Surging Geriatric Population Driving Pharmaceutical Fine Chemical Sales

According to the United Nations Department of Economic and Social Affairs (UNDESA), the global population of people aged 65 years or above will surge from 703 million in 2019 to 1.5 billion by 2050. Due to the weak immune system and weak physical traits of the elderly, they are easily affected by various diseases. The surging prevalence of several illnesses among the geriatric population is creating a high requirement for an array of medical drugs. With the increasing consumption of medical drugs, the usage of pharmaceutical fine chemicals will accelerate in the coming years.

Further, the soaring awareness about pharmaceutical chemicals in various countries of Africa is expected to drive the pharmaceutical fine chemicals market at a CAGR of 6.2% during 2020–2030. According to P&S Intelligence, the market generated a revenue of $100.3 billion in 2019. The governments of Nigeria and Kenya are focusing on improving the accessibility of medical drugs by promoting the local production of such products. The African countries are proactively working toward improving their public health sector, with the ultimate aim of creating a large and healthy workforce that can drive their economy. 

Geographically, North America held the largest share in the pharmaceutical fine chemicals market during the historical period (2014–2019), as it is home to the largest pharmaceutical industry in the world. Moreover, the huge healthcare spending and numerous R&D activities in the pharmaceutical sector are supporting the market growth in the region. Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the forecast years, owing to the soaring R&D investments and increasing government support for developing drugs for diseases that cannot be cured at present. 

Thus, the booming aging population and growing awareness about pharmaceutical fine chemicals among African countries will amplify the production of such chemicals in the foreseeable future.

Source: www.psmarketresearch.com

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