According to the new research report by Transparency Market Research, the global pharmaceutical hot melt extrusion market will exhibit a CAGR of 3.90% for the given projection period of 2016 to 2024. This growth of the market will lead it to a valuation worth US$36.4 mn by the fall of 2024.
This is a substantial rise in valuation from the initial recording of US$26.6 mn back in 2015. The global pharmaceutical hot melt extrusion market is expected to exhibit a CAGR of 4.7% in terms of volume for the mentioned period of forecast.
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Increasing Awareness about Benefits of Extrusion to Drive Market Growth
The growing awareness among the manufacturers about the advantages of using pharmaceutical hot melt extrusion over the traditional techniques of processing is considered to be the primary driving factor for the growth of the global market. The functional parameters in the production of hot melt extrusion are being changed quite easily. This has led to the screw elements allowing the agitator designs to be changed easily. It has also helped in the optimization of suit in a certain application.
In addition to this, the die plates can also be exchanged with the extrude diameter. Such characteristics and benefits are thus scaling up the demand for pharmaceutical hot melt extrusion, which ultimately is driving the market growth.
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There are however, a few factors that are impeding the growth of the global pharmaceutical hot melt extrusion market. The growing concerns about overall quality of pharmaceutical hot melt extrusion and the non-compliance of the mandatory regulations are some of the major restraining factors for the development of the global market.
Moreover, incompetence in delivering supplies on time coupled with inadequacy of the chemical formulations because of the API characteristics are also some other important factors that are hampering the growth of the global pharmaceutical hot melt extrusion market.
Europe to Witness Strong Market Growth
On the geographical front, the global pharmaceutical hot melt extrusion market is divided into five main regions. These regions are North America, Latin America, Middle East and Africa, Europe, and Asia Pacific. Currently, the global market for pharmaceutical hot melt extrusion is predominantly led by the North America region. The regional segment accounted for nearly 38% of the overall market share back in 2015.
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The dominance of the regional segment is due to the presence of several key players that are contributing to the development of the market in the region. In the near future, the Europe market for pharmaceutical hot melt extrusion is expected to show a considerable growth. This growth is primarily driven by the increasing demand for enhanced medical equipment and growing adoption of extruders.
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