Market Introduction
APAC is fastest growing market for solvent evaporation market. The region consists of the countries such as China, India, Japan, Australia, and South Korea. China led the APAC market in terms of revenue. China is a big hub for pharmaceutical and biotechnology companies. In recent ages, the Chinese government introduced the series of policies for pharmaceutical industries, the policies such as accelerating the drug approval process for special medicine, developing clinical centers, and improve in the protection of clinical data. These factors Chinese pharmaceutical industry more invested in drug discovery and development process. The investment in drug discovery creates huge demand for solvent evaporation devices.Similarly, growth in pharmaceutical industry supports the growth of solvent evaporation market during the forecast period. According to research study, the Chinese pharmaceutical market is estimated to reach at USD 161.8 billion by 2023. Similarly, the Chinese biotech market is growing from USD 40 billion in 2018 and is expected to reach at 96 billion by 2023. Thus, the growing pharma & biotech industry supports the growth of the market during estimated time period. Other factors such as burgeoning biotech industries in developing countries and rising use of advanced solvent evaporator are also driving the growth of the APAC solvent evaporation market.
In case of COVID-19, APAC is highly affected specially India. The spread of infection has also affected other countries such as South Korea, Australia, Malaysia, and Singapore. Countries in APAC are facing challenges due to increasing incidences of COVID-19. Currently, India is the second worse hit country worldwide. Many measures have been implemented to contain the spread of COVID-19, which have resulted in significant operational disruption for many companies including in the healthcare industry. Staff quarantine, supply-chain failures, and reductions in demand have generated serious complications for companies. The countries participated in the exhibition to gain maximum numbers of customers that helps company to increase its revenue through it. Raykol's distributor attended the Thailand Lab 2020 from Oct 28 to Oct 30, 2020. Many of Raykol's new products were displayed at the exhibition and attracted many users’ inquiries and visits. This helps the company to provide trade opportunity for laboratory equipment industry in Thailand and in Asia. Therefore, the outbreak of the COVID-19 pandemic is estimated to affect no impact on solvent evaporation industry.
Market Overview and Dynamics
The APAC solvent evaporation market is expected to grow from US$ 122.59 million in 2021 to US$ 201.99 million by 2028; it is estimated to grow at a CAGR of 7.4% from 2021 to 2028. Solvent evaporation active substances are an essential step in the drug discovery process, as it is used in stages such as synthesis, sample preparation, and solvent recycling, as well as in the production scale-up of novel therapeutics. Many pharmaceutical companies invest huge amounts in research and development (R&D) process that mainly revolves around discovering and developing innovative molecules. According to a report published in Statista, the region spending on pharmaceutical R&D totaled ~USD more then 40 billion in 2018, and it expected to reach more than 50 billion by 2026. As per the India Brand Equity Foundation, Indian pharmaceutical companies invested ~7.0% of their revenues in the R&D process in 2015 and R&D investment grew by 8.6% in 2019. Thus, increasing R&D expenditure is fueling the growth of the APAC solvent evaporation market.
Key Market Segments
In terms of type, the rotary evaporators segment accounted for the largest share of the APAC solvent evaporation market in 2020. In terms of end user, the pharmaceutical and biopharmaceutical industry segment held a larger market share of the APAC solvent evaporation market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC solvent evaporation market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Apricot Designs, Inc.; Biotage AB; Büchi Labortechnik AG; Crescent Scientific; Heidolph Instruments GmbH & CO. KG; IKA Werke GmbH & CO. KG; KNF NEUBERGER, INC.; LabTech S.r.l.; Organomation Associates, Inc.; Porvair plc; Raykol; SCINCO CO.,LTD.; and Yamato Scientific co., ltd.
Reasons to buy report
APAC Solvent Evaporation Market Segmentation
APAC Solvent Evaporation Market - By Type
APAC Solvent Evaporation Market - By End User
APAC Solvent Evaporation Market - By Country
APAC Solvent Evaporation Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 122.59 Million |
| Market Size by 2028 | US$ 201.99 Million |
| CAGR (2021 - 2028) | 7.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia-Pacific Solvent Evaporation Market is valued at US$ 122.59 Million in 2021, it is projected to reach US$ 201.99 Million by 2028.
As per our report Asia-Pacific Solvent Evaporation Market, the market size is valued at US$ 122.59 Million in 2021, projecting it to reach US$ 201.99 Million by 2028. This translates to a CAGR of approximately 7.4% during the forecast period.
The Asia-Pacific Solvent Evaporation Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Solvent Evaporation Market report:
The Asia-Pacific Solvent Evaporation Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Solvent Evaporation Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Solvent Evaporation Market value chain can benefit from the information contained in a comprehensive market report.
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