Dublin, July 06, 2023 (GLOBE NEWSWIRE) -- The "Pharmaceutical Spray Drying Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical spray drying market is poised for significant growth, projected to reach USD 2,777.92 million by 2023, with a steady compound annual growth rate (CAGR) of 7.13%.
Key drivers of this growth include the increasing prevalence of chronic diseases, technological advancements, and rising research and development spending in the pharmaceutical industry.
The initial impact of the COVID-19 pandemic caused disruptions in the pharmaceutical spray drying market. However, as the industry recovered, the market witnessed considerable growth, driven by the use of spray drying techniques in the production of COVID-19 drugs, drug applications, and vaccines. This positive trend is expected to continue throughout the forecast period.
Companies Mentioned
- GEA Group Aktiengesellschaft
- SPX Flow
- Hovione
- Shandong Tianli Drying Equipment Corporation Ltd.
- Buchi Labortecknik AG
- European SprayDry Technologies
- Labplant UK
- New AVM Systech Pvt. Ltd.
- Advanced Drying Systems
- Lemar Drying Engineering
Key Factors Driving Market Growth:
- Increasing prevalence of chronic diseases
- Technological advancements and product stability improvements
- Rising research and development spending in the pharmaceutical industry
Excipient Production Segment:
- Excipients play a crucial role in drug formulation
- Pharmaceutical companies are investing heavily in excipient production
- Spray drying is increasingly used for excipient production, driving segment growth
North America's Growth Outlook:
- North America is expected to experience significant market growth
- Factors contributing to this growth include the presence of major pharmaceutical players, high demand for pharmaceutical products, technological advancements, and substantial research and development investments
- Expansion initiatives by companies, such as Eurofins' expansion of spray dry development and production services, further boost the region's market growth
United States Market Potential:
- The United States is projected to witness notable market growth
- Factors driving this growth include the increasing burden of chronic diseases and significant investments in pharmaceutical research and development activities
- Biomanufacturing investments to combat pandemics and increase API production are expected to drive demand for pharmaceutical spray drying technology
Challenges in Market Growth:
- High cost associated with spray drying
- Requirement for skilled operators
Despite challenges, the pharmaceutical spray drying market is poised for substantial growth in the coming years. Increasing demand for effective drug treatments and advancements in technology will drive market expansion.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases
4.2.2 Technological Advancements and Improvements in the Stability of Products
4.2.3 Increasing Research and Development Spending
4.3 Market Restraints
4.3.1 High Cost Associated with Spray Drying and Requirement of Experienced Operators
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Application
5.1.1 Excipient Production
5.1.2 Encapsulation
5.1.3 Enhancing Bioavailability
5.1.4 Others
5.2 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/c4ovyt
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