Global Pharmaceutical Fluid Handling Market Forecast Report 2023-2028 - A US$14.2 Billion Market Opportunity by 2028
DUBLIN, Dec. 5, 2023 /PRNewswire/ -- The "Pharmaceutical Fluid Handling Market Forecast to 2028 - Global Analysis By Offering, Tubing, Application, Usage, and End User" report has been added to ResearchAndMarkets.com's offering.
The pharmaceutical fluid handling market is expected to reach US$ 14.2 billion by 2028 from US$ 10.3 billion in 2021; it is estimated to register a CAGR of 4.7% from 2022 to 2028. Increasing drug production and growing adoption of single-use systems in the pharmaceutical industry are among the key forces driving the market. However, high price of failed clinical trials is hindering the pharmaceutical fluid handling market growth.
In recent years, research and development efforts have increased along with investments in developing innovative treatments. The US Food & Drug Administration (FDA) Center for Drug Evaluation and Research (CDER) approved 35 medicines for "biologic drugs" in 2019, and 50 novel drugs were approved in 2021. Further, 410 novel drugs have been approved in the past decade, registering 40 approvals each year. The Medicine Development for Global Health (MDGH), in collaboration with the World Health Organization (WHO) Special Program for Research and Training and GlaxoSmithKline, initiated the development of new drugs for tropical diseases and Malaria Venture (MMV) in 2018. This initiation is promoting more clinical trials and drug discovery, which is increasing the number of drug approvals, thereby boosting the pharmaceutical fluid handling market.
According to the National Library of Medicine (NLM), in 2021, the number of registered clinical studies with posted results accounted for 52,537, and it is likely to reach 56,100 by the end of 2022. Moreover, there has been an increase in R&D spending in recent years. According to data published by Congressional Budget Office in April 2021, the spending on drug R&D increased by 50% from 2015 to 2019. In 2019, the pharmaceutical industry spent US$ 83 billion on R&D, which increased by 10 times compared to the past decade. Thus, the increasing number of clinical trials, drug production, and increasing investments in R&D are contributing to the growth of the pharmaceutical fluid handling market.
Offering-Based Insights
Based on offering, the global pharmaceutical fluid handling market is segmented into equipment and solutions and services. In 2021, the equipment segment held the largest share of the market, and it is expected to grow at the highest CAGR during 2022-2028. The detachable pharmaceutical fluid handling equipment is used for the arterial and venous embolization in the peripheral vasculature.
End User-Based Insights
Based on end user, the pharmaceutical fluid handling market is segmented into biotechnology companies, pharmaceutical & medical companies, and others. The biotechnology companies segment held the largest market share in 2021, and it is further expected to be the largest shareholder in the market by 2028. Biotechnology companies hold a significant share in the drug discovery and development of innovative biologics to treat chronic diseases. The industry is witnessing growth since the past decade due to extensively increasing research and development activities and regulatory approvals for introducing new products. As per the ClinicalTrials.gov database, in 2021, about 6,516 clinical studies were active in the US. Approximately 920,000 people participated in these clinical trials. Thus, increasing number of clinical trials to find innovative treatments for various chronic diseases show the potential need for clinical research fluid handling systems.
The US is one of the world's largest markets for the biotechnology industry. Although other countries primarily use their biotechnology resources for pharmaceuticals and diagnostics, the US has discovered many other useful points for this innovative branch of science. In the US, biotechnology is helpful in health, food and agriculture, and industrial sectors. All these sectors have experienced a production rise with the help of biotechnology, and the favorable results have led to significant contributions to the economy. The manufacturing divisions of biotechnology companies are involved with fluid control systems since most steps involve liquids, such as, buffer solutions, cell extracts, feed media, and product fractions. This growth is expected to have a positive impact on the demand for fluid handling solutions by the biotechnology companies.
"PharmaPure" (Saint-Gobain Performance Plastics) is a biologically compatible, premium, and low spallation peristaltic pump tube developed especially for biotechnology and laboratory applications. The superior flex life characteristics of the pump minimizes production downtime due to pump tubing failures. It also has low permeability and is ideal for protecting sensitive cell cultures, fermentation, separation, purification, process monitoring, and sterile filling. Thus, aforementioned factors are likely to drive the growth of the segment during the forecast period.
Company Profiles
- CIRCOR
- Parker Hannifin
- Danaher
- Spirax Sarco Engineering
- Merck
- Rochling
- RAUMEDIC
- Tef Cap Industries
- Fraser Ross
- Australian Fluid Handling
For more information about this report visit https://www.researchandmarkets.com/r/a1kjzh
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