Market Trends of Pharmaceutical Granulation Equipment Industry
The Pharmaceutical Manufacturing Companies Segment is Expected to Hold a Significant Market Share During the Forecast Period
Advancements in science and technology are augmenting the growth of R&D activities by pharmaceutical companies globally. With the rise in R&D spending and increasing sales of pharmaceuticals in developed countries like the United States and Canada, the pharmaceutical industry is entering a new era of advanced medical development. For instance, in April 2022, Ferring Pharmaceuticals opened its integrated R&D and manufacturing facility in Hyderabad and established it with a total investment of EUR 30 million (USD 32.9 million). The R&D capability includes formulation development, and the manufacturing facility is mainly designed for the oral solid dosage form, where the granulation of active ingredients is a crucial step. Hence, with new manufacturing facilities, the market is expected to grow significantly during the study period.
Furthermore, the initiation of the manufacturing of powders is expected to impact the growth of the market significantly. For instance, in November 2022, Hosokawa Micron Powder Systems took the initial steps to begin more in-house manufacturing. This initiative is expected to result in better quality control and lower costs over time. Hence, the new manufacturing of pharmaceuticals helps to increase the demand for granulation and is expected to grow significantly in the market during the forecast period.
Thus, establishing new manufacturing facilities with new investments and initiation of manufacturing services are expected to increase the need for granulation in pharmaceutical manufacturing, which is expected to propel the market to grow during the forecast period.
North America is Expected to Hold Significant Share in the Market During the Forecast Period
North America is expected to hold a significant market share due to increased investments and initiatives by public and private organizations. The US pharmaceutical industry is one of the leaders in developing new medicines. Pharmaceutical Research and Manufacturers of America (PhRMA) member companies remained at the forefront.
The increasing funding from the US government for supporting healthcare is an attributing factor to the growth of the market in the United States. For instance, the Congressional Budget Office 2022 published that research and development spending on pharmaceuticals totaled over USD 78,095 million in the United States. Further, according to Statistics Canada, in October 2023, total R&D spending in the industry reached CAD 0.91 billion (USD 0.67 billion) in 2022. This significant investment in research and development in the pharmaceutical field is expected to drive the market during the study period.
Furthermore, the growing incidence of chronic diseases in the region is expected to increase demand for effective drug treatment and thus boost the demand for the granulation equipment for the final dosage forms, such as tablets and capsules, thereby boosting the market's growth. For instance, according to the American Cancer Society, the prevalence of lung cancer is increasing in the country and reported 238,340 lung cancer cases in 2023 compared to 236,740 in 2022. This data shows a rapid increase in the incidence of cancer cases in the country, and during the forecast period, the incidence of cancer is expected to increase further. Thus, the escalating burden of cancer cases in the country is projected to spur the demand for advanced therapeutics, which is, in turn, projected to foster demand for granulation equipment, thereby boosting the market's growth.
Thus, the increasing research and development spending and growing prevalence of chronic diseases are expected to contribute to the market's growth during the forecast period.
