Yahoo Finance Pharmaceutical Intermediates Market Size to Hit USD 52.6 Bn by 2030
According to Precedence Research, the pharmaceutical intermediates market size is projected to hit USD 52.6 billion by 2030 and expanding growth at a CAGR of 6.3% from 2021 to 2030.
Ottawa, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global pharmaceutical intermediates market size was reached at USD 29 billion in 2021. The global pharmaceutical intermediates market is primarily driven by the rising burden of chronic diseases and growing geriatric population across the globe. The growing prevalence of chronic diseases such as cancer, leukemia, lymphoma, diabetes, and muscular degeneration are the major factors that propel the demand for the development of various drugs for the treatment. The growing geriatric population is fueling the demand for the drugs for the treatment of age related medical conditions across the globe. Further, the rapid growth of the biotechnology industry is fostering the demand for the pharmaceutical intermediates for the manufacturing of wider range of medicines. The rising adoption of biopharmaceutical products among the global population due to its improved effectiveness and efficiency in the treatment of chronic ailments is fueling the growth of the global pharmaceutical intermediates market.
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According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. Further, the geriatric population is expected to reach closer to 2 million by the year 2050. These numbers are the indicators of the increasing global demand for the various drugs across the globe, during the forecast period.
Scope of the Pharmaceutical Intermediates Market
Report Coverage | Details |
Market Size in 2021 | USD 29 Billion |
Growth Rate From 2021 to 2030 | CAGR of 6.3% |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Base Year | 2021 |
Regional Scope |
|
Companies Covered | Aceto Corporation, BASF SE, Dishman Group, Chiracon GmbH, Yin-sheng Bio-tech Co. Ltd., Green Vision Life Sciences, Midas Pharma GmbH, Lonza Group, Sanofi SAIS, Vertellus Holdings LLC. |
The rising production of the active pharmaceutical ingredients is another driving force of the global pharmaceutical intermediates market. The growing trend of high-tech therapeutics coupled with the advanced delivery systems and development of personalized and customized drugs is boosting the demand for the active pharmaceutical ingredients across the globe. The pharmaceutical intermediates are used for the production of these APIs, and hence the rising production of APIs is driving the global pharmaceutical intermediates market.
The high costs associated with the acquisition of the biopharmaceutical drugs is a major factors that may indirectly impact the market growth in an adverse way. Moreover, high capital investments involved in the production of APIs is a major restraining factor that may hamper the market growth.
The introduction of latest technologies in the production of various medicines in the pharmaceutical industry and rising investments in the research activities are expected to provide various growth aspects to the market players in the upcoming future.
North America dominated the global pharmaceutical intermediates market in 2020. This can be attributed to the increased investments on the development of biopharmaceutical industry. Moreover, the presence of numerous biotechnology companies and various CMOs and CROs are significantly contributing towards augmenting the demand for the pharmaceutical intermediates in the region. Further, regulatory bodies like FDA of US are ensuring standardization and good manufacturing practices of the companies involved that improves the credibility of the companies.
Asia Pacific is estimated to be the most opportunistic market owing to the increasing government expenditure on the development of pharmaceutical intermediate sector and development of sophisticated healthcare infrastructure. For instance,the Department of Pharmaceuticals prioritizes a list of 56 APIs under Make-in-India initiative. Further, China is the biggest importer of the APIs across the globe and hence, the demand for the pharmaceutical intermediates is high in China. Moreover, development of favorable foreign policies by the government to attract FDIs is expected to boost the market growth in this region.
Based on the product, the bulk drug intermediates segment accounted for around 60% of the market share in 2020. The growing demand and production of APIs for the manufacturing of wide variety of drugs is boosting the growth of the bulk drug intermediate segment. The custom intermediates segment is projected to witness strong growth during the forecast period.
Based on the application, the anti-cancer drug segment is estimated to be the fastest-growing segment during the forecast period owing to the rising prevalence of various cancers such as breast cancer, lungs cancer, and colorectal cancer among the global population. The analgesics segment hit over 30% of market share in 2020.
Based on the end user, the CMOs/CROs dominated the market in 2020. The rapid growth of the contract manufacturing organizations and contract research organization in the developing and developed regions has significantly boosted the demand for the pharmaceutical intermediates for manufacturing vast variety of drugs and for the research purposes. The research laboratories segment is anticipated to witness fastest growth over the forecast period.
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Segments Covered in the Report
By Product
Chemical Intermediates
Bulk Drug Intermediates
Custom Intermediates
By Application
Analgesics
Ant-inflammatory Drug
Cardiovascular Drugs
Anti-Diabetic Drugs
Anti-Cancer Drugs
Others
By End User
Biotech & Pharma Companies
Research Laboratory
CMO/CRO
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