Pharmaceutical Filtration Market to Grow at 10.6% CAGR by 2023: P&S Market Research
NEW YORK, July 05, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, the pharmaceutical filtration market is expected to cross $27.7 billion by 2023, growing at a CAGR of over 10.6% between 2017-2023. Increasing prevalence of chronic diseases, increasing geriatric population and surging healthcare expenditure leading to increased spending on R&D are some of the key drivers for the global market growth. In addition, growing cases of cancer and increasing production of biopharmaceuticals and generic drugs also support the market growth.
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Geographically, North America has been the largest pharmaceutical filtration market in 2016, with the U.S. being the larger contributor to the regional market. Increasing prevalence of lifestyle associated and chronic diseases, rising geriatric population and increasing production of biopharmaceuticals are the factors that have been driving the growth of the North American market for pharmaceutical filtration. The U.K. has been the largest contributor to the European market for pharmaceutical filtration, followed by Germany and France. The pharmaceutical companies are adopting the SUT or disposable technologies which has become a key trend in the global pharmaceutical market is expected to witness the fastest growth in Asia-Pacific during 2017 - 2023, owing to increasing cases of chronic diseases, increasing healthcare expenditure leading to increasing research and development spending and increasing geriatric population.
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Single-use technologies (SUT) or disposable technologies have emerged as a cost-effective and flexible solution for biopharmaceutical manufacturing. Single use technologies have been widely accepted by biopharmaceutical companies as these technologies offers various benefits over stainless steel systems. There are many SUT products used by biopharmaceutical manufacturers such as connectors, bags and scale bioreactors. Implementation of SUT helps in reducing the risk of contamination, increases operational efficiencies, reduces scheduling times and capital expenditures. Single use systems are pre-sterilized; therefore, they help in reducing setup and switch-over times in manufacturing processes. Additionally, SUT helps in manufacturing small amounts of drug for preclinical and clinical testing. These technologies are rapidly adopted for product launches, clinical trials and commercial production of biomolecules. With increase in chronic and lifestyle diseases, demand for therapeutic drugs has increased and has inclined the focus of biopharmaceutical companies to opt for quick and effective ways to manufacture pharmaceutical products. Due to the above-mentioned reasons, pharmaceutical companies are adopting the SUT or disposable technologies which has become a key trend in the global pharmaceutical market.
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Some of the key players in the pharmaceutical filtration market include Pall Corporation, Merck KGaA, 3M Company, GE Healthcare, Sartorius Stedim Biotech S.A., Parker Hannifin Corporation, Meissner Filtration Products Inc., Eaton Corporation PLC and Amazon Filters Ltd.
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