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?
MarketsandMarkets forecasts the global laboratory filtration market is projected to reach USD 5.3 billion by 2026 from USD 3.6 billion in 2021, at a CAGR of 7.8% from 2021 to 2026. The global laboratory filtration market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
HCS is used in several stages of the drug discovery process, including primary and secondary screening, target identification and validation and toxicity studies. As HCS instruments are expensive, they add to the overall drug development expense for pharmaceutical and biopharmaceutical companies.
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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 pharmaceutical & biotechnology industries
- Growing demand for membrane filtration
- Increasing purity requirements in end-user segments
- Increasing focus on developing large-molecule biopharmaceuticals
In pharmaceutical filtration, the newly developed nanofiber coating technology offers greater flexibility, control, and durability as compared to the traditional process of electrospinning. This new coating is made of fibers typically ranging from 0.3 to 0.5 microns in size, which can be increased to up to 1 micron. The fiber diameter distribution and layer thickness can easily be changed according to application requirements.
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