The product is used for absorbing the moisture so that it sustains a standard level of dryness. The growth of the pharmaceutical industry is likely to boost the revenue creation for the players of the pharmaceutical desiccant market in the years to come. In addition, the increasing production of medicines is poised to favor market growth over the next couple of years.
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The rising demand for healthcare services, in conjunction with the increasing burden of chronic diseases, is prognosticated to catapult pharmaceutical desiccant market on upward trajectory. Also, the increasing research & development for drug discovery is projected to influence the expansion of the market positively.
Pharmaceutical desiccants are extensively used for extending the lifespan of medicines. According to Market Research Future (MRFR)’s recent analysis, the global pharmaceutical desiccant market is expected to touch a valuation of USD 191.3 Mn by 2023 exhibiting a CAGR of 4.43% during the assessment period.
Based on type, the global pharmaceutical desiccant market has been segmented into silica gel, carbon clay desiccant, activated, molecular sieves and others. The silica gel segment dominated the growth trajectory of the market in 2015 with around 40% market share under its control. The segment was valued at USD 47.2 Mn in 2015 and is prognosticated to expand at 4.9% CAGR over the forecast period. The product is capable of absorbing high levels of moisture which is expected to drive the proliferation of the segment in the years to come. The activated segment was the second leading segment and was valued at over USD 29 Mn in 2015. It is anticipated to strike a CAGR of 4.16% across the projection period. The product is used for purification and moisture removal.
By End-Use, the pharmaceutical desiccant market has been segmented into tablets, API’s, diagnostic kit, capsules, and nutraceutical product packaging. The tablets segment accounted for the major share of 22% in 2015 and was valued at USD over 200 Mn. It is forecasted to mark a CAGR of 4.85% during the review period. The API segment is projected to gain traction in the forthcoming years. It scaled a valuation of USD 203.5 Mn in 2015 and is projected to register a CAGR of 4.37% over the forecast period.
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I. du Pont de Nemours and Company
Capitol Scientific, Inc
CSP Technologies, Inc
R. Grace & Co
The global pharmaceutical desiccant market, by region, is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest share of the market in 2015 which accounted for around 30% share. The regional segment was valued at USD 35.5 Mn and is anticipated to strike a CAGR of 4.37% over the assessment period. The pharmaceutical industry, as well as the chemical industry, has been observing an upsurge in demand for desiccants. This, in turn, is poised to drive the growth of the regional pharmaceutical desiccant market over the next couple of years.
Europe was valued at USD 31.9 Mn in 2015 and is likely to maintain its second spot over the next few years. The rapid developments in the healthcare sector of the region, coupled with new commercialization models, are expected to boost revenue creation for the players of the pharmaceutical desiccant market in the region. On the other hand, Asia Pacific is anticipated to mark the highest CAGR of 4.67% across the assessment period.
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