Pharma Chemicals Market is Expected to Grow At A CAGR of 5% by 2029

As per the news, the pharma chemical market is expected to reach $278760 million by 2029, growing at a CAGR of almost 5% from 2023 to 2029. The pharmaceutical chemicals market is segmented into Reagents, Catalysts, Solvents, KSMs and intermediates, Building Blocks for APIs and Advanced Intermediaries and by Application, which has in it Medical Raw Materials and Beauty Products.

The pharmaceutical chemicals market is witnessing growth because of the rise in chronic illnesses, the need for novel and personalised medicines, and the increase in drug research studies. This market has expanded due to contract manufacturing and contract development agencies, which have proven cost-effective and aided in the quick globalisation of pharma products. 

The catalyst technology offers sustainable manufacturing processes as it lowers the activation energy required for the reaction to complete. The market seeks shorter, more effective synthetic pathways that elevate the demand for novel catalysts and reagents. 

North America is leading the pharmaceutical chemical market in the world as it is home to numerous renowned academic institutions, pharma businesses, and research facilities. Since North America takes note of the safety and dependability of pharma goods by maintaining stringent regulatory standards and quality control processes, it has helped the market grow further.