lyophilized drugs market Is Estimated To Witness High Growth
Author : Leena Shedmake | Published On : 22 Jan 2024
The global lyophilized drugs market is estimated to be valued at US$ 120 billion in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The lyophilized drugs market requires high capital investments and stringent regulatory requirements for new drug approvals which act as a barrier for new players.
Bargaining power of buyers: The presence of many established lyophilized drug manufacturers limits the bargaining power of buyers in this market.
Bargaining power of suppliers: Suppliers of raw materials have limited bargaining power due to availability of substitute materials from various sources.
Threat of new substitutes: New delivery technologies like transdermal drugs pose potential threat, however lyophilized drugs have well-established patient acceptance.
Competitive rivalry: Intense competition exists among established players to gain higher market share through new product launches and strategic partnerships.
SWOT Analysis
Strength: Lyophilized drugs offer stability, sterility and longer shelf life, making them ideal for transport and storage of temperature sensitive biologics. They provide convenience of reconstitution before use.
Weakness: High production costs and complexity in lyophilization process poses challenges. Product recalls can impact brand reputation.
Opportunity: Rising demand for biologics and home healthcare is driving growth opportunities. Emerging markets offer scope for expansion.
Threats: Stringent regulations and safety concerns over contaminants can negatively impact sales. Supply chain disruptions during pandemic are a challenge.
Key Takeaways
The Global Lyophilized Drugs Market Growth is expected to witness high during the forecast period supported by increasing demand for biologics and self-administrable drug formats.
North America dominated the market in 2020 owing to high healthcare spending and presence of major players. Europe is also a significant regional market owing to rising biologics adoption and favorable insurance coverage for lyophilized drugs.
Key players operating in the lyophilized drugs market are are Merck & Co., Inc., Baxter International Inc, Becton, Dickinson and Company, Hamilton Company, Pfizer Inc., Ciron Drugs & Pharmaceuticals Pvt. Ltd., GlaxoSmithKline plc. These companies are focusing on new product launches, partnerships and expanding manufacturing capacities to strengthen their market position.
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