by 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:
The pharmaceutical water market comprises of products such as purified water, deionized water, reverse osmosis water, bi-distilled water and purified water. These water products are used in pharmaceutical manufacturing processes for various applications such as packaging, washing and rinsing, testing, and medicinal purposes. Pharmaceutical water finds major use in cleaning and sanitization applications to maintain aseptic manufacturing environments in pharmaceutical production facilities. The stringent regulatory standards for pharmaceutical process water quality drive the need for water purification systems in the industry.
Market Key Trends:
Adoption of water purification systems is a prominent market trend. Pharmaceutical companies are increasingly investing in advanced water purification systems such as reverse osmosis, ion exchange, distillation and ultrafiltration to meet stringent process water quality requirements stipulated by regulatory bodies. These systems ensure provision of consistently high purity water required for various pharmaceutical production processes. Growing demand for medicines, presence of favorable regulations and investments in boosting pharmaceutical manufacturing would accelerate the uptake of water purification systems in the industry over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Pharmaceutical Water Market is moderate. High capital requirements for setting up manufacturing plants act as a deterrent for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have limited options but their requirements can impact manufacturers.
Bargaining power of suppliers: Suppliers of equipment and technology have some bargaining power given the need for stringent quality standards in the pharmaceutical water market.
Threat of new substitutes: There is low threat of substitution as there are limited substitutes for pharmaceutical grade water given strict regulations.
Competitive rivalry: The market has few global players offering complete solutions. Competition is based on product quality, technologies and services.
Key Takeaways
The global pharmaceutical water market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, 2023 – 2030, due to increasing stringent regulations regarding use of water in pharmaceutical manufacturing. The market size was valued at US$ 6.26 Billion In 2023.
Regional analysis: North America is expected to dominate the global pharmaceutical water market over the forecast period. This is attributed to well-established pharmaceutical sector and stringent norms regarding use of water in manufacturing. Europe is also among the lucrative markets driven by high healthcare spending and manufacturing base. Asia Pacific is anticipated to exhibit fastest growth owing to expansion of generics manufacturing and growing R&D investments in countries like China, India.
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. Players focus on developing new technologies to expand their global footprint.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
