ID: MRFR/CnM/2838-CR | 185 Pages | Published By Priya Nagrale on April 2022
The global pharmaceutical desiccants market size was valued at USD 93,167.16 thousand in 2020 and is projected to reach USD 154,462.36 thousand by 2030 at a CAGR of 4.77%
Pharmaceutical Desiccant Market Overview
The global pharmaceutical desiccants market size was valued at USD 93,167.16 thousand in 2020 and is projected to reach USD 154,462.36 thousand by 2030 at a CAGR of 4.77%. A pharmaceutical desiccant is a hygroscopic substance that initiates a condition of dryness (drying up) in its surface area. Pharmaceutical desiccants are used for specialized purposes in any form other than solid and sometimes for the chemical bonding of water molecules.
In the industrial sector, desiccants are in huge demand and are vastly used to maintain the water level in gas streams. They are generally used in food products to retain crispness. Desiccant is one of the essential components of the pharmaceutical industry that helps reduce moisture content in the medicines to preserve the quality and prolong the medicine’s life.
The pharmaceutical industry plays a strategized dynamic role in developing vaccines & medications to treat severe diseases and potentially improve the quality according to the demand of the individuals. Globally, pharmaceutical services have become one of the fastest-growing industries in income and business. Pharmaceutical packaging records the total number of medicines manufactured and supports the medicines from contamination, damage, degradation, and increases medicine’s life.
COVID-19 Impact on the Pharmaceutical Desiccants Market:
Different markets across the globe have been impacted by the disruptions that the COVID-19 pandemic has caused. To some extent, the same was observed in the global pharmaceutical desiccants market. This was due to several factors, such as supply chain disruptions and strict government regulations. Desiccant is one of the essential components of the pharmaceutical industry. It helps in reducing moisture content in the medicines to preserve the quality and prolong the medicine’s life. In the early phase of the COVID-19 pandemic, in the year 2020, there was a shortage of pharmaceutical desiccants due to supply chain disruptions in most of the regions. After the first wave of COVID-19, various governments took action to normalize the supply chain of pharmaceutical products. The demand for pharmaceutical desiccants increased during this period for various pharmaceutical applications. It is being used in COVID-19 test kits to help test kits remain effective during shipping to and from laboratories. For instance, companies like Abott Laboratories use desiccants for their Covid-19 rapid identification testing, which can reveal results within five minutes. Thus, COVID-19 has a positive impact on the global pharmaceutical desiccants market.
The COVID-19 pandemic has disrupted the supply chain and interrupted the entire value chain of the pharmaceutical desiccants market, from raw material procurement to manufacturing, packaging, and distribution. On the distribution front, the impact has not been very severe as online pharmacies could solve supply constraints of hospital and retail pharmacies to an extent. However, as the number of COVID-19 cases declines and trade barriers are lifted, the supply chain is expected to return to normalcy soon.
The pharmaceutical industry plays a dynamic role in developing vaccines & medications to reduce the risks and treat severe diseases and simultaneously improve the personal satisfaction of individuals. The industry has a key contribution to developing technologically advanced products through imaginative research to meet the growing demand. Globally, pharmaceutical services have become one of the fastest-growing segments—both in terms of income and business.
Pharmaceutical packaging supports protecting the medicines from contamination, damage, degradation, and counterfeiting. The desiccant products have to show consistency in their manufacturing and technical performance before it is used in pharmaceutical products. Additionally, due to the high quality of packaging for protecting pharmaceutical products from external impurities and keeping products bacteria-free for a long duration, the relative cost of the final finished product has increased multiple times. Thus, the high cost of the finished product is expected to be the major factor hampering the growth of the global pharmaceutical desiccants market.
Developing nations such as India, China, Brazil, Russia, and Turkey present numerous opportunities for the pharmaceutical desiccants market. In India, there is an increase in the development of small and large pharmaceutical packaging companies, which provide an opportunity for desiccant manufacturers to manufacture high-quality products for different applications. In addition, there is an increase in the awareness of the benefits of desiccants, due to which their demand has increased. This has led to an increase in the production of pharmaceutical desiccants in the country.
The pricing of the drugs takes into account the average of all the drugs with a market share of 1% or more. The government contribution to the healthcare sector is 2.1% of GDP as of 2020, making it difficult for the pharmaceutical company to cater to those below the poverty line. The pharmaceutical industry is expected to adopt market-based pricing rather than cost-based pricing, which would reduce overall costs. The rising customer expectations for better medicines is the major challenge that hinders the growth of the pharmaceutical industry. Customers, physicians, and patients demand higher quality drugs along with novel therapies which are economically better than the existing ones
The countries of the US and Canada form the market for pharmaceutical desiccant in the North American region. The US FDA is regarded as one of the best regulatory bodies in the world. Product approvals are quick, with a median time of approximately 13 months. On the other hand, the country's free pricing policy is a major benefit to the pharmaceutical desiccant industry. Additionally, the strong pharmaceutical manufacturing base in the region, due to supportive government regulations and high R&D expenditure, bodes drives the growth of the market. The increasing growth of the pharmaceutical industry in the European region is influenced by the growth of the pharmaceutical desiccants market. The rising disposable incomes and economic gains have mainly contributed to the rapid growth of the pharmaceutical market. The increase in income levels, especially for people belonging to the lower economic strata, along with initiatives by the government to provide basic healthcare facilities are expected to increase the availability and affordability of medicines for the population.
China, Japan, India, South Korea, and countries in rest of APAC together form the pharmaceutical desiccants market for the Asia-Pacific region. The growth in the geriatric population leads to an increase in the cases of diseases and more requirements of healthcare facilities for the population. Thus, there will be a growth in the use of medical facilities and healthcare products, which will lead to an increase in pharmaceutical desiccant production. Brazil, Mexico and countries in rest of Latin America together form the market for pharmaceutical desiccant in the Latin American region. The pharmaceutical products must meet stringent quality control & performance criteria in the Latin American regions. Suppliers and manufacturers of desiccants have to meet the quality management system by pharmaceutical companies on a regular basis.Recent Development
In India, there is a rapid growth in the development of small and large pharmaceutical companies, which provides an opportunity for newcomers as desiccant manufacturers to manufacture high-quality products for different applications.
February 2020- The government contribution to the healthcare sector is 2.1% of GDP as of the budget, making it difficult for the pharmaceutical company to reach out to those below the poverty line. The pharmaceutical industry is expected to adopt market-based pricing affordable to individuals of any economical background rather than cost-based pricing for market purposes. In terms of insights, it has focused on various levels of analysis on market dynamics, value chain analysis, competitive landscape, and company profiles—all of which comprise, discuss and strategize on the global pharmaceutical desiccants to become the emerging and fast-growing industry in sectors, regions, and countries.
The global pharmaceutical desiccants market is expected to showcase healthy growth throughout the forecast period. The global market represents strong numbers in terms of consumption and is expected to grow year on year. The global pharmaceutical desiccants market is highly fragmented, with a majority presence of tier-1 players. Some of the key players operating in the global pharmaceutical desiccants market are DuPont de Nemours, Inc., Filtration Group Corporation, Sanner GmBH, Clariant, CSP Technologies, Inc., Capitol Scientific, Inc., Desiccare, Inc., W. R. Grace & Co., Desican Inc., and Oker-Chemie GmbH.
Some of the key developments include:
The pharmaceutical desiccants market is segmented by type, end-use, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global pharmaceutical desiccants emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 154,462.36 Thousand|
|CAGR||4.77% CAGR (2021-2030)|
|Forecast Units||Value (USD Thousand) & Volume (Tons)|
|Report Coverage||Revenue Forecast, Competitive Landscape, and Growth Factors|
|Segments Covered||Type and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa|
|Key Vendors||DuPont de Nemours, Inc., Filtration Group Corporation, Sanner GmBH, Clariant, CSP Technologies, Inc., Capitol Scientific, Inc., Desiccare, Inc., W. R. Grace & Co., Desican Inc., and Oker-Chemie GmbH|
|Key Market Opportunities||• Increasing Demand for Pharmaceutical Desiccants in Emerging Economies|
|Key Market Drivers||• Expanding Pharmaceutical Industry • Growing Geriatric Population Across the Globe|
The global pharmaceutical desiccants market would register a growth of 4.77%.
The silica gel will play a prominent role in taking the market forward.
Stringent regulations and high cost of the finished products could restrain the market.
North America would enjoy the upper hand in the pharmaceutical desiccants market.
The US, as the largest consumer, would set the trend.