Market Introduction
North America consists of three major countries, namely the US, Canada, Mexico. The market is also evaluated for the Rest of the North American market. The growth of the market in countries such as the US and Canada is driven by the factors such as increasing demand for pharmaceutical intermediate to produce APIs, growing support supports through an initiative to enhance pharmaceutical production, and rising research and development for the biopharmaceutical industry. Also, the growing pharmaceutical industry in a country like Mexico is expected to serve the market's growth opportunities during the forecast period. The US is the largest market for pharmaceutical intermediates at a global level. The market's growth is attributed to increasing product development, increasing production of generic pharmaceutical production, and growing government support to enhance pharmaceutical and biopharmaceutical industries. In addition, the growing incidences of chronic and acute diseases have led to the growth of the market indirectly. Increased prevalence of chronic diseases and infectious diseases is the major factor driving the growth of the North America pharmaceutical intermediates market.
North America has been witnessing a growing number of COVID-19 cases since its outbreak. For instance, according to Worldometer, the number of cases increased to 31,990,143, with 576,298 deaths reported in the US as of April 2021. The cases are also increasing in Mexico and Canada. In Mexico, the cases have reached 2,281,840, with 209,702deaths as of April 2021. Similarly, in Canada, there are about 1,071,016 COVID cases, reported as of April 2021. The pandemic is straining public health systems globally, interrupting and delaying many kinds of critical health care. A recent survey by the World Health Organization found that health services are among the most frequently disrupted. 7 in 10 countries around the world are experiencing disruptions along with United states, Canada and Mexico. However, as per the IRI data, demand for various dietary supplements rushed at the onset of the coronavirus pandemic in the U.S. at unprecedented rates. The total supplement sales increased by 6% during the first week of March, 2020. Also, due to social distancing practices consumers are experiencing changes to their daily routines of grooming and skin care. This has led to an increased demand for nutrition products that can be used at home. Also, the rising incidence of COVID patients has increased the demand for analgesics in the North America region.
Market Overview and Dynamics
The pharmaceutical intermediates market in North America is expected to grow from US$ 11,054.47 million in 2021 to US$ 14,927.32 million by 2028; it is estimated to grow at a CAGR of 4.4% from 2021 to 2028. Countries such as Mexico is emerging as attractive outsourcing locations for pharmaceuticals and biopharmaceuticals industries. Low manufacturing and operating costs in the country are key factors driving the pharmaceutical manufacturing business in the region. Recent growth in the pharmaceutical industry indicate a positive outlook for the pharmaceutical intermediates market. Flourishing domestic pharmaceutical market in the region and increasing number of pipeline drugs are further opening new avenues for the contract manufacturers as well as generic drug manufacturing in the region. Additionally, to meet the growing demand, many contract-based organizations are expanding their manufacturing capabilities, further boosting the growth of the market. Thus, the emerging markets hold high potential and huge revenue generation opportunities for the pharmaceutical manufacturing companies across North America region.
Key Market Segments
The North America pharmaceutical intermediates market is segmented on the bases of type, application, distribution channel, and country. Based on type, the market is segmented into GMP and Non GMP. The GMP segment dominated the market in 2020 is expected to be the fastest growing during the forecast period. On the basis of application, the pharmaceutical intermediates market is segmented into antibiotics, antipyretic analgesics, vitamins, and others. The others segment dominated the market in 2020 and vitamins segment is expected to be the fastest growing during the forecast period. On the basis of distribution channel, the pharmaceutical intermediates market is segmented into distributor and direct sales. The direct sales segment dominated the market in 2020 and distributor segment is expected to be the fastest growing during the forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the pharmaceutical intermediates market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BASF SE; chiracon GmbH; Codexis; Dishman Carbogen Amcis Ltd; Midas Pharma GmbH; Pfizer Inc.; Sanofi; Vertellus Holdings LLC are among others.
Reasons to buy report
North America Pharmaceutical Intermediates Market Segmentation
North America Pharmaceutical Intermediates Market -By Type
North America Pharmaceutical Intermediates Market -By Application
North America Pharmaceutical Intermediates Market -By Distribution Channel
North America Pharmaceutical Intermediates Market -By Country
North America Pharmaceutical Intermediates Market -Company Profiles