Global Pharmaceutical Desiccant Market Overview
Pharmaceutical desiccants are used to control the humidity and moisture inside the pharmaceutical packaging in order to increase the product’s shelf life. These desiccants aid by removing the moisture effectively from the container or bottle’s top surface when products are packaged. Increasing patient pool on the back of rising chronic as well as minor diseases across the globe is estimated to propel the demand for pharmaceutical desiccants over the forecast period i.e. 2019-2027.
Market Size & Forecast
On the back of growing pharmaceutical industry, the pharmaceutical desiccant market is anticipated to record a CAGR of 4.3% over the forecast period. Their advantageous properties are exploited in the field of pharmacy as well as packaged food industry on regular basis. Thus, new uses for their derivatives are discovered through R&D which is further expected to boost the market shares rapidly. Currently, the global pharmaceutical desiccant market is observing vibrant growth owing to increasing demand for bottled capsules and tablets in the market. Application of pharmaceutical desiccants to keep these products moisture free with longer shelf life is estimated to drive the market over the forecast period. Rising rate of geriatric population from 7.3% in 2005 to 8.7% in 2017 leading to higher demand for pharmaceutical products is expected to impact the market positively across the globe.On the basis of regional platform, the global pharmaceutical desiccant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is estimated to showcase the highest growth over the forecast period on the back of growing pharmaceutical industry across the region accompanied with high expenditure on R&D activities. Increasing application of pharmaceutical desiccants in growing economies such as, China and India is expected to induce the highest growth of Asia Pacific market in terms of its consumption over the forecast period. Its growing application as matting agents is further predicted to boost the market growth.
Europe is estimated to display a vivid growth on the back of presence of high geriatric population across the region with countries such as, Germany, Italy and others accompanied with increasing governmental initiatives across the region to provide safe pharmaceutical products during the forecast period.CLICK TO DOWNLOAD SAMPLE
Growth Drivers & Challenges
Increasing Demand for Pharmaceutical Products
Increasing incidences of chronic diseases with the rise in the overall healthcare expenditure of the present population is anticipated to showcase a vibrant growth of pharmaceutical desiccants market over the forecast period. The OECD estimated that the global average expenditure on health, per capita, USD purchasing power parities was 3992 USD in the year 2017 which has been observed to increase since the past decade. This rise in personal healthcare expenditure owing to increasing disposable income is anticipated to contribute significantly to boost the market revenue over the forecast period. The worldwide increase in geriatric population and rising incidences of chronic as well as minor diseases, the market will grow owing to increasing purchasing power of the current population.
Increasing Governmental Initiatives
Increasing initiatives for safer drug delivery to end-users, the market is estimated to propel across the globe. Additionally, the rapid growth of the pharmaceutical industry with the increasing public as well as private investments for research and development activities is estimated to enhance the growth of the market over the forecast period.
The application of pharmaceutical desiccants for removing moisture, purification, and other treatments along with its use as drying agent for industrial liquids and gases is attributed to expand its usage making it an attractive choice to the pharmaceutical as well as industrial manufacturers. Some of them are also used for the purpose of eliminating trapped H2O molecules from a completely saturated silica gel blob to modify their composition which in turn can treat other pharmaceutical desiccants for re-use. Moreover, other factors such as increasing healthcare infrastructures with rising patient pool are expected to augment the growth of the market further during the forecast period.
Due to Strict Quality Standards
However, associated strict quality control criteria along with performance standards are expected to serve as leading restraints in the growth of the market. Furthermore, the demand for varying temperature based pharmaceutical desiccants for various products accompanied with the need of regular monitoring to meet quality management yardsticks is expected to hinder the growth of the pharmaceutical desiccants market over the forecast period.
Our-in depth analysis of the global pharmaceutical desiccant market includes the following segments:
By Desiccant Type
Global Pharmaceutical Desiccant Market is further classified on the basis of region as follows:
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