The pharmaceutical intermediate market was valued at US$ 27,356. 70 million in 2020 and is projected to reach US$ 37,290. 33 million by 2028; it is expected to grow at a CAGR of 4. 2% from 2021 to 2028.
New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmaceutical Intermediate Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Applications, and Distribution Channel and Geography" - https://www.reportlinker.com/p06073162/?utm_source=GNW
The rising prevalence of chronic diseases and infectious diseases, and escalating investment by pharmaceutical companies in R&D activities drive the growth of the pharmaceutical intermediate market. However, the high cost of drug manufacturing hinders the market growth.
Pharmaceutical intermediates are the building blocks of active pharmaceutical ingredients (APIs).These are raw materials that undergo molecular change or processing during bulk drug production.
Thus, the requirement of pharmaceutical intermediates increases with the rise in demand for drugs to treat chronic diseases.As per the Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the US suffer from at least one chronic disease such as cancer, heart disease, lung disease, stroke, neurological disease, diabetes, and kidney diseases.
Moreover, 4 in 10 adults in the country have two or more chronic diseases.Additionally, according to the press release by the European Chronic Disease Alliance (ECDA), in 2014, 9 out of 10 people in Europe die due to chronic diseases.
Thus, 70–80% of the total healthcare costs are spent on the management of chronic diseases.
The surging prevalence of infectious diseases, especially in Southeast Asia, is also likely to propel the demand for APIs in the coming years, eventually driving the growth of the pharmaceutical intermediate market. For instance, as per the Revised National Tuberculosis Control Programme Report, around 4.4 lakh patients died due to tuberculosis in India in 2018, that is 29% of the total 1.5 million deaths caused by the disease across the world. Thus, such high prevalence of chronic diseases and infectious diseases is bolstering the demand for drugs, eventually highlighting the need of pharmaceutical intermediates.
Based on type, the pharmaceutical intermediate market is bifurcated into GMP and non GMP counters.In 2020, GMP accounted for a larger share in the market owing to increase in the adoption of good manufacturing practices (GMP) by pharmaceutical companies.
These regulations are designed to reduce the risks involved in the production of pharmaceuticals that cannot be eliminated through testing the finished product.
In terms of application, the pharmaceutical intermediate market is segmented into antibiotics, antipyretic analgesics, vitamins, and others. The antibiotics segment held the largest share of the market in 2020, whereas the vitamins segment is estimated to register the highest CAGR in the market during the forecast period.
World Health Organization (WHO), European Chronic Disease Alliance (ECDA), US Food and Drug Administration (FDA), Pharmaceutical Research and Manufacturers Association (PhRMA), US Census Bureau, the Germany Trade & Invest (GTAI), European Medicine Agency (EMA), and Institute for Integrated Economic Research Australia are among the major secondary sources referred to while preparing the report on the pharmaceutical intermediate market.
Read the full report: https://www.reportlinker.com/p06073162/?utm_source=GNW
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