market in the forthcoming years.
Globally, the Asia-Pacific pharmaceutical fine chemicals market will exhibit the fastest growth in the upcoming years, according to PS Intelligence. The market is being driven by the surging investments in RD activities and the increasing implementation of various favorable drug development policies by the governments of the regional countries. For example, the Indian government has asked many prominent drug manufacturers for their feedback on tax incentives.
Hence, it can be deduced from the above paragraphs that the sales of pharmaceutical fine chemicals will shoot-up throughout the world in the years to come, primarily because of the growing incidence of chronic diseases, rising geriatric population, and surge of the pharmaceutical sector in many countries around the world.
