Pharmaceutical Solvent Market size was over USD 3.85 Billion in 2023 and is likely to reach USD 12 Billion by the end of 2036, witnessing around 5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of pharmaceutical solvent is assessed at USD 4.18 Billion. The growth of the market is primarily attributed to the increasing demand for pharmaceutical solvents in the manufacturing of drugs, vaccines, medicines, and others. Moreover, the rising sales of pharmaceutical drugs and medicines are expected to propel the demand for pharmaceutical solvents over the forecast period. The total worldwide pharmaceutical sales were estimated at approximately USD 900 billion in 2018 and reached around USD 1500 billion in 2021.
A pharmaceutical solvent is a chemical substance that is used in the manufacturing of drugs. These solvents serve as a medium for the purification and extraction of specific materials without altering those materials chemically. There are several pharmaceutical solvent market trends, including increasing optimization of solvent use, advanced manufacturing technologies, and growing investments & deals which are expected to fuel the market growth during the forecast period. Moreover, the global pharmaceutical solvent market size is also expected to extend to the increasing aging population around the world. Among the elderly population, more diseases occur and more prescriptions are filled, which increases the demand for medicines and pharmaceutical drugs. According to the World Health Organization, the number of people aged over 60 years was 1 billion in 2019 and is expected to increase to 2.1 billion by 2050.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5% |
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Base Year Market Size (2023) |
USD 3.85 Billion |
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Forecast Year Market Size (2036) |
USD 12 Billion |
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Regional Scope |
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Product Type (Alcohol, Amine, Ester, Ether, Chlorinated Solvents)
The global pharmaceutical solvent market is segmented and analyzed for demand and supply by product type into alcohol, amine, ester, ether, and chlorinated solvents. Out of these, the alcohol segment is anticipated to capture the largest market size in the global pharmaceutical solvent market owing to the extensive use of alcohol as a direct solvent in pharmaceuticals during the forecast period. Further, alcohol is increasingly being used in the manufacturing of over-the-counter (OTC) drugs. OTC drugs are widely consumed, which promotes extensive use of alcohol solvents in their production. A survey found that 2/3 of adults (65%) and approximately 70% of parents rely on OTC drug medicines to treat their symptoms. Also, almost 80% of physicians consider that over-the-counter medicines play an important role in health care.
Our in-depth analysis of the global pharmaceutical solvent market includes the following segments:
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By Product Type |
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By End User |
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North America Market Forecast
The North America pharmaceutical solvent market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036, owing to a large number of developed pharmaceutical industries in the region. Further, increased spending on pharmaceutical research and development is expected to stimulate the use of pharmaceutical solvents in the region. Congressional Budget Office reports that a total of USD 83 billion was spent by the pharmaceutical industry on research and development in 2019. Moreover, the rising sales and demand for pharmaceutical products are projected to propel the demand for pharmaceutical solvents in the region.
Mitsui Chemicals, Inc. formed a new partnership with Mitsui-Soko Holdings which aims to calculate CO2 emissions from the international transportation of products.
Clariant International Ltd has finalized an agreement to purchase BASF's U.S. Attapulgite business assets for USD 60 million.
Author Credits: Rajrani Baghel
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