The pharmaceutical water market is estimated to be valued at US$ 6.26 Billion Or 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.
Market Overview:
Pharmaceutical water is used for various applications such as production of tablets, capsules, sterile products, API manufacturing, and others. Pharmaceutical water requires different purification processes such as reverse osmosis, distillation, ion exchange, and filtration to remove contaminants. Purified water is essential for production of pharmaceutical products to avoid microbial contamination, meet drug safety standards, and comply with regulations.
Market Dynamics:
One of the major drivers fueling growth of the pharmaceutical water market is increasing demand from pharmaceutical companies for purified water. Growing number of manufacturing facilities, increasing production volumes, and rising research & development activities by pharma companies are augmenting the demand for pharmaceutical grade water. Stringent regulations regarding water purification standards are further stimulating market growth. Another key driver is increasing investments by major players in the market to expand their purification technologies and production capabilities. For instance, Sartorius spent around €120 million in 2021 on capacity expansions to meet demand for bioprocessing solutions and purified water systems.
Segment Analysis
The global Pharmaceutical Water Market is segmented into pharmaceutical & biotechnology companies, contract manufacturing organizations and academic & research institutes. The pharmaceutical & biotechnology companies segment currently dominates the market and is expected to witness the highest growth over the forecast period owing to the increasing in-house production of drugs by major pharmaceutical companies.
PEST Analysis
Political: Stringent regulations regarding use of clean water in pharmaceutical production by FDA and other regulatory bodies are expected to drive the demand.
Economic: Growing pharmaceutical industry worldwide along with rising healthcare spending will propel the market growth during the forecast period.
Social: Increasing prevalence of diseases and demand for innovative drugs worldwide are projected to boost the pharmaceutical water market.
Technological: Adoption of advanced water purification technologies like ultrafiltration, reverse osmosis etc. for production of high purity water are facilitating the market growth.
Key Takeaways
The global pharmaceutical water market size is expected to reach US$ 6.26 Billion In 2023 and exhibit a CAGR of 7.9% during 2023 – 2030. Stringent regulatory guidelines mandating use of highly purified water in manufacturing of pharmaceutical products and medical devices are expected to drive the market. Geographically, North America dominated the global market in 2022 owing to presence of large pharmaceutical companies and research institutes in the region. Key players operating in the pharmaceutical water market are Sartorius, Merck KGaA, Thermo Fisher Scientific Inc., GENERAL ELECTRIC, Danaher Corporation, SUEZ Water Technologies & Solutions, Veolia Water Solutions and Technologies, Evoqua Water Technologies LLC, Aqua Solutions, Inc., Baxter International Inc.
Regional Analysis
Asia Pacific is projected to witness the fastest growth during the forecast period. Countries such as China, India and Japan have emerged as major hubs for generic drug manufacturing attributing to presence of cost effective production facilities. Rising healthcare spending and increasing outsourcing of pharmaceutical production to Asia Pacific by major global players are further boosting the market in the region.
Key Players
Key players operating in the pharmaceutical water market are Sartorius, Merck KGaA, Thermo Fisher Scientific Inc., GENERAL ELECTRIC, Danaher Corporation. Sartorius and Merck KGaA dominate the pharmaceutical water purification systems market owing to their strong global presence and wide product portfolio.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- 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.