Pharmaceutical Intermediates Market is Expected to Grow Significantly in the Next Few Years, Says Future Market Insights, Inc.
China remains one of the largest markets for pharmaceutical industries in the world. The China Government has been supporting research and development initiatives by various pharmaceutical companies with special attention to the biotechnology sector. The WHO has launched the Integrated Chronic Disease Prevention and Control Programme (ICP), which is one of the leading technical programmes within the Department of Chronic Diseases and Health Promotion (CHP). Such initiatives are expected to support the overall expansion of the market
DELAWARE CITY, Del., July 13, 2022 (Newswire.com) - According to the WHO, the prevalence of chronic diseases is expected to increase by 57.0% by 2020, which indicates that a significant percentage of the population is suffering from chronic diseases. According to FMI's analysis, pharmaceutical intermediates sales have grown at 3.7% CAGR between 2015 and 2019. FMI expects the global pharmaceutical intermediates market to grow at 4.3% CAGR through 2030.
The rapidly increasing prevalence of chronic diseases and the growth of the aging population across the world are among factors that are expected to increase the need for drug formulations for the prevention of chronic diseases. According to the International Diabetes Federation, the global diabetes prevalence in 2019 is estimated to be 9.3%, rising to 10.2% (578 million) by 2030, and the number is rising rapidly. Pharmaceutical drugs have remained key to the management of chronic diseases and other diseases.
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Key Takeaways
- The drastic surge in chronic diseases across the world are among the factors that are expected to increase the need for drug formulations for the prevention of chronic diseases. According to the World Health Organization (WHO), the prevalence of chronic diseases is expected to increase by 57.0% in 2020.
- The global increase in the aging population is expected to increase the demand for drugs for the management of age-related chronic conditions, which is also expected to boost the pharmaceutical intermediates market.
- The demand for generic and branded products is on the rise due to the prevalence of various chronic diseases and the increasing aging population, which in turn, is expected to create significant revenue generation opportunities for the pharmaceutical intermediates market.
Competitive Landscape
Cambrex Corporation, BASF SE., Aceto Crporation, Interchem., Arkema Inc., Chiracon GmbH., Midas Pharma GmbH., Chemcon Specialty Chemical Pvt. Ltd., Dextra Laboratories Limited, Pfizer, Codexis, Inc, Sanofi, Dishman Group, Dextra Laboratories
More Insights into the Pharmaceutical Intermediates Market
According to Sabyasachi Ghosh, Principal consultant at FMI, East Asia holds more than 30% markets share through the course of the forecast period. Growth within the region is likely to be spearheaded by China. The China pharmaceutical intermediates market is estimated to surpass US$ 7 Bn in 2021, exhibiting a CAGR of 6% through 2030.
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India is one of the top five global manufacturers of pharmaceutical intermediates. Japan is the third largest pharma industry in the world.
Source: Future Market Insights, Inc.