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?
[252 Pages Report] 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.
COVID-19 impact on the Laboratory Filtration Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. With the World Health Organization (WHO) officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies, as well as small startups, have stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus.
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What are Key Trends in the laboratory filtration 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
Based on end user, the market is segmented into pharmaceutical & biopharmaceutical companies, the food & beverage industry, hospitals & diagnostic laboratories, and academic & research institutions. The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2020. The high adoption of lab filtration in pharmaceutical & biotechnology companies for the development of large drug molecules accounts for the large share of this segment.
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