Laboratory Filtration Market to Cross $3.5 Billion
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NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global laboratory filtration market is expected to reach $3.5 billion by 2023. the market is mainly driven by the increasing use of laboratory filtration products in the food and beverage industry, introduction of technologically advanced products, increasing research activities in pharmaceutical and biopharmaceutical industries, and surge in the adoption of filtration products in clinical laboratories.
Based on product, the laboratory filtration market has been categorized into filtration media, filtration assemblies, and filtration accessories. During the forecast period, the market is expected to witness the fastest growth in the category of filtration assemblies, exhibiting a CAGR of 7.7%. Filtration assemblies have been sub-categorized into microfiltration, ultrafiltration, reverse osmosis, vacuum filtration, and others. Among these, microfiltration assemblies held the largest share, amounting to 37.2%, in the laboratory filtration assemblies market in 2017.
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On the basis of technology, the laboratory filtration market has been categorized into microfiltration, ultrafiltration, reverse osmosis, nanofiltration, vacuum filtration, and others. Among these, the fastest growth in the market during the forecast period is expected from the nanofiltration technology, with 10.4% CAGR.
During the forecast period, the laboratory filtration market is expected to witness the fastest growth in APAC, on account of improving healthcare infrastructure, rising prevalence of chronic diseases, and increasing production of pharmaceutical products in the region. According to the World Bank, the healthcare expenditure of South Asia was 3.9% of its total gross domestic product (GDP) in 2000, which increased to 4.4% in 2014. Further, the healthcare expenditure of East Asia and Pacific was 6.5% of its GDP in 2000, which increased to 6.9% in 2014. Similarly, the healthcare expenditure of Japan was 7.5% of its GDP in 2000, which increased to 10.2% in 2014.
Japan held the largest share in the APAC laboratory filtration market in 2017, mainly because of the increasing production of pharmaceutical products in the country. According to the data published by the International Trade Administration based on the Ministry of Health, Labor and Welfare’s annual pharmaceutical production statistics, the Japanese market for prescription and non-prescription pharmaceuticals valued $88 billion in 2015, indicating a 10.7% increase from that of 2014. Also, prescription pharmaceuticals held more than 90% of the market share.
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In order to increase their market share, key players in the laboratory filtration industry are developing and introducing new products. For instance, in February 2018, Merck KGaA launched Viresolve barrier capsule filters to reduce the risk of bioreactor contamination. Viresolve barrier filters are designed to remove viruses, mycoplasma, and bacteria from cell culture media.
Moreover, in September 2017, Merck KGaA launched Millistak+ HC Pro, a portfolio of high-capacity, fully synthetic depth filters for non-treated Chinese hamster ovary harvest clarification and downstream filtration applications. The Millistak+ HC Pro filter media provide a cleaner and more consistent depth filtration process as compared to traditional diatomaceous earth and cellulose-based filtration processes.
Some of the other key players operating in the laboratory filtration market are General Electric Company, Cantel Medical Corporation, Thermo Fisher Scientific Inc., Danaher Corporation, 3M Company, Sartorius AG, and MACHEREY-NAGEL GmbH & Co. KG.
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