Laboratory filtration systems involve various day-to-day activities like including preparation of biological fluids, buffers, and media. Different instruments are used for these activities that have different functions. Rapid technological advancements in the market are driving the global laboratory filtration market since the past few years. The industry is witnessing impressive growth with innovative products, applications and technologies. Demand from different end-user industries and increasing governmental regulations are also expected to create potential growth opportunities in the industry during the next few years. As a result, the industry is also expected to witness strong investment opportunities from around the world.
Segmentation in Laboratory Filtration Industry
The global laboratory filtration market is segmented on the basis of the types of technologies, accessories, equipment, and end-users. The demand from different geographic regions is also considered while tracking the global trends. Analysis of all these segments provides details like current trends, drivers, restraints, and opportunities for the market on global scale. Following are the details of the industry segmentation:
- Technologies: Reverse Osmosis, Nanofiltration, Ultrafiltration, Microfiltration & Vacuum Filtration
- Accessories: Canisters, Cartridges, Filter Flasks. Filter Funnels, Filter Holders, Filter Housings, Membrane Dispensers, Seals, Vacuum Pumps, and Others
- Equipment: Membrane Filters, Filtration Media and Filtration Assemblies
- End-Users: Food and beverages, pharmaceuticals, academic research, laboratories
- Geographies: Asia Pacific, North America, Europe and RoW (rest of the world)
Market Drivers and Restraints
According to the experts, the global laboratory filtration market is steadily driven by the rising demand from the end-user industries. Increasing demand for purity equipment is the strongest reason for this growing demand from the end-user industries. Growing focus on development of large molecule biopharmaceuticals is also expected to drive the growth in this market during the next few years to come. According to the researchers, strong growth potential across untapped markets and emerging economies are expected to drive the market at a steady rate. Growing demand for the membrane technologies are also expected to create growth opportunities for the key players. Major restraints for the market include large capital requirements and stringent government regulations.
What to Expect?
According to the experts, despite the major challenges like price sensitivity, demand for improved membranes and restricted use, the industry will continue witnessing steady growth. As per the latest reports, the global laboratory filtration market is expected to grow at a steady CAGR of over 7% from 2014, to reach $2,532.6 million by 2019, which is currently estimated to be worth $1,804.9 million. North American region is expected to hold around 40% of the global market shares. However, emerging regions like Asia Pacific, Latina America, and Middle East are also expected to witness impressive growth during the forecasting period, ranging from 2014 to 2019.