- An increase in the demand for biopharmaceuticals and generic injectable drugs will prove to be good growth generators for the pharmaceutical water market
- North America is expected to reign supreme in terms of regional contribution across the global market for pharmaceutical water
ALBANY, N.Y., July 13, 2021 /PRNewswire/ -- Water is one of the crucial components across the pharmaceutical industry. Different grades of water are used expansively in every function of the pharmaceutical sector. The industry is heavily reliant on different degrees of purified water. The objectives of such functions cannot be achieved by using normal water. Thus, the market forecast for pharmaceutical water between 2020 and 2030 looks fruitful.
Pharmaceutical water is a type of purified water used for various purposes in the pharmaceutical sector. The overwhelming use of pharmaceutical water in medical device manufacturing, pharmaceutical and biotechnology companies, academics, and research laboratories will invite profitable growth during the forecast period of 2020-2030. A rise in infectious diseases among a large number of countries will further bring expansive growth prospects for the pharmaceutical water market.
Transparency Market Research (TMR) has conducted a thorough market analysis on pharmaceutical water. According to the key trends across the market, the TMR experts predict the pharmaceutical water market to expand at a CAGR of ~10 percent across the assessment period of 2020-2030. In terms of revenue, the global pharmaceutical water market was at US$ 24.3 bn in 2019 and is extrapolated to surpass US$ 71.9 bn by 2030, the end year of the forecast period.
Pharmaceutical water is being used across the biotechnology sector on a massive scale. The rising use of this water type across specialty enzymes, white biotechnology applications, and diagnostics will invite promising growth for the pharmaceutical water market. In addition, new product developments, distribution, and collaborations will prove to be game-changers for the pharmaceutical water market. The market insights on pharmaceutical water also emphasize the role of mergers and acquisitions in building the growth trajectory.
Key Findings of the Report
Technological Advancements to Dominate the Growth Landscape of the Pharmaceutical Water Market
The players in the pharmaceutical water market are concentrating on strengthening the technological aspect to provide good quality to their consumers. The investments across the pharmaceutical water market are gaining considerable traction and hence, this factor will add extra stars of growth. The players are utilizing varied filtration processes for red biotechnology and plasma fractionation. Such developments will have a positive effect on the growth of the pharmaceutical water market.
Rapid Increase in the Diabetic Patients to Boost the Pharmaceutical Water Market
The growing prevalence of diabetics among a considerable chunk of the populace will bring immense growth prospects for the pharmaceutical water market. According to the World Health Organization (WHO), 422 mn people have diabetes. These alarming statistics raise the concerns about the need for eliminating diabetes. Pharmaceutical water is essential for the production of injectable drugs used in treating diabetic patients. Hence, the rising number of diabetic patients is directly proportional to the growth of the pharmaceutical water market.
The government bodies of numerous countries are focusing on developing a good healthcare infrastructure through various initiatives and funding. These factors will have a positive impact on the growth of the pharmaceutical water market.
The heightening awareness about the importance of disease prevention will also bring a tectonic shift in the growth projections of the pharmaceutical water market.
The development of generic formulations at an accelerated pace will bring tremendous growth opportunities for the pharmaceutical water market during the tenure of 2020-2030.
Large unmet treatment needs across the chronic medical condition landscape will prove to be a boon for the growth of the pharmaceutical water market.
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