The increasing demand of pharmaceutical and biopharmaceutical drugs are the major growth driving factors for the global pharmaceuticals fine chemicals market. In addition, the emergence of innovative drugs for the treatment of chronic diseases has fuelled the growth of the market.
Fine chemicals are complex and pure chemical substances. Fine chemicals are manufactured in limited quantities in multipurpose plants by multistep batch chemical or biotechnological processes. Fine chemicals are made to high detail. These are picked precisely considering their particular molecular properties, dissimilar to claim to specialty chemicals, which are manufactured especially for their functional characteristics. Fine chemicals are also referred as specification chemicals. Fine chemicals that are utilized in the production of pharmaceutical items are called as pharmaceutical fine chemicals. Pharmaceutical is one of the significant end-user industries of fine chemicals. In terms of demand, the pharmaceutical fine chemicals segment represent more than 67% share of the global fine chemicals market. In this way, the pharmaceutical fine chemicals segment is the most essential segment of fine chemicals market.
The global pharmaceuticals fine chemicals market is segmented into active ingredients, pivotal or critical intermediates and basic intermediates. Active ingredients are mainly accountable for the initial activity of the finished formulation. Pivotal or critical intermediates are fine chemicals that are normally utilized in the production of one or two pharmaceutical actives. Basic intermediates are extensively simple chemicals, which are essentially utilized as building blocks for pharmaceuticals and other types of performance chemicals. In this way, pharmaceutical fine chemicals are utilized in a wide range of applications in the pharmaceutical industry.
Fine chemicals industry is liable to a high level of regulations; significantly more so than the chemical industry all in all, especially if pharmaceutical fine chemicals production is involved. The most vital regulatory authorities are the (US) Food and Drug Administration (FDA) and (Chinese) State Food and Drug Administration (SFDA), respectively. Their principle obligations include formulating comprehensive supervision policies and control the usage, to be accountable for medication enrollment, draw up criteria for advertising approval and formulate national essential medicines lists. The European correspondent is the European Medicines Agency (EMEA), which is mainly responsible for the scientific assessment of medications created by pharmaceutical organizations for use in the European Union. The role of REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) is self-explanatory.
Geographically, Europe and Asia-Pacific are the largest producers of pharmaceuticals fine chemicals. During the forecast period, the Asia-Pacific pharmaceuticals fine chemicals market is expected to grow at the fastest rate, owing to large consumption base, and growth of pharmaceutical industry. China, Japan, and India are expected to dominate the pharmaceutical fine chemicals market in Asia-Pacific. The Asia-Pacific market of drugs is expected to witness the highest growth globally, during the forecast period. This is mainly due to aging population, increasing number of surgeries, and improving healthcare infrastructure. According to the UN publication, World Population Ageing 2013, in Asia approximately 468.5 million people belonged to the age group 60 years and above, out of which approximately 57.5 million people aged 80 years and above.
Some of the major competitors in the global pharmaceuticals fine chemicals market include The Dow Chemical Company, Akzo Nobel N.V., Lonza Group Ltd., Royal DSM N.V., Eastman Chemical Company, Clariant AG, Boehringer Ingelheim GmbH, Albemarle Corporation, Sumitomo Chemical Co. Ltd., The Merck Group, and Lanxess Aktiengesellschaft.
Global Pharmaceuticals Fine Chemicals Market
Pivotal or Critical Intermediates
Central and Western Europe
Middle East and Africa