by The Pharmaceutical Water Market is estimated to be valued at US$ 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.
Market Overview:
Pharmaceutical water is used during manufacturing, testing, and processing of pharmaceutical products and medical devices. It is essential to use purified water to ensure product quality and safety. Pharmaceutical water treatment systems are used to purify water and remove impurities in accordance with strict quality standards set by global regulatory bodies.
Market Dynamics:
Growing adoption of stringent regulatory standards for water quality in the pharmaceutical industry is a major factor driving the growth of the global pharmaceutical water market. Implementation of regulations such as EU GMP Annex 1 and USP Chapter 1223 by the FDA and EMA mandate use of purified water during various stages of drug development and production. This has boosted demand for advanced water treatment systems and solutions. Furthermore, expanding pharmaceutical manufacturing activity across emerging nations is also contributing to the market growth.
Market Key Trends:
The Pharmaceutical Water Market has been witnessing increasing focus on purified water and highly purified water purity levels. Pharmaceutical-grade water production is strictly regulated by FDA guidelines which mandate high quality standards. The growing regulatory complexity and stringent norms have been driving demand for advanced water purification systems capable of producing highly purified water. Moreover, R&D in advanced drug delivery methods have also fueled the need for high purity levels. Manufacturers have been developing advanced technologies like ion exchange, reverse osmosis, electrodeionization etc to achieve purity levels up to 18.2 Megaohm-cm resistivity for critical applications.
SWOT Analysis
Strengths: Strict regulatory and compliance requirements ensure long term demand. Additionally, advancement in drug delivery has increased purity requirement.
Weaknesses: High capital investment required for setting up water purification systems. Dependence on limited number of vendor for technical expertise and service.
Opportunities: Emerging economies provide high growth opportunity due to increasing healthcare investments and expansion of domestic pharma industry. Adoption of continuous systems over batch operations also creates scope.
Threats: presence of local and unorganized players poses pricing challenge. Consolidation among major players further intensifies competition.
Key Takeaways
The global pharmaceutical water market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing spending on R&D and stringent regulatory requirements.
Regional Analysis:
North America accounted for the largest share of over 30% in 2023 owing to well-established pharmaceutical industry and stringent FDA norms in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast period fueled by expanding generic drugs market in India and China and increasing healthcare investments.
Key Players:
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. These players are focusing on developing innovative water treatment technologies and systems with advanced features to comply with global regulatory standards.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
