Pune, India, June 22, 2021 (GLOBE NEWSWIRE) -- Solvent Evaporation Market: Key Insights
According to our new research study on “Solvent Evaporation Market to 2028 – Global Analysis and Forecast – by Type, End User, and Geography,” the Solvent Evaporation Market Size is projected to reach US$ 821.41 million by 2028 from US$ 492.59 million in 2020; it is expected to grow at a CAGR of 6.7% during 2021–2028. Increasing prevalence of oral diseases and growing adoption of solvent evaporation are the factors driving the market growth. However, rising cyber-threats and risks associated with data security are hindering the solvent evaporation market growth.
Solvent Evaporation Market: Competition Landscape and Key Developments
In July 2020, BUCHI Labortechnik AG (Switzerland) launched SyncorePlus, a fully automated solution for parallel evaporation, featuring high accuracy and precision, and process safety during the evaporation process.
In January 2020, SP Industries launched HT Series 3i evaporators in the US; these user-friendly systems ensure enhanced evaporation process. Thus, the launch and use of such advanced solvent evaporators to overcome the shortcomings of traditional evaporators is emerging as a key trend in the solvent evaporation market.
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In October 2020, Raykol's distributors attended the Thailand Lab 2020 during October 28–30, 2020. Many of Raykol’s new products were displayed at the exhibition and attracted many inquiries and visits. This helped the company to grab trade opportunities for laboratory equipment industry in Thailand and Asia.
Solvent evaporation is an essential step in the drug discovery process, as it is used in stages such as synthesis, sample preparation, and solvent recycling, as well as in the production scale-up of novel therapeutics. Many pharmaceutical companies invest huge amounts in research and development (R&D) processes that mainly revolve around discovering and developing innovative molecules. According to a report published in Statista, the global spending on pharmaceutical R&D totaled ~USD 181 billion in 2018, and it expected to reach USD 223 billion by 2026. Besides, the introduction of new products for delivering high performance and sample capacities during research activities is bolstering the growth of the solvent evaporation market. New technologies or products are being developed to attain maximum precision and accuracy of the evaporation process, along with enhancing the overall process and ensuring safety of workforce.
Based on type, the solvent evaporation market is segmented into rotary evaporators, centrifugal evaporators, nitrogen blowdown evaporators, and spiral air flow evaporators. The rotary evaporators segment held major share of the market in 2020. The nitrogen blowdown evaporators segment is likely to register CAGR of 7.4% during the forecast period.
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Based on end user, the solvent evaporation market is segmented into diagnostic laboratories, pharmaceutical and biopharmaceutical industry, and research and academic institutes. The pharmaceutical and biopharmaceutical industry segment held the largest share of the market in 2020. The research and academic institutes segment is estimated to register the highest CAGR of 7.7% in the market during the forecast period.
Use of Advanced Solvent Evaporators to Fuel Solvent Evaporation Market Growth:
Solvent evaporators have extensive applications in research laboratories, and pharmaceuticals and biotechnology industries. To overcome the problems associated with conventional solvent evaporators, scientists are adopting advanced solvent evaporators that are eco-friendly and user-friendly devices, featuring high energy-efficiency and faster evaporation rates than the traditional rotary evaporators. Companies in the solvent evaporation market are channelizing their focus on the development and launch of advanced solvent evaporators to gain a substantial market share.
Solvent Evaporation Market: Segmental Overview
In terms of end user, the pharmaceutical and biopharmaceutical industry segment held the largest share of the market. The biopharmaceutical and pharmaceuticals industries in developing regions such as Asia Pacific, the Middle East and Africa, and South America are growing rapidly on the back of various government initiatives in the form of funding, promotional events, and conferences to support these industries. Moreover, economic and demographic developments, rising healthcare expenditure, surging pharmaceutical R&D activities, and improving public–private healthcare collaborations as well as funding conditions are driving the growth of these industries. An increasing number of companies are aiding in the production of drugs and active pharmaceutical ingredients (APIs) through contract manufacturing services.
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China, Australia, Japan, India, and South Korea, among others, have large biotech hubs in different cities and provinces. These economies are further seeking help from developed nations for innovative technologies and novel procedures. In response, well-established players are shifting their focus on these economies for their expansion, thus leveraging enormous potentials offered by these countries. Thus, the pharmaceutical and biopharmaceutical industries in developing regions are creating growth opportunities for future growth of the solvent evaporation market players.
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