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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As per the findings of the research, the membrane filter is the largest product category in the global pharmaceutical filtration market. Membrane filter is the microporous film with specific pore size, used for retaining unwanted particles or microorganisms larger than their pore size. Microfiltration has been the largest contributor to the growth of the global market, in terms of revenue, among the various techniques for product filtration. Final product processing has been the largest application area for pharmaceutical filtration, followed by raw material filtration, cell separation, water purification and air purification. Manufacturing-scale of operation has been the largest segment of the global market, based on scale of operation.
The increasing demand and penetration of pharmaceutical filtration products in emerging economies offers enormous growth opportunities for the pharmaceutical filtration market. With high economic growth and increasing government initiatives in Asia-Pacific, the major manufacturers of the pharmaceutical filtration products are penetrating into the untapped market in the region. Countries such as China and India have a huge growth potential for the market during the forecast years. The healthcare industry is witnessing significant growth in these countries. The large population base and improving healthcare infrastructure are attracting pharmaceutical filtration product manufacturers to develop their manufacturing sites in these countries.
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Some of the key players in the pharmaceutical filtration market include Merck KGaA, Pall Corporation, GE Healthcare, 3M Company, Parker Hannifin Corporation, Sartorius Stedim Biotech S.A., Eaton Corporation PLC, Graver Technologies, LLC, Amazon Filters Ltd. and Meissner Filtration Products, Inc.
Abhishek
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