Market Size of Global Solvent Evaporation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
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?
Solvent Evaporation Market Analysis
The solvent evaporation market is expected to register a CAGR of 6.5% during the forecast period.
The COVID-19 outbreak has had a significant negative impact on the healthcare business and has badly impacted the entire supply chain. Regarding the market studied, the solvent evaporation technique was used in some instances to understand the drug efficacy for COVID-19. For instance, as per the article published in March 2022 titled, 'Study results in three new co-amorphous drug systems with great anti-COVID-19 potential,' in China, MAR has a long history of use in the treatment of chronic enteritis and hepatitis. MAR was used in COVID-19 therapy at the beginning of 2020 in combination with antiviral drugs such as ritonavir, lopinavir, or abidol. To understand the efficacy of these drugs, co-amorphous systems were developed using the solvent evaporation method. Hence, with such effective uses of solvent evaporation, the market witnessed a positive impact of the COVID-19 pandemic.
The growth of the market is attributed to increasing R&D expenditure, a growing development of large-molecule biopharmaceuticals, and increasing demand for pure samples in the end-use markets. For instance, during the year 2021, major pharmaceutical companies spent a considerable amount on research and development as a result of the rising need for novel therapeutics. Companies such as Pfizer, Roche, Merck & Co., and Johnson and Johnson have spent almost 20% to 25% of their total revenue on R&D. This high spending is contributing to the market growth.
The solvent evaporation technique is widely used in sample preparation across pharmaceutical industries. Thus, the increasing use of this technology, coupled with growing development in the novel drug, is propelling the market. Moreover, the benefits of solvent evaporation techniques compared to other preparation methods, such as sonication and spray drying, are widely used in microencapsulation and floating microspheres. Furthermore, the rising demand to obtain the highest purity in drugs with rising demand for laboratory automation is likely to fuel the solvent evaporation market.
