Portland, OR, Dec. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global laboratory filtration market generated $3.06 billion in 2020, and is projected to reach $6.8 billion by 2030, witnessing a CAGR of 8.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in R&D investments in the pharmaceutical & biopharmaceutical industry, growth in demand for membrane filtration technology, surge in technological innovations and increase in purity requirements among end users drive the growth of the global laboratory filtration market. However, membrane fouling degrading filtration efficiency restrains the market to some extent. On the other hand, untapped market potential of emerging regions present new opportunities in the upcoming years.
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Impact of COVID-19 on Laboratory Filtration Market-
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global laboratory filtration market.
- Researchers started using various kinds of laboratory products including filters for carrying out various experiments enabling detection of the virus in development of vaccines, which in turn, boosted the demand for laboratory filtration.
- Moreover, changes in consumer behavior with regards to health and hygiene products during the pandemic indirectly influenced the adoption of membrane filtration process.
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The report offers detailed segmentation of the global laboratory filtration market based on product, technique, end user, and region.
Based on product, the filtration media segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the filtration assemblies segment is estimated to register the highest CAGR of 9.7% from 2021 to 2030.
Based on technique, the microfiltration segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 9.5% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 10.4% during the forecast period. Other regions discussed in the report include North America, Asia-Pacific, and LAMEA.
Leading players of the global laboratory filtration market analyzed in the research include 3M Company, Agilent Technologies, Inc., Antylia Scientific, Danaher Corporation, Merck KGaA, Sartorius AG, Steris (Cantel Medical Corporation), Sterlitech Corporation, Thermo Fisher Scientific and Veolia Water Technologies.
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