Increase in production of biologics & large molecules, expansion of the biopharmaceutical industry, and rise in government expenditure on healthcare have boosted the growth of the global pharmaceutical filtration market
PORTLAND, Oregon, April 1, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Pharmaceutical Filtration Market by Product Type (Membrane Filters, Prefilter & Depth Filter Media, Single-Use Systems, Catriage & Capsules, Filter Holders, Filtration Accessories, and Others), Technique Type (Microfiltration, Ultrafiltration, Nanofiltration, and Other Techniques), and Application (Final Product Processing, Raw Material Filtration, Cell Separation, Water Purification, and Air Purification): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global pharmaceutical filtration industry was $5.37 billion in 2018, and is expected to reach $7.74 billion by 2026, growing at a CAGR of 4.6% from 2019 to 2026.
Incentives for market growth
Increase in production of biologics & large molecules, expansion of the biopharmaceutical industry, and rise in government expenditure on healthcare have boosted the growth of the global pharmaceutical filtration market. However, poor demand from under-developed countries hampers the market growth. On the contrary, growth opportunities in emerging markets would supplement the market growth.
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The membrane filters segment dominated the market
By product, the membrane filters segment held the largest share in 2018, contributing to more than one-fourth of the pharmaceutical filtration market. Moreover, the segment is expected to portray the highest CAGR of 6.1% during the forecast period, owing to increase versatility & efficiency, lower operation costs, high performance, and ease of use influence.
The nanofiltration technique to manifest the highest demand by 2026
By technique, the nanofiltration technique segment is expected to register the fastest CAGR of 5.5% during the forecast period, due to complete removal of a wide range of contaminants and their use for color removal, heavy metal elimination, water-softening, nitrates elimination, pretreatment for reverse osmosis, and decontamination. However, the microfiltration segment held the largest share in 2018, accounting for nearly two-fifths of the pharmaceutical filtration market, owing to advantages of microfiltration such as low operating pressure, relatively cheap price, low energy consumption as compared to nano-filtration osmosis.
North America held the lion's share
The pharmaceutical filtration market across North America held the largest share in 2018, contributing to around two-fifths of the market. This is due to the development of technological advanced pharmaceutical filtration products, increased adoption of filtration products for the pharmaceutical and biopharmaceutical industry, surge in production of biologics and generics, and rise in non-government & government initiatives to promote healthcare. However, the market across the Asia-Pacific region is expected to register the fastest CAGR of 6.2% during the forecast period. This is owing to improvement in healthcare infrastructure, rise in production of APIs and biologics, the developing R&D sector, surge in healthcare reforms, and technological advancements in the field of healthcare.
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Major market players
- 3M Company
- Danaher Corporation (Pall Corporation)
- Amazon Filters Ltd.
- General Electric Company (GE Healthcare)
- Eaton Corporation Plc
- Meissner Filtration Products, Inc.
- Graver Technologies, LLC
- Parker-Hannifin Corporation
- Merck & Co., Inc.
- Sartorius Stedim Biotech S.A.
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SOURCE Allied Market Research