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.
In recent years, pharmaceutical fine chemical producers have focused on partnerships and joint ventures to reach out to more customers. For instance, in December 2019, Solvay S.A. and Anthea, an India-based specialty chemicals producer, established a joint venture under the name of Catà synth Speciality Chemicals, to offer catechol derivatives. Catà synth Speciality Chemicals is involved in the production of methylenedioxybenzene, heliotropin (piperonal), and helional, which are majorly used in fragrance, agrochemical, and pharmaceutical industries.
The product segment of the pharmaceutical fine chemicals market is categorized into active ingredients, basic building blocks, and advanced intermediates. Among these, the active ingredients category is expected to register the fastest growth during the forecast period. This is because active ingredients are the most vital components of medical drugs, as these substances help in accomplishing the purpose of the medication. Active ingredients are mixed with excipients as these inactive components serve as the medium to carry the active agent to the drug target site.
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.
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