Laboratory Filtration Market : Growing Demand For Membrane Filtration Technology
Seeking Alpha Analyst Since 2014
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Summary
- What the Market Looks Like?
- What are Key Trends in the Market?
Growth in this market is driven majorly by the rising R&D spending in the pharmaceutical & biopharmaceutical industry, growing demand for membrane filtration technology, increasing purity requirements in end-user segments, and growing focus on developing large-molecule biopharmaceuticals. However, the high cost of systems is expected to restrain the growth of the lab filtration market to a certain extent during the forecast period.
What the Market Looks Like?
The global laboratory filtration market size is projected to reach USD 4.1 billion by 2025 from USD 2.5 billion in 2019, at a CAGR of 8.3% during the forecast period. The global lab filtration market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
Based on product, the market is segmented into filtration media (filter papers, membrane filters, syringe and syringeless filters, filtration microplates, and other filtration media), filtration assemblies (microfiltration assemblies, reverse osmosis assemblies, ultrafiltration assemblies, vacuum filtration assemblies, and other filtration assemblies), and filtration accessories (filter holders, filter funnels, filter flasks, membrane dispensers, filter housings, cartridges, vacuum pumps, seals, and other filtration accessories).
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What are Key Trends in the Market?
The growth of the Laboratory Filtration Market is primarily influenced by the following factors:
- Rising R&D Spending in the Pharmaceutical & Biopharmaceutical Industry
- Growing Demand for Membrane Filtration Technology
- Increasing Purity Requirements in End-User Segments
- Focus on Developing Large-Molecule Biopharmaceuticals
Based on end user, the market is segmented into pharmaceutical & biotechnology companies, the food & beverage industry, hospitals & diagnostic laboratories, and academic & research institutions. The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2018.
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