Pharmaceutical Drying Equipment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: LS241108 | Research Suite: Report (PDF) & Market Data (Excel)
Pharmaceutical drying equipment is essential to the
production of medicinal goods. The pharmaceutical industry uses a variety of
drying techniques to eliminate moisture from both raw materials and final
goods. These methods include air drying, vacuum drying, freeze-drying, and
spray drying, each with its specific applications and advantages.
MARKET
OVERVIEW
The pharmaceutical drying equipment market is valued at approximately USD 5.45 billion in 2023 and is projected to reach USD 11.59 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 7.1% during the forecast period of 2024-2034. The main objective of these equipment is to maintain a product's physical and chemical integrity while achieving the appropriate moisture content.
This is especially crucial as the presence of excessive moisture can result in the degradation of active pharmaceutical ingredients (APIs), the loss of potency, and changes in the physical properties of the product, like its stability and solubility.
GROWTH
DRIVERS
The pharmaceutical industry is heavily regulated to ensure
product safety and efficacy. Regulatory bodies like the U.S. Food and Drug
Administration (FDA) and the European Medicines Agency (EMA) set rigorous
guidelines for manufacturing processes, including drying methods. Manufacturers
are compelled by these rules to invest in cutting-edge drying equipment that
satisfies stringent quality standards. The need for compliance drives market
growth as companies seek reliable solutions that are able to assist them in
adhering to regulatory requirements.
An aging population and an increase in the prevalence of chronic diseases are driving up demand for pharmaceutical products. According to the World Health Organization (WHO), by 2050, there are expected to be 2 billion people worldwide who are 60 years of age or older. This is anticipated to raise demand for pharmaceuticals and pharmaceutical manufacturing techniques, particularly drying equipment. This trend requires efficient production methods that guarantee product quality and compliance with regulatory standards.
MARKET
SEGMENTATION:
By Type
-
·
Spray Dryers
·
Freeze Dryers
·
Fluidized Bed dryers
·
Vacuum Dryers
·
Other Dryers
By Scale
of Operation -
·
Industrial-Scale Equipment
·
Pilot-Scale Equipment
·
Laboratory- Scale Equipment
By End
User -
·
Pharmaceutical and Biotechnology
Companies
·
Contract Development and Manufacturing
Organizations
·
Research Academies and Universities
By
Region -
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Pharmaceutical
Drying Equipment Market By Type Segment Review:
In the pharmaceutical sector, spray dryers are essential tools for converting liquid suspensions or solutions into dry powders. This procedure is necessary to produce pharmaceutical goods. In 2024, the spray dryers are expected to dominate the global market for pharmaceutical drying equipment due to technological advancements, increasing demand for powdered pharmaceuticals, regulatory compliance needs, and cost-effectiveness considerations.
Pharmaceutical
Drying Equipment Market By Scale of Operation Segment Review:
Large-scale production processes in pharmaceutical
manufacturing increases the demand for industrial-scale drying equipment. These
systems are crucial for the bulk manufacturing of medications as they are
capable of handling large volumes of materials. This market is growing as a
result of rising pharmaceutical demand, technical developments that boost
productivity, the ability to customize a wide range of goods, and
pharmaceutical companies' attempts to expand internationally.
Pharmaceutical
Drying Equipment Market By End User Segment Review:
In 2024, pharmaceutical and biotechnology companies' segment
is expected to dominate the pharmaceutical drying equipment market due to
ongoing investments in drug development and production capabilities.
Pharmaceutical demand has surged due to an aging population and an increase in
chronic diseases worldwide, which is increasing the demand for effective
production methods like drying.
Pharmaceutical
Drying Equipment Market By Region Segment Review:
The North America region is anticipated to hold the largest market share for Pharmaceutical Drying Equipment due to the presence of a well-established pharmaceutical industry and advanced manufacturing capabilities in the region. The Asia Pacific market is anticipated to grow rapidly due to region’s rapid industrialization, increasing healthcare expenditures, and a growing population that demands more pharmaceuticals.
Pharmaceutical
Drying Equipment Market Regional Synopsis:
North America is expected to dominate the pharmaceutical drying
equipment market due to the growing prevalence of chronic diseases,
well-established pharmaceutical industry and advanced manufacturing
capabilities. The region further benefits from high investments in research and
development and a robust regulatory framework that ensures product quality and
safety.
Europe is another well-established player in the market due
to region’s strong emphasis on innovation and quality standards in drug
manufacturing. The European market is further influenced by strict regulations
related to drug safety and efficacy, which demands the use of high-quality
drying equipment.
The Asia Pacific market is expected to grow at the maximum
rate during the forecast period due to rapid industrialization, their
cost-effective production capabilities and expanding domestic markets.
The market in Latin America is growing due to improving healthcare systems, increasing investments in pharmaceuticals, and increasing prevalence of chronic diseases coupled with a growing middle class.
The Middle East & African market is witnessing growth
due to increasing healthcare investments and rising awareness about health
issues. As local manufacturers seek modernized equipment to meet international
standards, the demand for this market is expected to grow further.
Pharmaceutical
Drying Equipment Market Key Challenges:
The growing need for reconditioned drying equipment is one
of the main challenges in the pharmaceutical drying equipment. In order to meet
their operating objectives while controlling costs, many pharmaceutical
companies often prefer to use refurbished machinery. This tendency is
especially prevalent among startups or companies operating in developing
markets, where financial limitations are a major concern. The market for new
pharmaceutical drying equipment is expected to slow down as companies prioritize
refurbished equipment over investing in advanced technologies.
The pharmaceutical sector is subject to strict regulations
that govern each phase of production, including drying activities. These
regulations require constant investments in quality control and assurance
measures, which often become a strain on resources, particularly for small
companies or those transitioning to more advanced drying technologies.
Pharmaceutical
Drying Equipment Market Competitive Landscape:
The global market for pharmaceutical drying equipment is
characterized by a diverse competitive landscape, each striving to enhance
their market position through various strategies such as product innovation,
mergers and acquisitions, partnerships, and expansions.
Companies are placing a greater emphasis on research and
development in order to create novel goods that improve productivity and adhere
to legal requirements. Furthermore, major players often collaborate with
research institutions to leverage expertise and expand product offerings. For
instance, in May 2024, GEA Group unveiled their new GEA ASEPTICSD® aseptic
spray dryers at Achema 2024 in Frankfurt. It is specially designed for
pharmaceutical spray drying applications. The use of this equipment facilitates
an efficient transition from non-sterile to sterile spray drying and reduces
time and costs.
Pharmaceutical
Drying Equipment Market Key Players:
·
GEA Group
·
Hosokawa Micron Group
·
Freund Corporation
·
I.M.A. Industria Macchine Automatiche
S.p.A.
·
Syntegon Technology GmbH
·
ACG
·
Thermo Fisher Scientific Inc.
·
BUCHI Labortechnik AG
·
OPTIMA
·
MechaTech Systems Ltd.
·
Other Key and Niche Players