The global pharmaceutical water market is estimated to be valued at USD 6.26 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The pharmaceutical water market has strong growth prospects due to growing healthcare industry around the world. Strict regulations regarding use of pure water in drug manufacturing has increased demand for pharmaceutical grade water systems. High purity water/purified water obtained through these systems ensure safety and quality of drugs. Technological advancements in water purification systems have enhanced productivity and efficiency of pharmaceutical manufacturing processes.
Weakness: High initial investments and maintenance costs associated with pharmaceutical water systems can be prohibitive for small and medium pharmaceutical manufacturers. Frequent requirements of system retrofitting/upgrades increase operating expenses of pharmaceutical companies over long term.
Opportunity: Expanding generics market and rise of contract manufacturing organizations in developing nations offer lucrative opportunities. Growing biologics segment is driving use of highly purified water in large volumes. Adoption of continuous manufacturing can further boost system sales.
Threats: Fluctuations in raw material prices increase system pricing pressures. Emergence of alternative purification technologies pose competition.
Key Takeaways
The Global Pharmaceutical Water Market Growth is expected to witness high.
Regional analysis: The North America region currently dominates the global pharmaceutical water market share owing to strong healthcare infrastructure and presence of many leading pharmaceutical manufacturers. Europe holds the second largest share due to strict regulations and expanding generics market in the region. Asia Pacific is expected to grow at fastest pace during the forecast period due to emergence of contract manufacturing hubs in countries like India and China coupled with rising healthcare spending.
Key players operating in the Pharmaceutical Water Market are Merck KGaA, Sartorius AG, Thermo Fisher Scientific Inc, Aqua-Chem. Inc., Danaher Corporation, Avantor Performance Materials, LLC., and Archer Daniels Midland Company. Key players focus on developing advanced water treatment solutions to cater diverse needs of pharmaceutical industry. Partnerships and acquisitions remain important growth strategies.
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