Published Date : 03 May 2023
The global laboratory filtration industry revenue will increase to USD 8.1 billion by 2032 from USD 3.9 billion in 2022 and is growing at a remarkable CAGR of 7.58% between 2023 and 2032.
The biopharmaceutical, pharmaceutical, beverage, and food sectors' expanding use of filtering technology, as well as consumers' rising desire for filters with higher levels of effectiveness, are the main factors driving the industry's development.
The growing demand for filtering products across numerous sectors, including drugs, biotechnology, food and beverage, and research and development, is anticipated to propel the Laboratory filtering Industry to substantial growth in the upcoming years. To remain ahead of the competition in this highly cutthroat industry, major participants emphasize product innovation and smart alliances. Future industry growth is anticipated to be even more brisk thanks to rising expenditures in R&D initiatives and the implementation of advanced technology. The laboratory filtration industry has been affected by the COVID-19 epidemic. The pandemic's greater need for vaccine development and production has raised the use of laboratory filtration. Vaccines are produced using a variety of filtering methods.
The industry is primarily driven by the introduction of new, transformative, and novel lab filtration technology, a rise in vaccination-promoting efforts, an advantageous patient demographic, and an increase in the immunization of infants and young children.
The industry development is also being fueled by advantageous patient demographics and rising infant and child vaccination rates. A baby infected with hepatitis B has a 90% chance of developing serious, chronic conditions like liver cancer in their lifetime, according to data from the American Academy of Pediatrics that show more than 1 million Americans have long-term hepatitis B infections as of March 2022. According to the same authority, 4 million Americans contract chickenpox each year. The research study is packed with data-supported assessments of the major factors influencing the global industry for laboratory filtration equipment's development trajectory. Additionally, it provides a wealth of data on important industry patterns as well as current events that may have an impact on how the industry performs over the forecast time.
Over the forecast term, development in North America is anticipated to be significant. The increase is the result of more studies being done and more money being invested by both the public and private industries in R&D. The increase in target diseases and treatment demand are the two main factors contributing to the big basis of the target community in North America. Due to growing industrialization and the availability of new goods, the area has embraced laboratory filtration products more quickly than the country as a whole.
Due to the increase in players, the Asia-Pacific area is expected to expand during the forecast time. Facility. Food and beverage producers are introducing more premium goods, and these regions have a large number of generic medication manufacturing sectors.
Laboratory Filtration Industry Report Scope:
|Market Revenue in 2023||USD 4.2 Billion|
|Projected Forecast Revenue in 2032||USD 8.1 Billion|
|Growth Rate from 2023 to 2032||CAGR of 7.58%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Drivers: Increasing demand for clean and secure water
One of the key factors propelling the laboratory filtration industry is the rising demand for clean, secure water for laboratory uses. In the pharmaceutical and biotechnology sectors, where the quality of water used for the study is crucial, there is an increasing demand for filtering goods. Industry expansion is also fueled by the growing use of laboratory filtering goods in the food and beverage sector. Substantial demand for filtering products that can eliminate impurities and contaminants from raw materials has been generated by the strict rules for the safety of food and beverages.
Restraints: High end customer price sensitivity
Despite their desire for better and more sophisticated products, end consumers of laboratory filtration equipment like the pharmaceutical and biotechnology industries currently face the issue of cost containment. As a result, makers of laboratory filtering tools and accessories are under more pressure to provide high-quality goods at competitive rates. The industry for laboratory filtration apparatus has experienced price stagnation as a consequence of this price sensitivity.
Opportunities: Advancement in ultrafiltration Technology
The benefits and broad utility of ultrafiltration, including protein purification and isolation, vaccine production, and higher expenditures in R&D, are the primary factors driving the segment's growth. For instance, proteins may be advantageous in concentrated goods or isolates, and membrane filtering techniques like ultrafiltration have applications in a variety of protein sources, according to a report by the NCBI that was released in January 2021. Additionally, the benefits of ultrafiltration technology, like the high product flow and capacity for quick results, encourage its use.
Based on the category of product, the laboratory filtration industry is segmented into filtration media, filtration accessories, filtration components, and others. Filter papers are further divided into cellulose, quartz filter papers, and glass microfibre. Additional types of filtration components include microfiltration assemblies, ultrafiltration assemblies, vacuum filtration assemblies, and reverse osmosis assemblies.
The leading industry methods are microfiltration, vacuum filtration, nanofiltration, and reverse osmosis. The microfiltration subsegment was in charge of this sector in 2022. With a substantial CAGR expected throughout the forecast period, ultrafiltration is one of the technologies with the fastest growth rates.
Based on industry, there are four end-user groups that make up the laboratory filtering industry: science and pharmaceutical companies, hospitals and diagnostic laboratories, the beverage and food industry, and university and research institutions. The biotechnology and pharmaceutical industry led the industry in terms of industry share in 2022, and it is predicted that this position will not alter over the course of the projection.
Major Key Players:
By End User
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