Pharmaceutical Desiccants are utilized to control the humidity and moisture within the pharmaceutical packaging to be able to increase the product’s shelf life. These desiccants aid by eliminating the moisture efficiently from the container or jar’s surface when products are packed. Increasing patient pool around the back of increasing chronic in addition to minor diseases throughout the world is estimated to propel the demand for pharmaceutical desiccants within the forecast period i.e., 2019-2027.
Market Size and Forecast
On the back of developing Pharmaceutical sector, the pharmaceutical desiccant market is expected to capture a CAGR of 4.3% over the forecast period. Their valuable properties are exploited in the area of pharmacy in addition to packaged food sector on regular basis. Therefore, new uses for their derivatives are found through RandD that is further expected to increase the market shares rapidly. Currently, the worldwide pharmaceutical desiccant marketplace is celebrating vibrant growth owing to growing demand for bottled capsules and pills on the marketplace. Application of pharmaceutical desiccants to keep those products moisture free of longer shelf life is anticipated to push the market over the forecast period. Growing rate of geriatric population from 7.3percent in 2005 to 8.7percent in 2017 leading to greater demand for pharmaceutical products is expected to affect the industry positively through the globe. On based on regional platform, the worldwide pharmaceutical desiccant market is segmented into five key areas including North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
North America is estimated to showcase the maximum growth over the forecast period on the back of developing pharmaceutical desiccant throughout the region accompanied with higher cost on RandD activities. Increasing application of pharmaceutical desiccants in developing economies like, China and India is expected to induce the maximum growth of Asia Pacific market concerning its consumption over the forecast period. Its growing program as matting agents is further called to improve the market growth.
Europe is estimated to exhibit A vibrant increase on the back of existence of high geriatric population throughout the region with countries such as, Germany, Italy and many others tasked with increasing cultural initiatives throughout the area to provide safe pharmaceutical products throughout the forecast period. Increasing incidences of Chronic diseases with the growth in the total healthcare expenditure of the current population is expected to showcase a vibrant development of pharmaceutical desiccants market over the forecast period. The OECD estimated that the worldwide average expenditure on health, per capita, USD purchasing power parities was 3992 USD in the year 2017 that has been observed to increase since the last decade. This rise in private healthcare cost owing to increasing disposable income is likely to contribute significantly to raise the industry earnings over the forecast period.