Increasing R&D spending in the pharmaceutical and biopharmaceutical industries and increasing purity requirements among end users of track etched membranes. However, the high cost of production and the limited supply of track etched Membranes are major factors that are expected to restrain the growth of this market.
The Global Track etched Membrane Market is expected to reach $813.1 million by 2023 from $476.0 million in 2018, at a CAGR of 11.3% from 2018 to 2023.
The track etched membrane market is segmented into cell biology, microbiology, analytical testing, and other applications. The cell biology segment is estimated to hold the largest share of the track etched membrane market in 2018. The growing adoption of cell culture-based vaccines, increasing demand for monoclonal antibodies, rising funding for cell-based research, and the launch of advanced cell culture products are factors expected to drive the cell biology segment.
The track etched membrane is segmented into polycarbonate, polyethylene terephthalate, and polyimide membranes. The polycarbonate track etched membranes segment is expected to lead the track etched membrane market during the forecast period. The large share of this segment can be attributed to the growing adoption of these membranes in cell biology and analytical testing and their increasing applications in academic and research institutes and in pharmaceutical and food industries.
Global track etched membrane market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to continue to dominate the track etched membrane market till 2023, followed by Europe and Asia Pacific. The large share of the North American market can be attributed to the presence of global pharmaceutical manufacturers, a large number of quality control laboratories for the food & beverage industry, and growing concern towards improving the quality of food products and the medical devices that utilize track etched membranes.