The pharmaceutical grade sodium chloride market is anticipated to develop at a moderate compound annual growth rate (CAGR) of 5.9% from 2022 to 2029 when it is valued at US$ 472.1 million. The target market is expected to grow from a value of US$ 298.8 million in 2021 to an anticipated US$ 315.8 million by the end of 2022. Throughout the projection period, the pharmaceutical and healthcare industries’ increased demand for pharmaceutical-grade sodium chloride will fuel the product’s expansion.
Application of pharmaceutical grade sodium chloride in the pharmaceutical and healthcare industries such as in injections, hemodialysis, oral rehydration salts, and others is a primary growth driver of the market for pharmaceutical grade sodium chloride. The target market will likely witness significant growth, during the projected period, because of higher consumption across various end-use industries.
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Moreover, the oral drug delivery system presents excellent results for market players and end-users as a route of administration. This is because of its advantages like high patient compliance, affordability, decreased sterility, fewer restrictions, flexibility in the design of dosage forms, and ease of production. In addition, for controlled and sustained-release dosage forms, the demand for matrix tablets is constantly increasing, and pharmaceutical-grade sodium chloride is typically used in the manufacturing of matrix tablets. Hence, the popularity of matrix tablets also aids the growth of the target market.
Again, the continuous rise in stress and lifestyle-related disorders, particularly among Indians, will lead to an elevated need for innovation and research, which will ultimately result in the development of novel drug-delivery technologies. Consequently, there will be an advancing market for novel drug formulations. This bodes well for the target market during the forecast period.
“Rising role of pharmaceutical grade sodium chloride in the production of injections, hemodialysis, oral rehydration salts, and other pharmaceutical chemicals will likely drive the global growth of the pharmaceutical grade sodium chloride market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High costs, time, and effort requirements during the production process may hamper market growth.
- The pharmaceutical grade sodium chloride market in the U.S. will account for 89.7% share in North America.
- South Korea’s pharmaceutical grade sodium chloride market will grow at 4.2% during the assessment period.
- The hemodialysis segment will expand at a CAGR of 5.9% during 2022-2029.
- The HD-NaCl segment will grow at 6.0% CAGR, reaching US$ 316.0 Mn by 2029.
Competitive Landscape
K + S AG, Akzonobel, Cargill, Hebei Huachen, Swiss Saltworks, Sudsalz Gmbh, Tata Chemicals, Cheetham Salt, Salinen, Dominion Salt Ltd., and US Salt among others are some of the major players in the pharmaceutical grade sodium chloride market profiled in the full version of the report.
Leading market players are focusing on entering markets in emerging economies to expand their manufacturing facilities. These businesses are keen on introducing and releasing new products, increasing investment in research and development activities, and engaging in mergers and acquisitions.
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More Insights into Pharmaceutical Grade Sodium Chloride Market Report
In its latest report, FMI offers an unbiased analysis of the global pharmaceutical grade sodium chloride market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (API-NaCl, HD-NaCl), application (injections, hemodialysis, oral rehydration salts, osmotic agents, others), and region.
According to the latest FMI reports, based on segmentation, the HD-NaCl segment will exhibit impressive growth during 2022-2029 owing to its role in hemodialysis treatment and various kidney-associated medical treatments. This segment will grow at 6.0% CAGR, reaching US$ 316.0 Mn by 2029. In terms of application, the hemodialysis segment will dominate the market with a 5.9% CAGR during the projected period.
Based on region, the pharmaceutical grade sodium chloride market in South Korea will display the fastest growth during the assessment period. Due to the increasing investments in pharmaceutical and biotech industries by the South Korean government, the target market is expected to register a CAGR of 4.2% during 2022-2029. Expanding pharmaceutical base, accelerated growth of the healthcare sector, as well as the development of medical tourism, will further aid the target market growth in this region. Besides, the pharmaceutical grade sodium chloride market in the U.S. and China, too, will observe impressive growth during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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