Cleanroom Technology Market | Growth Of The Biologics Sector
Summary
- The global cleanroom technologies market is projected to reach USD 7.9 billion by 2024 from USD 5.7 billion in 2019, at a CAGR of 6.6%.
The stringent regulatory framework, growth of the biologics sector, rising demand for sterilized pharmaceutical formulations, growing demand for medical devices, and technological advancements in cleanroom technology are driving the growth of cleanroom technologies market.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.6% during the forecast period, the global cleanroom technology market is estimated to reach USD 7.9 Billion by the end of 2024. The market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. This is due to its favorable government regulations, increasing healthcare expenditure, and the growing base of pharma companies in the country, all of which are driving adoption of cleanroom solutions in the Asia Pacific.
The consumables segment is estimated to account for the largest market share in 2018. The large share of this segment can be attributed to the high and growing number of pharmaceutical, biotech, and medical device companies facilitating the use of disposable protective clothing. Also, the large number of R&D activities in the healthcare industry is resulting in a stable demand for cleanroom consumables among end-users. This segment includes safety consumables and cleaning consumables.
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What Drives the Market?
The growth of the global market for cleanroom technology is primarily influenced by the following factors:
- Stringent Regulatory Framework
- Growth of the Biologics Sector
- Rising Demand for Parenteral and Injectable Pharmaceutical Formulations
- Growing Demand for Medical Devices
- Advancements in Cleanroom Technologies
Moreover, increasing healthcare expenditure and growing base of pharma companies are some of the key factors driving the growth of the cleanroom technologies market
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