New Castle, Delaware, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Solvent Evaporation Market by Product Type (Rotary Evaporators, Centrifugal Evaporators, and Others), and End User (Pharmaceutical and Biopharmaceutical Industry, Diagnostic Laboratories, and Research and Academic Institutes): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global solvent evaporation market valued for $0.5 billion in 2022 and is estimated to reach $1.0 billion by 2032, exhibiting a CAGR of 5.8% from 2023 to 2032.
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Prime determinants of growth
Increase demand for pure samples in various end-user markets, availability of various capacity evaporator systems and growing focus on green and sustainable solutions are the factors that drive the growth of the global solvent evaporation market. However, high manufacturing and product cost is hampering the solvent evaporation market growth. On the contrary, growth in demand for laboratory automation is expected to offer remunerative opportunities for expansion of the solvent evaporation market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.5 billion |
| Market Size in 2032 | $1.0 billion |
| CAGR | 5.8% |
| No. of Pages in Report | 218 |
| Segments covered | Type, End User, and Region |
| Drivers | Increase in demand for pure samples in the end-user markets Availability of various capacity evaporator systems Growing focus on green and sustainable solutions |
| Opportunities | Growth in demand for laboratory automation |
| Restraints | High manufacturing and product cost |
The rotary evaporator segment to maintain its leadership status throughout the forecast period
Based on type, the rotary evaporator segment dominated the market in 2022, accounting for nearly half of the global solvent evaporation market revenue, and is anticipated to register highest CAGR of 6.4% during the forecast period, owing to its widespread use in various industries, including pharmaceuticals, biotechnology and chemical research.
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The pharmaceutical and biopharmaceutical industry segment to maintain its lead position during the forecast period
Based on end user, the pharmaceutical and biopharmaceutical industry segment accounted for the largest share in 2022, accounting for more than three-fifths of the global solvent evaporation market revenue owing to increase in demand for drug development, drug manufacturing, and advanced therapies. However, research and academic institutes segment is projected to register highest CAGR of 6.7% during the forecast period owing to increase in investments in research studies, the need for improved analytical methods, and the exploration of new materials and compounds.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global solvent evaporation market revenue, owing to a strong presence of pharmaceutical industry, advanced research capabilities, and stringent regulatory standards. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2023 to 2032, owing to rise in pharmaceutical and biotechnology industries, advancements in research and development, and increase in demand for high-quality products.
Leading Market Players:
- Pope Scientific Inc.
- Biotage
- Labconco Corporation
- ATS Corporation
- Steroglass S.r.l.
- BioChromato
- Yamato Scientific Co., Ltd.
- Organomation
- Heidolph Instruments Gmbh and Co. KG
- BÜCHI Labortechnik AG
The report provides a detailed analysis of these key players of the global solvent evaporation market. These players have adopted different strategies such as agreement, product launch, expansion, and rebranding, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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