The global pharmaceutical fine chemicals market generated a revenue of $100.3 billion in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 6.2% between 2020 and 2030. The rapid growth of the pharmaceutical industry in the Asia-Pacific region and the surging population of geriatric people are the key factors driving the advancement of the market across the world.
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According to the latest World Population Ageing report produced by the United Nations Department of Economic and Social Affairs (UNDESA), globally, there were as many as 703 billion people in the age bracket- 65 years and above in 2019 and this number will rise to 1.5 billion by 2050. Because of their physical weakness and immunocompromised nature, geriatric people are highly vulnerable to various diseases. As a result, the soaring population of geriatric people is propelling the market expansion.
Depending on drug type, the market for pharmaceutical fine chemicals is divided into proprietary and non-proprietary categories. Between the two, the proprietary category is predicted to exhibit faster growth in the market in the forthcoming years. This will be due to the increasing demand for huge capital investments, surging number of research and development (R&D) activities, and the implementation of strict regulations regarding the development and commercialization of these drugs in many countries around the world.
Hence, it can be said with full surety that the market will demonstrate huge expansion all over the world in the upcoming years, primarily because of the surging population of geriatric people and the increasing enactment of strict government regulations regarding drug production and commercialization in various countries.
Read More: https://www.psmarketresearch.com/market-analysis/pharmaceuticals-fine-chemicals-market
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