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Global Lyophilized Drugs Market to surpass US$ 560.2 billion by 2026

August 16, 2019 Off By BusinessWire

SEATTLE–(BUSINESS WIRE)–#Antineoplastic–According to Coherent Market Insights, the global lyophilized drugs market was valued at US$ 322.9 Billion in 2018, and is projected to exhibit a CAGR of 7.1% during the forecast period (2018–2026).

Key Trends and Analysis of the Global Lyophilized Drugs Market:

Increasing regulatory approvals for lyophilized drugs is expected to drive the global lyophilized drugs market growth. For instance, in September 2018, Novartis Pharmaceuticals Corporation received the U.S. Food and Drug Administration (FDA) approval for its Xolair (omalizumab), a prefilled syringe formulation, for the treatment of moderate to severe persistent allergic asthma and chronic idiopathic urticarial. The drug is available in a 150 mg single-dose vial with lyophilized, sterile powder for reconstitution.

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Moreover, manufacturers are engaged in adopting inorganic growth strategies such as acquisitions and partnerships to strengthen their product portfolio. For instance, in January 2015, India-based contract manufacturing organization Piramal acquired the U.S.-based sterile injectable contract development and manufacturing organization (CDMO) Coldstream Laboratories for US$ 30.65 million. Coldstream Laboratories was focused on manufacturing of sterile liquids and lyophilized parenteral and injectable.

Active involvement by organizations such as GAVI- the Vaccine Alliance, World Health Organization (WHO), and others in increasing accessibility of vaccines in low and middle income economies is further expected to fuel growth of the market. For instance, in August 2018, GAVI, the Vaccine Alliance and The Audacious Project, entered into partnership to provide combined US$ 18 million to Last Mile Health and Living Goods (project). The new funding was to provide access to vaccines to over 8 million people in Africa region. Thus, such initiatives are also helping the manufacturers to focus on such low middle income economies, in order to strengthen their presence. Moreover, incidence of infectious diseases such as pneumococcal diseases, influenza, diphtheria, and others is very common among African population due to several factors, such as overcrowding, poverty, underlying conditions (such as HIV infection), and genetics.

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Among regions, North America is expected to be the most attractive region in the global lyophilized drugs market. Factors such as high presence of key players in the region, and facility expansion in North America region by key players, in order to increase the production capacity of lyophilized products is expected to drive growth of the market in this region. For instance, in July 2018, Evonik expanded its contract development and manufacturing (CDMO) capabilities in North America to meet increasing demand for controlled release injectable formulations in the U.S.

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Key Market Takeaways:

The global lyophilized drugs market is projected to witness CAGR of 7.1% during the forecast period (2018–2026), owing to increasing prevalence of autoimmune diseases. For instance, according to American Autoimmune Related Diseases Association, Inc., (AARDA), in 2018, around 50 million people in the U.S suffered from autoimmune diseases.
Among packaging type, vial segment is expected to show significant growth for lyophilized drugs market owing to increased focus of manufacturers on the development of highly advanced packaging products that protect the vial during the lyophilization process, in order to protect the quality of the drug. For instance, in February 2017, West Pharmaceutical Services, Inc. launched its LyoSeal cap, designed for instant sealing of lyophilized drugs vials, at Pharmapack 2017, exhibition for pharmaceutical packaging.
Major players operating in the global lyophilized drugs market include Sanofi S.A, Merck & Co., Inc., Fresenius Kabi USA, LLC., Ciron Drugs & Pharmaceuticals Pvt Ltd., GlaxoSmithKline plc., Mylan NV., Pfizer, Inc., Amneal Pharmaceuticals LLC, Otsuka Holdings Co., Ltd. (Otsuka Pharmaceutical Co., Ltd.), and BTG Plc

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/lyophilized-drugs-market-2930