Major Revenue Gains are Predicted in the Global Laboratory Filtration Market by 2026

 

Overview of This Study:

This study on Laboratory Filtration industry involved four major activities in estimating the current size of the laboratory filtration market. Exhaustive secondary research was carried out to collect information on the market and its peer markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.

Research Methodologies Followed:

Primary Research

In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects of the market.

Secondary Research

Secondary research was used mainly to identify and collect information for the extensive, technical, market-oriented, and commercial study of the laboratory filtration market. Some of the key secondary sources referred to for this study include publications from government sources World Health Organization (WHO), International Association of Laboratory Schools (IALS), International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), National Science Foundation (NSF), American Society for Clinical Laboratory Science (ASCLS), American Filtration and Separations Society (AFS), European Federation of Clinical Chemistry and Laboratory Medicine (EFLM), Canadian Association for Laboratory Accreditation (CALA), Canadian Society for Medical Laboratory Science (CSMLS).

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Revenue Gains Expectations: Global laboratory filtration market is projected to reach USD 5.3 billion by 2026 from USD 3.6 billion in 2021, at a CAGR of 7.8% from 2021 to 2026. 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.

OPPORTUNITY: Advances in nanofiber technology

In pharmaceutical filtration, the newly developed nanofiber coating technology offers greater flexibility, control, and durability as compared to the traditional process of electrospinning. This new coating is made of fibers typically ranging from 0.3 to 0.5 microns in size, which can be increased to up to 1 micron.

CHALLENGES: High price sensitivity among end users

Currently, end users of laboratory filtration equipment such as the pharmaceutical & biotechnology industry are facing the challenge of cost containment, despite their demand for better and technologically advanced products. This has increased the pressure on laboratory filtration equipment and accessory manufacturers to offer quality products at lower prices.

Recent Developments

·         Koch Membrane Systems acquired Eco-Tec Inc. Eco-Tec offers resource-recovery and purification solutions to industries across the globe. This acquisition was aimed at expanding its existing capabilities in order to provide innovative ion exchange-based solutions.

·         Sartorius Stedim Biotech collaborated with Novasep to develop novel systems for membrane chromatography.

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Pharmaceutical & biopharmaceutical companies are the largest end users of the lab filtration market

Based on end user, the market is segmented into pharmaceutical & biopharmaceutical companies, the food & beverage industry, hospitals & diagnostic laboratories, and academic & research institutions. The pharmaceutical & biotechnology companies segment accounted for the largest market share

North America was the largest regional market for laboratory filtration.

The global laboratory filtration market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of 37.4% of the global laboratory filtration market, followed by Europe with a share of 30.0%.