The soaring geriatric population is one of the major factors fuelling the surge in the demand for pharmaceutical fine chemicals throughout the world. According to the World Population Ageing 2019 report published by the United Nations Department of Economic and Social Affairs (UNDESA) in 2019, the total number of people in the world aged 65 years and above was found to be 703 billion in 2019, and this number is predicted to rise to 1.5 billion by 2050. The consumption of medical drugs is very high amongst the geriatric people, owing to their higher susceptibility to various diseases.

 

The increasing manufacturing of medical drugs is another important factor boosting the demand for pharmaceutical fine chemicals across the world. Due to these factors, the global pharmaceutical fine chemicals market reached valuation of $100.3 billion in 2019. This market is also predicted to exhibit a CAGR of 6.2% during the forecast period (2020–2030). The pharmaceutical fine chemicals are mainly used in neurological, cardiovascular, oncological, respiratory, musculoskeletal, and gastrointestinal applications. Amongst these, the cardiovascular applications are expected to record the highest usage of pharmaceutical chemicals during the forecast period, owing to the rising prevalence of cardiovascular diseases across the world.

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There are two types of drugs used in the pharmaceutical fine chemicals- proprietary and non-proprietary. Between the two drugs, the revenue generated from the sales of the fine chemicals for proprietary drugs was higher in 2019, owing to the fact that the production of these drugs requires strong research and development (R&D) projects, high capital investment, proper and up-to-the-mark quality control measures, and compliance to strict regulations. The high demand for these drugs for use in several applications is making the pharmaceutical companies improve their quality test procedures in order to make the drugs safe and effective.

 

The main components of the pharmaceutical fine chemicals are active ingredients, advanced intermediates, and basic building blocks. Amongst these, the active ingredients registered the highest demand in 2019, on account of the fact that these ingredients are the most essential component of the drugs. The intended therapeutic effect of the drug is caused by the active ingredients. During the production of pharmaceuticals, the active ingredients are used together with a non-active medium called the excipient. This non-active medium takes the drug through the human body.

 

Geographically, Asia-Pacific (APAC) is predicted to observe the fastest growth in the usage of pharmaceutical fine chemicals during the forecast period, due to the increasing R&D investments and soaring government measures for the development of medicines for the diseases that don’t have a cure currently. For instance, the Indian Government has asked the major drug manufacturing companies in the country for feedback on the various tax related incentives that have been recently implemented for increasing the R&D investments in the country. Due to these factors, the pharmaceutical fine chemicals market will boom in APAC in future.

 

Hence, it is clear that due to the surging geriatric population and the rising incidence of chronic diseases, the demand for pharmaceutical fine chemicals will skyrocket across the world in the coming years.