PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490239
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490239
Laboratory Filtration Market size was valued at USD 3,980.31 Million in 2023, expanding at a CAGR of 8.90% from 2024 to 2032.
As laboratory filtration is a necessary step in the production of vaccines, it is anticipated that as the rate at which vaccines are manufactured will increase, the need for laboratory filtration will drive the market's expansion.
Laboratory Filtration Market- Market Dynamics
Increasing demand from vaccination needs and disease diagnosis is expected to propel market demand
The increased number of newborns and children receiving vaccinations, together with favorable patient demographics, are also propelling the market expansion. For example, in March 2022, the American Academy of Pediatrics released data indicating that over a million Americans were living with a long-term hepatitis B infection and that individuals who contract the virus as infants have a 90% lifetime risk of serious, chronic conditions like liver cancer. Thus, an increasing number of vaccination initiatives is expected to boost market growth.
Furthermore, National Immunization Knowledge Month was held in August 2022 to increase public knowledge of the value of vaccination in the treatment of deadly and chronic illnesses. Additionally, Touchligh is advancing the pre-clinical research of its in-house doggy bone DNA vaccination technology as of November 2022. The Bill & Melinda Gates Foundation has awarded a new grant to support its most recent study. Touchlight received USD 2.4 million in support from the Bill & Melinda Gates Foundation to advance the preclinical development of its doggy bone DNA vaccination platform.
Laboratory Filtration Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.90% over the forecast period (2024-2032)
Based on Product segmentation, the filtration media segment was predicted to show maximum market share in the year 2023, owing to high demand from laboratory filtration.
Based on Technology segmentation, the ultrafiltration segment was the leading Technology in 2023, mainly due to increased demand from the chemical sector for molecular sampling.
Based on End User segmentation, the research laboratory segment was the leading End User in 2023, mainly due to the high demand for vaccine research filtration.
On the basis of region, North America was the leading revenue generator in 2023, owing to the high demand for filtration in vaccine treatment.
The Global Laboratory Filtration Market is segmented on the basis of Product, Technology, End User, and Region.
The market is divided into three categories based on Product: Filtration Media, Filtration Assemblies, and Filtration Accessories. The filtration media segment dominates the market. The increasing demand for lab filtration technology solution are likely to contribute to segment growth.
The market is divided into five categories based on Technology: Microfiltration, Ultrafiltration, Reverse Osmosis, Vacuum Filtration, and Nanofiltration. The ultrafiltration segment dominates the market and is likely to maintain its dominance during the forecast period. Growing investment in R&D is likely to foster the market demand.
The market is divided into three categories based on End User: research laboratory, pharmaceutical & biotech, and others. The research laboratory segment dominates the market and is likely to maintain its dominance during the forecast period. Increasing demand for research & development in laboratory is expected to boost the market growth.
Laboratory Filtration Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. A rise in investment suggests that the public and private sectors in Asia Pacific are concentrating on creating innovative and cutting-edge goods, which could open new markets for the laboratory filtration industry. These regions are further divided as per the nations bringing business for the companies.
The main factors driving the market are the introduction of new products, the presence of medium & large-scale manufacturers in the area or the high concentration of market. Further, the market participants focus on strategic partnerships and acquisitions to increase their market share. Furthermore, the US laboratory filtration market is expanding due to a rise in R&D expenditures made by biopharmaceutical businesses in the US.
In May 2022, Merck KGaA started the expansion of its filtration and membrane manufacturing facility situated in Ireland.