(PharmaNewsWire.Com, August 13, 2024 ) InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global pharmaceutical Fine Chemicals Market (By Product (Basic Building Blocks, Advanced intermediates, and Active ingredients), Type (Proprietary, Non-proprietary), Chemical (Small Molecules, Big Molecules), By Application (Cardiovascular, Neurology, Oncology, Infectious diseases, Metabolic system, Diabetes, Respiratory diseases, Gastrointestinal diseases, Musculoskeletal diseases, and Other) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
Pharmaceutical fine chemicals used in pharmaceutical drug production. It includes a wide range of chemicals, from the active pharmaceutical ingredients (APIs) to the excipients used in drug production. The pharmaceutical chemical market is anticipated to be driven by the rising demand for advanced drugs, growing geriatric population, increased prevalence of chronic diseases, increasing demand for active pharmaceutical chemicals by the significant pharma players and expanding healthcare access and insurance. As all the factors mentioned above tend to increase the demand for medications, a steady supply of pharmaceutical fine chemicals to produce medications is required and expected to support the market growth.
However, stringent regulatory requirements, high cost of R&D and intense competition in the pharmaceutical fine chemicals may hinder market growth.
List of Prominent Players in the Pharmaceutical Fine Chemicals Market:
The rising demand for advanced drugs mainly supports the pharmaceutical fine chemicals market. The increasing ageing population and the prevalence of chronic diseases influence advanced medication research, launch, and adoption. Prominent industry players invest in research and development initiatives to capitalize on the increasing demand for pharmaceutical drugs. All these factors drive the market for pharmaceutical fine chemicals.
Challenges:
Stringent regulatory requirements for raw materials used to produce pharmaceutical fine chemicals can slow market growth as manufacturers must comply with strict quality control measures and lengthy approval processes. Also, pharmaceutical fine chemical companies need to invest large sums in quality control infrastructure, validated systems, and certified facilities able to satisfy regulatory audit requirements.
Regional Trends:
The North American pharmaceutical fine chemicals market is anticipated to register a major market share in revenue in 2024 due to major pharma players' presence and favourable government mandates for producing pharmaceutical fine chemicals in the region. However, Asia-Pacific is expected to grow at the fastest CAGR during the study period, majorly due to high population growth in countries such as China and India, rising disposable income as well the increasing standard of living, increasing API production and growing investment in R&D sector by key market players in the region.
• In May 2022, Pfizer launched Asia's largest and only drug development center in Chennai, India. The new facility will develop Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms (FDFs) for a wide spectrum of Prizer's products. The new facility is geared at working on small molecule drug development, and labs designed for chemistry, microbiology, process engineering, support labs, etc.
• In May 2019, Thermo Fisher Scientific Inc. signed a definitive agreement to acquire a drug substance manufacturing site in Cork, Ireland, from GlaxoSmithKline plc. The Cork site will boost capacity to fulfill client demand for the development and commercial manufacturing of complex active pharmaceutical ingredients (APIs).In accordance with a supply agreement that spans multiple years, Thermo Fisher will continue to manufacture APIs for GSK. Additionally, the company intends to expand its usage of the location in order to develop and manufacture complicated APIs for other customers.
Segmentation of Pharmaceutical Fine Chemicals Market-
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