As stated by a report by P&S Intelligence, the global pharmaceutical fine chemicals market attained a revenue of $100.3 billion in 2019 and is predicted to progress at a 6.2% CAGR during the forecast period (2020–2030). The key driving factors of the market are the growing geriatric population and the rising manufacturing of medical drugs in Asia-Pacific (APAC). When drug type is taken into consideration, the market is bifurcated into non-proprietary and proprietary, between which, the latter bifurcation held the major share of the market in 2019.
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The production of these drugs requires compliance to stringent regulations, high capital investment, strong research & development efforts, and adequate quality control measures. Pharma companies are need to ensure the integrity of ingredients so that the final drug is safe and effective. Owing to the high demand for proprietary drugs across the globe, the bifurcation is also expected to register the faster growth during the forecast period, thereby leading to the growth of the market.
In terms of product, the pharmaceutical fine chemicals market is categorized into active ingredients, advanced intermediaries, and basic building blocks, out of which, the active ingredients category is predicted to register the highest CAGR during the forecast period. These ingredients are the most important components of the drugs, since they actually are present for the purpose of medication. These ingredients are combined with excipients, inactive components, which are used as the medium for ferrying the active agent to the drug target site.
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Geographically, North America lead the pharmaceutical fine chemicals market during the historical period (2014–2019), since the region accounts for the highest expenditure in the healthcare sector and is also home to the world’s largest pharmaceutical sector. The APAC region is predicted to register the fastest CAGR during the forecast period, owing to the increasing R&D investments and increasing support for the development of medicines for diseases that cannot be cured at the present time. Furthermore, the increasing geriatric population is also driving the regional market.