Chiral Chemicals Market Share Analysis
The global chiral chemicals market is set to grow at a rate of 11.25% over a certain period. Several key trends and factors are contributing to this growth. One major driver is the increasing demand for chiral chemicals in pharmaceutical applications, particularly in emerging markets where the pharmaceutical industry is on the rise. Additionally, the use of these chemicals in the agrochemical industry is also expected to contribute to market expansion. The growth of the pharmaceutical sector, especially in South Asia, is creating opportunities for the entire value chain. Moreover, the biocatalytic synthesis of chiral chemicals is opening up new possibilities for companies in this market. However, challenges like strict government regulations and environmental concerns related to chiral pesticides may impede market growth during the forecast period.
Looking at the global pharmaceutical market, it was valued at approximately USD 998.2 billion in 2018 at the factory gate. North America, comprising the US and Canada, held the largest market share at 48.9%, surpassing Europe and Japan. The growth in North America and Europe is being propelled by their well-established pharmaceutical industries, a rising elderly population, and an increase in individuals suffering from chronic diseases like heart disease, cancer, respiratory issues, diabetes, and kidney diseases. In 2020, there were an estimated 19.3 million new cases of cancer worldwide, with Asia having the highest share at 49.3%, followed by the Americas (including North and Latin America) at 20.9%, and Europe at 22.8%. The global pharmaceutical industry's increasing investments in research and development (R&D) are expected to further boost market growth. In Europe, the growth of the pharmaceutical industry in countries like Germany and France, coupled with consumers' increasing preference for bio-based products, is likely to drive the demand for chiral chemicals.
In simpler terms, the global market for special chemicals called chiral chemicals is expected to grow by around 11.25%. This growth is due to several factors. One important factor is the increased use of these chemicals in making medicines, especially in countries where the pharmaceutical industry is growing. Also, these chemicals are being used more in making agricultural chemicals, contributing to the market's expansion. The growth of the pharmaceutical industry in places like South Asia is creating new opportunities for businesses involved in making and selling these chemicals. Additionally, a new way of making these chemicals, called biocatalytic synthesis, is opening up fresh possibilities. However, there are challenges, like strict rules from governments and worries about the environment because of the use of these chemicals in pesticides, that could slow down the market's growth in the future.
Now, looking at the worldwide pharmaceutical market, it was valued at a huge USD 998.2 billion in 2018. North America, which includes the US and Canada, had the biggest share of this market at almost 49%, beating Europe and Japan. The growth in North America and Europe is happening because they have strong pharmaceutical industries, more older people, and more people with long-term health issues. In 2020, there were about 19.3 million new cases of cancer around the world. Asia had the most cases at almost 50%, followed by the Americas at 20%, and Europe at 23%. The global pharmaceutical industry is spending more money on research and development, which is expected to help the market grow. In Europe, the growth of the pharmaceutical industry in countries like Germany and France, along with people liking products made from natural sources, is expected to increase the demand for chiral chemicals.
