Market Size of Pharmaceutical Granulation Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pharmaceutical Granulation Equipment Market Analysis
The pharmaceutical granulation equipment market is anticipated to register a CAGR of 5.5% over the forecast period.
During the COVID-19 pandemic, many countries faced challenges in manufacturing pharmaceuticals, impacting the study market. The difficulties faced by pharmaceutical makers were primarily due to the inability of most products' production and supply to be interrupted or reduced, regardless of organizational or outbreak-related factors. Hence, the challenges faced by the companies reduced the demand for pharmaceutical granulation equipment, adversely impacting the market during the pandemic. However, the pharmaceutical granulation equipment market may grow further over the coming years due to resumed supply chain activities.
The increasing research and development spending on healthcare, specifically pharmaceuticals, is expected to boost market growth. For instance, according to the data published by the Congressional Budget Office 2021, the pharmaceutical industries spent nearly USD 200 billion on research and development globally in 2021, compared to USD 83.0 million in previous years. Hence, the increasing healthcare R&D expenditure raises the need for various pharmaceutical products that need granulation procedures using various equipment and is expected to propel the market over the study period.
The increasing number of clinical trials by some pharmaceutical and biotechnology companies contributes to market growth. For instance, in May 2021, Evotec reported a phase 1 clinical trial on a new anticancer molecule. The candidate was created in partnership with Exscientia, a company based in Oxford, United Kingdom, that applies artificial intelligence (AI) techniques to small-molecule drug discovery. Thus, the market is expected to grow significantly over the forecast period due to the abovementioned factors.
However, the high equipment cost will likely hinder the market growth over the forecast period.
