Market Trends of Pharmaceutical Granulation Equipment Industry
Pharmaceutical Manufacturing Companies Segment is Expected to Hold a Significant Market Share Over 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 over the study period.
Furthermore, the initiation of the manufacturing of powders is expected to significantly impact the growth of the market. For instance, in November 2022, Hosokawa Micron Powder Systems took the initial steps to begin more in-house manufacturing. This initiative will 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 over the forecast period.
Thus, establishing new manufacturing facilities with new investments and initiation of manufacturing services is expected to increase the need for granulation in pharmaceutical manufacturing, which will likely propel the market to grow over the forecast period.
North America is Expected to Hold Significant Share in the Market Over 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 United States 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 United States government for supporting healthcare is an attributing factor to the growth of the market in the United States. For instance, the Congressional Budget Office 2021 published that federal funding for the National Institute of Health (NIH) in the past few decades totaled over USD 700 billion. This significant funding in the pharmaceutical field is expected to drive the market over the study period.
Furthermore, in July 2021, the United States Pharmacopeia (USP), an independent, scientific nonprofit organization, acquired Pharmatech Associates, Inc. With the addition of Pharmatech Associates' expertise, USP further advanced its 200-year mission. It is to ensure access to quality medicines by extending services that assist manufacturers in meeting global quality standards across the drug and product lifecycle.
Rising healthcare expenditure is fueling the market growth. For instance, as per the data published by the OECD in 2021, Mexico's healthcare expenditure represented 6.2% of its GDP. Therefore, pharmaceutical companies are shifting to discover novel therapies required during development. This approach is expected to affect pharmaceutical production positively in Mexico, thus driving market growth.
