NEW YORK, May 04, 2020 (GLOBE NEWSWIRE) -- In 2019, 703 million people in the world were 65 years old or older, as per the United Nations. Further estimates suggest that by 2050, this population will grow to 1.5 billion. With age, people become susceptible to various diseases, particularly those of the nervous, endocrine, musculoskeletal, and cardiovascular systems, as well as infections.
Therefore, with the rising geriatric population, which is at a high risk for chronic diseases, the global pharmaceutical fine chemicals market, which valued $100.3 billion in 2019, is expected to grow with a 6.2% CAGR between 2020 and 2030 (forecast period). This is because of the high demand for drugs to treat the elderly, which leads to a heavy consumption of such chemicals.
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Proprietary Drugs to Hold Largest Share in Market till 2030
Proprietary drugs are predicted to continue dominating the pharmaceutical fine chemicals market till 2030. This is because the commercialization of such drugs is a costly affair, due to the need for an efficient research and development (R&D), regulatory compliance, marketing and patenting, and quality and assurance mechanism. Further, the integrity of various ingredients has to be maintained, so that the drugs are effective and safe.
The active ingredients category generated the highest revenue in the pharmaceutical fine chemicals market throughout the historical period (2014–2019), as, compared to excipients, which are a non-active transport medium, active ingredients are used in higher amounts, when producing drugs. Active ingredients are also more important, because they are what actually fulfill the purpose of the pharmaceuticals.
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During the forecast period, the cardiovascular division would experience the highest CAGR, of 6.6%, in the pharmaceutical fine chemicals market, as a result of the growing prevalence of heart diseases. As per the World Health Organization (WHO), cardiovascular diseases carry the highest annual mortality rate, of around 17.9 million, which creates a high demand for appropriate therapeutics.
North America was the largest pharmaceutical fine chemicals market in 2019, as it is one of the largest producers of medical drugs across the globe. Further, the spending on healthcare is also substantially higher in the region than elsewhere. In the coming years, Asia-Pacific (APAC) is predicted to witness the fastest market growth, as a result of the continued efforts by the government of regional countries to push up the pharmaceutical output and offer R&D investments to find a treatment for incurable diseases.
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Market Players Expanding and Upgrading their Plants to Dominate Competition
In the recent past, the pharmaceutical fine chemicals market has been characterized by facility expansion and upgradation activities, with companies aiming to:
- Achieve flexibility and cost-effectiveness in operations, by deploying robots
- Cater to the rising demand of regional and global customers for pharmaceutical-grade chemicals
- Better comply with regulations regarding specific environmental conditions for drug production
- Augment R&D activities in various subfields of pharmaceutical development
- Carry out effective contract research and analytics related to fine chemicals and pharma production
The major companies in the global pharmaceutical fine chemicals market include BASF SE, Borregaard ASA, Eastman Chemical Company, Clariant AG, Lonza Group Ltd., WeylChem International GmbH, Solvay S.A., DuPont de Nemours Inc., Evonik Industries AG, Merck KGaA, Koninklijke DSM N.V., Albemarle Corporation, Aceto Corporation, AlzChem Group AG, ACIC Pharmaceuticals Inc., Angelini S.p.a., Ampac Fine Chemicals, Albany Molecular Research Inc., Boehringer Ingelheim International GmbH, CABB Group GmbH,Cerbios-Pharma SA, CM Fine Chemicals GmbH, and Chemada Fine Chemicals Ltd.
Other pharmaceutical fine chemicals market players are Contract Chemicals Limited, Fabbrica Italiana Sintetici S.p.A., Dipharma Francis S.r.l., HELSINN HEALTHCARE SA, Flamma Group, EUTICALS S.p.A., Hovione, Novasep Holding SAS, Ivy Fine Chemicals, Procos S.p.A., Olon S.p.A., Minakem, Robinson Brothers Limited, Siegfried AG, Roquette Frères, Syntor Fine Chemicals Ltd., SUMITOMO SEIKA CHEMICALS CO. LTD., SEQENS Group, Valaji Pharma Chem, AkzoNobel N.V., Vertellus Holdings LLC, and W. R. Grace & Co.
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