The pharmaceutical fine chemicals industry is expected to rise at a rate of 6.2% in the coming years. It is ascribed to the increasing expansion of the industry, more specifically in the pharmaceutical sector in APAC and the rising elderly population.
Under the drug type segment, the proprietary drug bifurcation generates substantial revenue share in the pharmaceutical fine chemicals industry, due to the requirement of high capital investment in the production of such drugs, strong R&D efforts, compliance with stringent regulations, and adequate quality control measures.
The worldwide demand for proprietary drugs, and mandatory regulations of pharma firms to ensure the integrity of ingredients to make the final product safe and effective boost the industry growth.
North America leads the pharmaceutical fine chemicals industry, as it is the home to the worldwide largest pharmaceutical sector, and it contributes to high healthcare expenditure. Moreover, a number of drug manufacturers, such as Johnson & Johnson, Pfizer Inc., and Abbott Laboratories are focusing on R&D to deliver medication for rising incidences of untreatable diseases.
The rising elderly population is the primary growth driver of the pharmaceutical fine chemicals industry. According to the latest World Population Ageing report by UNDESA, the elderly population would reach a count of 1.5 billion in 2050. They often fall sick due to physical weakness and immunocompromised nature, hence resulting in high demand for various drugs.
The key players operating in the industry are BASF SE, WeylChem International GmbH, Clariant AG, Evonik Industries AG, Aceto Corporation, AlzChem Group AG, Boehringer Ingelheim International GmbH, and Ampac Fine Chemicals.
Thus, the rising elderly population boosts industry growth, led by the increasing demand for pharmaceutical fine chemicals for drug formulation to treat them.
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