The study involved four major activities in estimating the current size of the laboratory filtration market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizes with industry experts across the value chain through primary research.
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).
Based on technique, the market is segmented into microfiltration, ultrafiltration, reverse osmosis, vacuum filtration, and nanofiltration. The microfiltration segment accounted for the largest share in 2018, while the ultrafiltration segment is projected to witness the highest growth during the forecast period. Rising R&D activities in the pharma industry and wide applications in the food & beverage industry are the key factors boosting the growth of this market segment. Also, the growing production of biotherapeutic molecules is expected to drive the demand for ultrafiltration filters in the coming years.
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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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Key Questions Addressed in the Report
- Which are the top 10 players operating in the lab filtration market?
- What are the drivers, restraints, opportunities, and challenges of the market?
- What are the prevailing industry trends, and what is the current scenario in the market?
- What are the growth trends in the market at the segmental and overall levels?
- How is the Lab filtration market performing in different regions across the globe?