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.
What the Market Looks Like?
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%. North America is expected to account for the largest share of the solvent evaporation market in 2018.
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.
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What are Key Trends in the Market?
The growth of the Solvent Evaporation Market is primarily influenced by the following factors:
- Increasing R&D Expenditure
- Increasing Demand for Pure Samples in End-Use Markets
- Growing Development of Large-Molecule Biopharmaceuticals
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.
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- In June 2019, Yamato Scientific relocated its headquarters to Tokyo, Japan.
- In July 2019, Organomation Associates, Inc. partnered with BioChromato to provide a vacuum-assisted Smart Evaporator to customers in North America.
- In April 2018, Yamato Scientific opened its new R&D Center in Saitama Prefecture, Japan.
- In May 2017, Organomation Associates enhanced its MICROVAP product line with the addition of four new product offerings.