by Lyophilized drugs, also known as freeze-dried drugs, are manufactured through a process of freezing the product, lowering pressure, and removing ice by sublimation under vacuum. This process increases the shelf life of drugs significantly as it removes water from the frozen form of the drug product. Lyophilized drugs have distinct advantages over traditional liquid drugs such as longer expiry date, easy storage and shipping conditions, and ease of absorption. The pharmaceutical sector has witnessed tremendous growth over the past decade due to rising healthcare spending and increasing prevalence of chronic diseases globally. This increasing demand for drugs is subsequently boosting the lyophilized drugs market.
The global Lyophilized Drugs Market is estimated to be valued at US$ 21.5 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Market Key Trends:
One of the key trends observed in the lyophilized drugs market is the rising popularity of oral lyophilized drugs. Oral lyophilized formulations allow for precise dosing, controlled dissolution rates, and improved bioavailability in comparison to traditional liquid drugs. These advantages combined with painless administration through the oral route are propelling the growth of oral lyophilized drugs. Manufacturers in the market are increasingly focusing on developing oral lyophilized versions of popular biopharmaceuticals and small molecule drugs to capitalize on this growing demand.
Porter’s Analysis
Threat of new entrants: The lyophilized drugs market has moderate threat from new entrants due to the requirement of high initial investments for R&D, manufacturing plants and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, customization as per medical condition increases switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is high due to the availability of raw material from limited sources and suppliers commoditizing their products.
Threat of new substitutes: Threat from new substitutes is low as lyophilized drugs require specialized manufacturing facilities and offer stability, convenience and accuracy in dosing.
Competitive rivalry: The competitive rivalry is high among existing players due to their focus on new product launches and expansion into emerging markets.
Key Takeaways
The Global Lyophilized Drugs Market Demand is expected to witness high growth.
Regional analysis: The North America region currently dominates the lyophilized drugs market owing to presence of major players and availability of advanced healthcare infrastructure. However, the Asia Pacific region is expected to witness fastest growth over the forecast period led by countries like China, India and Japan due to growing healthcare spending and demand for convenience therapies.
Key players operating in the lyophilized drugs market are Pfizer Inc., Becton, Dickinson and Company, Mylan N.V., Sanofi, Johnson & Johnson, B. Braun Melsungen AG, GlaxoSmithKline plc and Hikma Pharmaceuticals PLC. Pfizer Inc. and Becton, Dickinson and Company together hold more than 30% of the overall revenue share in the global lyophilized drugs market. The other players are focused on enhancing their lyophilization technologies and expanding into emerging markets to strengthen their geographic presence in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
