GLOBAL PHARMACEUTICAL CHEMICALS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global pharmaceutical chemicals market is estimated to be valued at USD 137.76 Bn in 2024 and is expected to exhibit a CAGR of 7.2% during the forecast period (2024-2031). Pharmaceutical chemicals are chemical substances or a combination of substances that are used in the manufacture and processing of drug formulations and in some cases are the active ingredients. These chemicals help to improve manufacturing efficiency by optimizing processes and reducing production costs for drug manufacturers. The increasing prevalence of chronic diseases, growth of the biosimilars industry, and rising healthcare spending globally are some of the key factors expected to drive the demand for various pharmaceutical chemicals in the coming years. However, stringent regulatory norms pertaining to the production of Active Pharmaceutical Ingredients may hamper the market growth to some extent.
Market Dynamics:
The global pharmaceutical chemicals market is expected to be driven by the growing prevalence of various chronic diseases across the world. According to the World Health Organization (WHO), chronic diseases are the leading cause of mortality worldwide, accounting for over 70% of all deaths globally each year. The rising geriatric population base that is more susceptible to chronic diseases will demand higher volumes of drugs and pharmaceutical production, thus propelling the market growth. However, factors such as stringent regulations for the approval of active pharmaceutical ingredients (APIs) by regulatory bodies like the U.S. Food and Drug Administration and European Medicines Agency poses a challenge to market players for the timely approval and commercialization of new drug formulations. On the flip side, the increasing penetration of generic drugs due to patent expiries of many blockbuster drugs provides lucrative opportunities for pharmaceutical chemical manufacturers to develop cost-effective alternatives/active ingredients.
Key Features of the Study:
Detailed Segmentation-
Table of Contents
*Browse 28 market data tables and 34 figures on “Pharmaceutical Chemicals Market” - Global forecast to 2031
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