Pharmaceutical Solvent Market Overview
Pharmaceutical solvents are involved in all process (reaction, separation and formulation) of drug manufacturing. These solvents accounts for more than half of the material used during the drug manufacturing process. Organic solvents are gaining popularity in pharmaceutical industries as they offer better mixing, reaction rate, scalability, isolation and safety features.
Market Size and Forecast
Global pharmaceutical solvent market is anticipated to flourish at a CAGR of 4.5% over the forecast period. Additionally, the market is expected to reach USD 3.8 Billion by the end of 2024. Increasing utilization of solvent in pharmaceutical factories is the key growth driver of global pharmaceutical solvent market.
In the regional platform, North America is the largest market in the term of market share in overall pharmaceutical solvent market. Additionally, North America is expected to continue to its dominance over the forecast period. The market of pharmaceutical solvent is majorly driven by the presence of major pharmaceutical industries in the region. Rising healthcare expenditure is augmenting the growth of pharmaceutical industries which further is likely to drive the growth of pharmaceutical solvent in the region. U.S. is expected to contribute significant revenue to global pharmaceutical solvents market during the forecast period.
North America is forecasted to be followed by Europe and Asia-Pacific. Europe region is expected to behold positive growth over the forecast period. Apart from this, Asia-Pacific region is anticipated to witness lucrative growth during the forecast period. Further, rising sale and demand for pharmaceutical products is likely to spur the growth of pharmaceutical solvent market in the Asia-Pacific region. China, India and South Korea are expected to be a major contributor to the growth of pharmaceutical solvent market due to the presence of various solvent manufacturing companies.
On the basis of product type, the market is segmented into alcohol, amine, esters, ethers and other solvents. The alcohol pharmaceutical solvent is anticipated to hold largest share of pharmaceutical solvent market and grow at a CAGR of 4.9% during the forecast period. Further, this segment is likely to achieve an incremental opportunity of USD 586 Million between 2017 and 2024.
Our in-depth analysis has segmented global pharmaceutical solvent market into the following segments:
By Product Type
By End User
Global pharmaceutical solvent market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growth and expansion of pharmaceutical industry is driving the pharmaceutical solvent market. Increasing healthcare expenditure by population is fostering the growth of global pharmaceutical solvent. Additionally, rise in healthcare budget by the government of various countries is driving the growth of pharmaceutical industries which is further increasing the demand for pharmaceutical solvent. This factor is expected to spur the growth of pharmaceutical solvent during the forecast period.
Apart from this, research and development is expected to be one of the key growth drivers for global pharmaceutical solvent market. Increasing demand for environment friendly and low volatile organic compound has been witnessed in recent years. Further, developments such as less time consuming solvents, low volatile organic compound emission is projected to drive the growth of global pharmaceutical solvent market over the forecast period.
In contrast, stringent regulations in developed countries are expected to dampen the growth of global pharmaceutical solvent market during the forecast period. Further, limited use or banned toxic and hazardous solvents are anticipated to limit the growth of pharmaceutical solvent market.
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