The global 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 an important component in pharmaceutical manufacturing as it is used across various applications such as injections, cleaning equipment and manufacturing processes. Pharmaceutical water offers advantages like maintaining the sterility, efficacy and quality of drugs. With the growing pharmaceutical industry globally, there is an increasing demand for pharmaceutical water.
Market key trends:
One of the key trends in the pharmaceutical water market is the growing adoption of purified water. Purified water such as purified water (PW), water for injection (WFI) and highly purified water (HPW) is widely used in the pharmaceutical industry for processes like rinsing, dissolving, diluting and cleaning. This is due to stringent regulatory guidelines mandating the use of purified water for pharmaceutical manufacturing and processing. Purified water helps eliminate microbial contamination and maintain sterility during drug production.
Segment Analysis
The global pharmaceutical water market is segmented based on type and end user. Based on type, the purified water segment dominated the market in 2023 and is expected to continue its dominance over the forecast period due to its wide application in the production of pharmaceutical products. Purified water is used extensively during various steps of drug manufacturing such as encapsulation, cleaning, and rinsing.
Key Takeaways
The global Pharmaceutical Water Market is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period of 2023 - 2030, driven by rising pharmaceutical production and stringent regulations regarding use of purified water in drug manufacturing.
The market size is anticipated to reach US$ 6.26 Billion In 2023.
Regional Analysis
North America dominates the global pharmaceutical water market and is expected to continue its dominance during the forecast period. This is attributed to presence of major pharmaceutical firms and stringent purity standards mandated by regulatory authorities in the region. Asia Pacific is expected to witness the fastest growth over the forecast period supported by expanding pharmaceutical industry in countries like India and China.
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. Sartorius holds the largest share currently due to its wide portfolio of water purification technologies and global presence.
Read More : https://www.rapidwebwire.com/pharmaceutical-water-market-demand-opportunities-analysis/
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