(Entertainment-NewsWire.com, September 07, 2020 ) 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.
[221 Pages Report] 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.
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.
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.
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.
Geographical growth scenario of Laboratory Filtration Market :
The global lab filtration market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the market. The growth of the market in North America is mainly driven by the large number of pharmaceutical & biotechnology and food & beverage companies in the region, the presence of a well-established healthcare market, and the stringent regulatory scenario in the pharmaceutical industry.