January 18, 2024 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, Jan. 18, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Pharmaceutical Intermediates Global Market Report 2024, the pharmaceutical intermediates market has experienced robust growth, with its size surging from $31.33 billion in 2023 to $33.59 billion in 2024, at a remarkable Compound Annual Growth Rate (CAGR) of 7.2%. This momentum is poised to continue, anticipating a further ascent to $43.01 billion by 2028, driven by a CAGR of 6.4%. The growth in pharmaceutical intermediates market in both historic and forecast periods is attributed to chemical synthesis advancements, drug development evolution, market demand, research and development, and regulatory compliance. 2,4-Diamino-6-hydroxypyrimidine
The forecasted growth is underpinned by factors such as biopharmaceutical innovation, precision medicine development, green chemistry initiatives, customized intermediates, and pharmaceutical outsourcing trends. Emerging trends include the adoption of continuous flow chemistry, increased automation and robotics, application of nanotechnology, biocatalysis and enzyme engineering, and strategic supply chain management.
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The pharmaceutical intermediates market, as outlined in the report, is segmented as follows:
The generic drug intermediate market, constituting 60.0% or $18,796.6 million of the total in 2023, is anticipated to be the fastest-growing segment, with a CAGR of 7.1% during 2023-2028. North America led the pharmaceutical intermediates market in 2023, accounting for 38.8% or $12,141.0 million, followed by Asia Pacific, Western Europe, and other regions. The forecast indicates that Asia Pacific and North America will be the fastest-growing regions, with CAGRs of 9.8% and 5.7%, respectively.
Rising Prevalence of Chronic Diseases:
The anticipated surge in chronic diseases, driven by aging populations, lifestyle changes, rapid urbanization, and lack of preventive measures, is expected to significantly contribute to the demand for pharmaceutical intermediates. According to the United Nations, by 2030, 70% of global deaths are projected to result from chronic diseases. The pharmaceutical intermediates market plays a vital role in developing medications to manage these conditions.
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Companies in the pharmaceutical intermediates market are leveraging technologies like artificial intelligence (AI) to enhance products and services, increase productivity, and reduce costs. For instance, Merck's AIDDISON drug discovery software integrates AI, machine learning, and computer-aided drug design to accelerate drug development, showcasing the industry's commitment to innovation.
Players in the pharmaceutical intermediates market can leverage the insights provided in the report to strategically scale their business. Understanding market segments, emerging trends, and regional dynamics will empower businesses to make informed decisions, stay competitive, and capitalize on the growth opportunities presented by this dynamic pharmaceutical intermediates market.
Pharmaceutical Intermediates Global Market Report 2024 by The Business Research Company provides insights on the pharmaceutical intermediates market size, pharmaceutical intermediates market segments, pharmaceutical intermediates 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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