LONDON, Jan. 15, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s pharmaceutical chemicals global market report 2024, the pharmaceutical chemicals market has exhibited robust growth, escalating from $129.54 billion in 2023 to an estimated $138.71 billion in 2024, boasting a commendable compound annual growth rate (CAGR) of 7.1%. This upswing in the historic period can be attributed to advancements in drug discovery, an aging population, regulatory changes, and the escalating prevalence of chronic diseases.
Drivers
Anticipating continued strength, the pharmaceutical chemicals market is projected to experience substantial growth, reaching $182.44 billion by 2028, sustaining a CAGR of 7.1%. This growth in the forecast period is fueled by factors such as personalized medicine, the rise of biopharmaceuticals and biosimilars, the emergence of new markets, and the increasing influence of digital health and telemedicine.
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Trends Shaping the Future
Key trends in the forecast period include precision drug manufacturing, advancements in gene and cell therapies, drug repurposing strategies, and the dynamic evolution of vaccine development and production methodologies.
Segments and Leading Regions
The pharmaceutical chemicals market is segmented based on product type, drug type, and application. Solvents, reagents or catalysts, KSMs or intermediates, and building blocks for APIs or advanced intermediates stand out as pivotal product types. Drug types include proprietary and non-proprietary, while applications span cardiovascular, neurological, oncological, respiratory, gastrointestinal, and musculoskeletal diseases. As of 2023, North America has taken the lead in the pharmaceutical chemicals market, with Asia Pacific anticipated to emerge as the fastest-growing region in the forecast period.
Leveraging the Report for Business Scaling
Pharmaceutical chemical businesses can leverage this comprehensive report to navigate the evolving landscape and scale their operations effectively. Insights into market dynamics, competitor strategies, and emerging trends provide a roadmap for players to capitalize on forecasted growth. Whether exploring precision drug manufacturing or diving into gene and cell therapies, businesses can strategically position themselves with confidence using the valuable insights provided in the report.
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Revolutionary Technologies in Action
Major players in the pharmaceutical chemicals market, including BASF SE, The Dow Chemical Company, and Abbott Laboratories, are adopting revolutionary technologies to maintain their market positions. Noteworthy among these is the utilization of software-as-a-service (SaaS) quantum chemistry platforms, exemplified by QC Ware Corp's Promethium. Launched in April 2023, Promethium accelerates pharmaceutical, chemical, and materials discovery with advanced quantum chemistry toolsets. It leverages cloud-based quantum computing resources to calculate complex chemical systems, providing unparalleled speed compared to traditional algorithms.
In this dynamic pharmaceutical chemicals market, businesses can proactively use the insights provided in the report to embrace innovative technologies, anticipate trends, and drive strategic growth in the pharmaceutical chemicals sector.
Pharmaceutical Chemicals Global Market Report 2024 by The Business Research Company provides insights on the pharmaceutical chemicals market size, pharmaceutical chemicals market segments, pharmaceutical chemicals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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