The global pharmaceuticals grade sodium bicarbonate market is projected to grow at a healthy CAGR of 3.5% throughout the forecast period from 2023 to 2033. The global market is anticipated to be valued at US$ 265.3 million in 2023 and surpass a valuation of US$ 372.4 million by the end of 2033. According to the latest research conducted by Future Market Insights, global market revenue totaled US$ 256.0 million in 2022.
The global pharmaceutical-grade sodium bicarbonate market is reliant on the pharmaceutical industry as a pH buffering agent. For electrolyte replenishing, as a systemic alkalizer, and in topical cleansing solutions, it has been used excessively. Furthermore, the demand from hospitals, the personal care industry, and healthcare institutions is expected to benefit the global market.
Considerable growth in the pharmaceutical industry along with accelerated sales of chemicals is predicted to boost the demand across the evaluation period. Moreover, the pharmaceutical industry is one of the key consumers of sodium bicarbonate. Over recent years, various pharma companies were forced to shift their operating methods by adopting the latest technology. This new and sudden spur in the adoption of new technologies and innovation to support virtual work led to a significant rise in the overall market.
Compelling Market Trends
Active pharmaceutical ingredients are known as chemical compounds in medicines that consist of a significant effect on the body. Such drugs containing soda-bicarbonate help in activate an anti-inflammatory pathway and prevent autoimmune diseases. Some medicines called OTC (over-the-counter) medicines contained pharma-grade baking soda as an active pharma ingredient.
Over-the-counter drugs are the types of medicines that can be bought without any specific prescription according to the guidelines issued by the FDA (Food and Drug Administration). The FDA considers the consumption of these medicines as safe without any medical supervision. Furthermore, these drugs are utilized to treat various genetic health problems such as sleeping-related problems, cough and cold, pain, smoking cessation, itches, weight problems, tooth decay, gastrointestinal problems, and various others.
Awareness and media advertising made people aware of self-medication for occasional heartburn and acidity and the availability of antacids in over-the-counter (OTC) sales has emerged as one of the prime factors for antacids and similar products’ growth. In addition, antacids are known as one of the most popular over-the-counter medicines. Consistent growth in sales of antacids, baking soda, or sodium bicarbonate is the key ingredient for any kind of antacids. Steady growth in sales of antacids is promoting the demand with consistent growth rates.
Growth Drivers
The growth of the market is attributed to the advancements in research and developments, the transformation of digital platforms and IT is currently the top strategic priority for pharmaceutical companies and is expected to continue to be so in the future.
Pharmaceutical Grade Sodium Bicarbonate is expected to register significant growth during the assessment period. Based on geography East Asia is estimated to dominate the market owing to the presence of leading manufacturing units of leading pharmaceutical companies in China. The prominent over-the-counter categories comprise cough-cold and allergy, vitamins, weight loss and nutrition, pain relief, and digestives which collectively accounted for a significant share of all over-the-counter sales in 2022.
Over the past five years, several developments have taken place in the market. Numerous leading companies devised their plans to fend off possible threats and seize the medium- and long-term possibilities presented by this shifting environment and focused on the development of soda bicarbonate drugs with a fine grade for the treatment of a wide range of diseases.
Competitive Landscape
Leading manufacturers operating in the global pharmaceuticals grade sodium bicarbonate market are focusing on developing high-quality pharma-grade-baking soda and developing technologies for mining. Key players in the market are focusing on generating revenue by exploring potential applications. Players are expanding their geographical boundaries to them expand their consumer base.
Recent Developments
On September 11, 2019, Exela Pharma Sciences is to announce the launch of Sodium Bicarbonate Injection, USP. Exela received approval for its ANDA for Sodium Bicarbonate Injection in May for four separate presentations. This product has been on the FDA Drug Shortage list consistently and is only the second FDA Approved Sodium Bicarbonate Injection on the US market.
Valuable Insights into the Pharmaceuticals Grade Sodium Bicarbonate Market
China is anticipated to account for a dominant market share of around 23.8% over the forecast period. The growth of the market is generated by key players present in China which have significant opportunities to leverage revenue generation in the country.
