Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Pharmaceutical Spray Drying Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical spray drying market is on the cusp of substantial expansion, with projected growth from USD 1.97 billion in 2023 to USD 2.78 billion by 2028, representing a robust CAGR of 7.13% during the forecast period (2023-2028).
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 Highlights
- Impact of the Pandemic: The early stages of the COVID-19 pandemic disrupted pharmaceutical manufacturing processes and led to a shortage of active pharmaceutical ingredients. However, recovery from the shortage and increased use of pharmaceutical spray drying for COVID-19 treatments positively impacted the market. Spray drying played a crucial role in enhancing drug delivery for treatments like niclosamide(NCL) for COVID-19.
- Rising Prevalence of Chronic Diseases: The pharmaceutical industry is witnessing a surge in chronic diseases such as diabetes and cancer. Spray drying methods are increasingly adopted due to their advantages, including quick drying, adaptability, and compatibility with heat-sensitive materials. Spray drying enables the production of quality drugs, aligning with the growing demand for effective treatments for chronic illnesses.
- Technological Advancements: The development of biologic-based drugs is fueling the demand for spray drying as an alternative to traditional manufacturing methods. This innovative approach offers control over product properties, downstream advantages, and enables amorphous solid dispersion (ASDs) formulations, contributing to the market's growth.
- Excipient Production Segment: Pharmaceutical excipients, essential for drug formulation, are experiencing significant growth due to their role in optimizing drug product performance. Increasing investments in excipient manufacturing facilities and government initiatives are boosting the demand for spray drying, particularly in excipient production.
- North America's Dominance: North America holds a substantial share in the market, driven by the presence of major pharmaceutical players, high research and development expenditure, and technological advancements. Expansion initiatives and acquisitions by pharmaceutical companies in the region further bolster market growth.
Despite the promising growth prospects, challenges such as high costs associated with spray drying and the need for skilled operators may hinder market expansion.
Pharmaceutical Spray Drying Market Trends
- Excipient Production Segment: Pharmaceutical excipients, vital for drug formulation, are seeing substantial growth. Advances in excipient research, government initiatives, and new excipient manufacturing facilities are driving the adoption of spray drying in this segment.
- North American Dominance: North America is expected to maintain a leading position due to its concentration of pharmaceutical giants, high demand for pharmaceutical products, and substantial research and development investments. Expansion efforts and acquisitions by pharmaceutical companies are fueling market growth.
The pharmaceutical spray drying market is at the forefront of innovation, with technology and research paving the way for enhanced drug delivery and treatment options for chronic diseases. As the industry evolves, organizations are poised to harness the potential of spray drying to meet growing healthcare demands.
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)
5.1 By Application
5.1.1 Excipient Production
5.1.2 Encapsulation
5.1.3 Enhancing Bioavailability
5.1.4 Other Applications
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/lrordf
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