Pharmaceutical Drying Equipment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Pharmaceutical drying equipment is essential to the production of medicinal goods. The pharmaceutical industry uses a variety of drying techniques to eliminate moisture from both raw materials and final goods. These methods include air drying, vacuum drying, freeze-drying, and spray drying, each with its specific applications and advantages.  

MARKET OVERVIEW

The pharmaceutical drying equipment market is valued at approximately USD 5.45 billion in 2023 and is projected to reach USD 11.59 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 7.1% during the forecast period of 2024-2034. The main objective of these equipment is to maintain a product's physical and chemical integrity while achieving the appropriate moisture content.

This is especially crucial as the presence of excessive moisture can result in the degradation of active pharmaceutical ingredients (APIs), the loss of potency, and changes in the physical properties of the product, like its stability and solubility.

GROWTH DRIVERS

The pharmaceutical industry is heavily regulated to ensure product safety and efficacy. Regulatory bodies like the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) set rigorous guidelines for manufacturing processes, including drying methods. Manufacturers are compelled by these rules to invest in cutting-edge drying equipment that satisfies stringent quality standards. The need for compliance drives market growth as companies seek reliable solutions that are able to assist them in adhering to regulatory requirements.

An aging population and an increase in the prevalence of chronic diseases are driving up demand for pharmaceutical products. According to the World Health Organization (WHO), by 2050, there are expected to be 2 billion people worldwide who are 60 years of age or older. This is anticipated to raise demand for pharmaceuticals and pharmaceutical manufacturing techniques, particularly drying equipment. This trend requires efficient production methods that guarantee product quality and compliance with regulatory standards.

MARKET SEGMENTATION:

By Type -

·         Spray Dryers

·         Freeze Dryers

·         Fluidized Bed dryers

·         Vacuum Dryers

·         Other Dryers

By Scale of Operation -

·         Industrial-Scale Equipment

·         Pilot-Scale Equipment

·         Laboratory- Scale Equipment

By End User -

·         Pharmaceutical and Biotechnology Companies

·         Contract Development and Manufacturing Organizations

·         Research Academies and Universities

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Pharmaceutical Drying Equipment Market By Type Segment Review:

In the pharmaceutical sector, spray dryers are essential tools for converting liquid suspensions or solutions into dry powders. This procedure is necessary to produce pharmaceutical goods. In 2024, the spray dryers are expected to dominate the global market for pharmaceutical drying equipment due to technological advancements, increasing demand for powdered pharmaceuticals, regulatory compliance needs, and cost-effectiveness considerations.

Pharmaceutical Drying Equipment Market By Scale of Operation Segment Review:

Large-scale production processes in pharmaceutical manufacturing increases the demand for industrial-scale drying equipment. These systems are crucial for the bulk manufacturing of medications as they are capable of handling large volumes of materials. This market is growing as a result of rising pharmaceutical demand, technical developments that boost productivity, the ability to customize a wide range of goods, and pharmaceutical companies' attempts to expand internationally.

Pharmaceutical Drying Equipment Market By End User Segment Review:

In 2024, pharmaceutical and biotechnology companies' segment is expected to dominate the pharmaceutical drying equipment market due to ongoing investments in drug development and production capabilities. Pharmaceutical demand has surged due to an aging population and an increase in chronic diseases worldwide, which is increasing the demand for effective production methods like drying.

Pharmaceutical Drying Equipment Market By Region Segment Review:

The North America region is anticipated to hold the largest market share for Pharmaceutical Drying Equipment due to the presence of a well-established pharmaceutical industry and advanced manufacturing capabilities in the region. The Asia Pacific market is anticipated to grow rapidly due to region’s rapid industrialization, increasing healthcare expenditures, and a growing population that demands more pharmaceuticals.

Pharmaceutical Drying Equipment Market Regional Synopsis:

North America is expected to dominate the pharmaceutical drying equipment market due to the growing prevalence of chronic diseases, well-established pharmaceutical industry and advanced manufacturing capabilities. The region further benefits from high investments in research and development and a robust regulatory framework that ensures product quality and safety.

Europe is another well-established player in the market due to region’s strong emphasis on innovation and quality standards in drug manufacturing. The European market is further influenced by strict regulations related to drug safety and efficacy, which demands the use of high-quality drying equipment.

The Asia Pacific market is expected to grow at the maximum rate during the forecast period due to rapid industrialization, their cost-effective production capabilities and expanding domestic markets.

The market in Latin America is growing due to improving healthcare systems, increasing investments in pharmaceuticals, and increasing prevalence of chronic diseases coupled with a growing middle class.

The Middle East & African market is witnessing growth due to increasing healthcare investments and rising awareness about health issues. As local manufacturers seek modernized equipment to meet international standards, the demand for this market is expected to grow further.

Pharmaceutical Drying Equipment Market Key Challenges:

The growing need for reconditioned drying equipment is one of the main challenges in the pharmaceutical drying equipment. In order to meet their operating objectives while controlling costs, many pharmaceutical companies often prefer to use refurbished machinery. This tendency is especially prevalent among startups or companies operating in developing markets, where financial limitations are a major concern. The market for new pharmaceutical drying equipment is expected to slow down as companies prioritize refurbished equipment over investing in advanced technologies.

The pharmaceutical sector is subject to strict regulations that govern each phase of production, including drying activities. These regulations require constant investments in quality control and assurance measures, which often become a strain on resources, particularly for small companies or those transitioning to more advanced drying technologies.

Pharmaceutical Drying Equipment Market Competitive Landscape:

The global market for pharmaceutical drying equipment is characterized by a diverse competitive landscape, each striving to enhance their market position through various strategies such as product innovation, mergers and acquisitions, partnerships, and expansions.

Companies are placing a greater emphasis on research and development in order to create novel goods that improve productivity and adhere to legal requirements. Furthermore, major players often collaborate with research institutions to leverage expertise and expand product offerings. For instance, in May 2024, GEA Group unveiled their new GEA ASEPTICSD® aseptic spray dryers at Achema 2024 in Frankfurt. It is specially designed for pharmaceutical spray drying applications. The use of this equipment facilitates an efficient transition from non-sterile to sterile spray drying and reduces time and costs.

Pharmaceutical Drying Equipment Market Key Players:

·         GEA Group

·         Hosokawa Micron Group

·         Freund Corporation

·         I.M.A. Industria Macchine Automatiche S.p.A.

·         Syntegon Technology GmbH

·         ACG

·         Thermo Fisher Scientific Inc.

·         BUCHI Labortechnik AG

·         OPTIMA

·         MechaTech Systems Ltd.

·         Other Key and Niche Players