Pharmaceutical Solvent Market Size

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.