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Pharmaceutical Water Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The Pharmaceutical water market size is expected to see rapid growth in the next few years. It will grow to $56.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%” - The Business Research Company
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The pharmaceutical water market has seen impressive growth in recent years and is projected to escalate from $34.09 billion in 2023 to $37.61 billion in 2024, reflecting a compound annual growth rate CAGR of 10.3%. This growth during the historical period can be attributed to an uptick in demand for high-quality water, and augmented production of biologics and biosimilars.
Will the Pharmaceutical Water Market Continue to Grow in Future?
Yes, it will. The size of the pharmaceutical water market is expected to witness rapid growth in future years. It is projected to escalate to $56.31 billion in 2028 at a compound annual growth rate CAGR of 10.6%. The growth during the forecast period will be driven by stricter regulations mandating quality and compliance, increased outsourcing of pharmaceutical manufacturing among other factors.
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What is Driving the Growth of the Pharmaceutical Water Market?
The pharmaceutical water market is expected to gain significant momentum due to increased demand from the biotechnology industry. Biotechnology harnesses biological processes to develop products and technologies that benefit society. The need for pharmaceutical water in the biotechnology industry has risen due to advancements in genetic engineering and research techniques. Pharmaceutical water ensures biotech products are safe, effective, and compliant with regulatory standards.
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What Key Players Are Driving the Pharmaceutical Water Market?
The pharmaceutical water market's growth is spurred on by key players including Merck & Co. Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Ecolab Inc., and Baxter International Inc. Others major participants include B. Braun Melsungen AG, Xylem Inc., Sartorius AG, Pentair PLC, and Waters Corporation, among others.
What is Paving the Way for Innovations in the Pharmaceutical Water Market?
Major players in the pharmaceutical waters market are focusing on product innovation, such as water for Injection WFI, to improve water purification process efficiency. Water for Injection WFI is a product that meets the highest purity standards for producing injectable medications.
In what sectors is Pharmaceutical Water used?
The pharmaceutical water market's applications are diverse:
1 By Product Type: Highly Purified Water, Water For Injection, Water For Inhalation, Deionized Water, Distilled Water, Other Product Types
2 By Application: Drug Formulation, Cleaning And Purification, Cell Culture Production, Equipment Cleaning, Buffers And Solutions, Other Applications
3 By End User: Pharmaceutical And Biotechnology Companies, Contract Research And Manufacturing Organizations, Academics And Research Laboratories, Hospitals And Healthcare Facilities, Diagnostic Laboratories, Other End-Users
What does the Regional Market Outlook Look Like?
In 2023, North America dominated the pharmaceutical water market as the largest regional player. Meanwhile, Asia-Pacific is poised to be the fastest-growing region in the future. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.