(IT-NEWSWIRE.COM, July 22, 2021 ) According to the new market research report “Solvent Evaporation Market by Evaporator Type (Rotary Evaporator, Nitrogen Blow Down Evaporator, Centrifugal Evaporator), End-User (Pharmaceutical & Biopharmaceutical, Diagnostic Laboratories, Research & Academic Institute), Region – Global Forecast to 2024“, published by MarketsandMarkets™, global solvent evaporation market size is projected to reach USD 694 million by 2024 from USD 487 million in 2019, at a CAGR of 7.3%.
Growth in this market is driven majorly by the growth of the biologics sector, increasing research & development expenditure, rising purity demands in end-use markets, and the growing development of large molecule biopharmaceuticals.
[138 Pages Report] The global solvent evaporation market size is projected to reach USD 694 million by 2024 from USD 487 million in 2019, at a CAGR of 7.3%.
The key factors driving the growth of this market include the low prices of reprocessed devices as compared to new ones and the pressure to reduce the volume of medical waste generated. The medical device reprocessing includes cleaning, disinfection, inspection, sterilization, and repackaging of used medical devices for its reuse to diagnose and treat multiple patients
1. Increasing R&D Expenditure
2. Increasing Demand for Pure Samples in End-Use Markets
3. Growing Development of Large-Molecule Biopharmaceuticals
In this report, the global market for solvent evaporators was arrived at after the assessment of major product segments and their shares. For this purpose, the share of major product segments was determined through various insights gathered during primary and secondary research. The research process involved the study of multiple factors affecting the industry to identify segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
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Rotary evaporators are expected to be the most significant revenue contributor to the global market in 2018. The large share of this segment can be attributed to the increasing demand for efficient & pure samples, growing investments in research & development by research institutes, rising demand for industrial-scale automation in terms of digitization, and the growing need for advanced analytical tools during drug diagnosis & research studies.
The solvent evaporation market, by the end-user, includes pharmaceutical & biopharmaceutical industry, diagnostic laboratories, and research & academic institutes. The research & academic institutes segment is expected to grow at the highest CAGR during the forecast period due to factors such as the increasing drug development studies and the rising demand for continuous innovation and enhancement of existing products.
The geographical regions mapped in the report are:
Middle East & Africa
The North American market accounted for the largest share of the solvent evaporators industry in 2018. This is attributed to the increase in life sciences R&D, rising focus on improving the safety & quality of healthcare, growing efforts to increase the output of the healthcare industry, growth in the biosimilars & generics market, rising demand for high-quality research tools for data reproducibility, and increasing focus on developing personalized therapeutics. The presence of a large number of global players in this region is another key factor contributing to the large share of this market segment.
Some key players mentioned in the research report are:
The prominent players in the global solvent evaporation market include Yamato Scientific Co., Ltd. (Japan), BÜCHI Labortechnik AG (Switzerland), Biotage AB (Sweden), Heidolph Instruments GmbH & CO. KG (Germany), Labconco Corporation (US), Porvair plc (UK), IKA Works GmbH & Co. KG (Germany), Steroglass Srl (Italy), Organomation Associates, Inc. (US), KNF Neuberger, Inc. (US), BioChromato, Inc. (Japan), Radleys (UK), LabTech S.r.l. (Italy), Abel Industries Canada Ltd. (Canada), DOÐA Limited (Turkey), ANPEL Laboratory Technologies Inc. (China), Asahi Glassplant Inc. (Japan), EYELA (Japan), Pope Scientific, Inc. (US), and SP Industries, Inc. (UK).
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Mr. Aashish Mehra