by Pharmaceutical water, also known as purified water, highly purified water and water for injection (WFI), is used extensively across the pharmaceutical industry as a cleansing and purification agent in manufacturing operations and for preparation of pharmaceutical formulations such as injections, syrups, and ointments. Pharmaceutical water acts as a solvent for both active and inactive ingredients and prevents microbial contamination in sterile pharmaceutical products. It is also required for cleaning equipment used in pharmaceutical manufacturing. The global pharmaceutical water market is primarily driven by growing aging population and increasing prevalence of chronic diseases. Moreover, strict quality control standards and guidelines mandated by regulatory authorities regarding production of pharmaceutical and biopharmaceutical drugs has propelled the demand for pure and high quality water across manufacturing facilities.
The global Pharmaceutical Water Market is estimated to be valued at 6.26 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Stringent regulatory guidelines for production is one of the primary drivers propelling growth of the global pharmaceutical water market. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have established rigorous production standards and quality control guidelines to ensure safety and efficacy of drugs. Pharmaceutical water, being the main solvent and cleansing agent, requires highest purity levels as defined by different pharmacopeia such as the United States Pharmacopeia (USP) and European Pharmacopoeia (Ph. Eur.). Non-compliance to regulatory standards can lead to product failures, recalls and shutdown of manufacturing facilities. This has prompted pharmaceutical companies to use ultra-pure and pyrogen-free water purified through various technologies to adhere to regulatory standards.
The production driver referred from the heading along with stringent regulatory guidelines is further complemented by growing aging population and increasing prevalence of chronic diseases globally. As people age, their vulnerability to various diseases rises, which requires continuous medication. This in turn boosts demand for pharmaceutical drugs, thereby augmenting consumption of pharmaceutical water in manufacturing. According to the United Nations Population Fund (UNFPA), the number of people aged 65 years and above is projected to increase from 703 million in 2019 to 1.5 billion by 2050.
Segment Analysis
The global pharmaceutical water market is dominated by the pure steam generator segment. Pure steam generators are extensively used in pharmaceutical and biotech facilities for producing high-quality pure steam that meets stringent standards. Pure steam finds wide application in the manufacturing of sterile products and for heating and humidification purposes. The segment occupies over 30% of the market share owing to the non-negotiable nature of steam sterilization in pharmaceutical production.
PEST Analysis
Political: Stringent regulatory norms regarding water quality in the pharmaceutical industry in regions like North America and Europe is driving significant demand. Various guidelines by the FDA and EMA mandate the use of high purity water.
Economic: The growing pharmaceutical industry across emerging economies of Asia Pacific due to low-cost manufacturing has bolstered regional growth. Further, rising healthcare spending is increasing investment in pharmaceutical production facilities.
Social: Increasing disease prevalence such as cancer is elevating healthcare needs worldwide. This is subsequently augmenting the demand for medications, thereby driving the need for pure water in manufacturing.
Technological: Advancements in water purification systems are supporting the consistent delivery of pharmaceutical-grade water. Membrane technologies like ultrafiltration and RO are gaining widespread prominence owing to their ability to remove impurities.
Key Takeaways
The Global Pharmaceutical Water Market Demand is expected to witness high growth.
Regional analysis comprises- North America dominates the market and is expected to maintain its leading position during the forecast period. The region accounts for over 35% of the global demand due to stringent FDA guidelines regarding water purity.
Key players operating in the pharmaceutical water market are Dow, SUEZ, Veolia, Pentair, and Kurita.
*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.
