Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Laboratory Filtration Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (Filtration Media, Filtration Accessories, Filtration Assemblies), By Technique, By End User, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Laboratory Filtration Market is anticipated to witness impressive growth to 2028
This can be ascribed to the rising research and development spending in the pharmaceutical and biopharmaceutical industry, along with the growing demand for membrane filtration technology in research institutes across the globe.
Also, the growing focus on a large molecules in biopharmaceuticals for developing novel drugs will further boost the growth of the market in the forecasted period. Similarly, growing expenditure in cell-based research, especially in developing economies across the globe is also expected to contribute to the substantial growth of the market during the forecast period.
Additionally, the growing demand for developing new products with high purity and safely without any contamination will further increase the demand for the laboratory filtration market in the coming years. Besides, the increasing number of laboratories worldwide is expected to support market growth. According to the International Laboratory Accreditation Cooperation (ILAC), there are around 85,000 laboratories operating globally as of 2021.
Increasing Research Activities in the Pharmaceutical and Biopharmaceutical Areas
Pharmaceutical and biotechnology companies use laboratory filtration products for making new drugs, vaccines, and biologics, among others.
Pharmaceutical and biotechnology companies are spending heavily on research & development activities to deliver high-quality and innovative products in the market. The pharmaceutical industry spent USD 83 billion on research and development in 2019, according to the Congressional Budget Office (CBO).
The growing prevalence of diseases and the need to develop an effective treatment for the same is making pharmaceutical companies conduct a lot of research & development activities. Maintaining sterile conditions to ensure a high-quality product with high safety levels is increasing the demand for laboratory filtration, thereby supporting market growth.
Growing Investments by the Government for Development of Better Healthcare Infrastructure
The increasing investments by governments across the globe for developing better healthcare infrastructure will likely accelerate market growth during the forecasted period. Additionally, the development and expansion of the healthcare sector by public and private funding agencies, particularly in developing nations, will further enhance the growth of the market during the forecasted period.
Also, high investment returns, guaranteed by research efforts, would also enhance the market growth. Additionally, rising personal disposable income levels, the introduction of technologically advanced products in hospitals, rising investments for the development of advanced medical products and devices, and an increase in demand for high-production filtration products during the down-streaming process will further drive the market growth rate.
Nano-fibre technology is another factor that offers greater flexibility, control, and durability and will drive the growth of the market. In January 2022, 3M Company announced an investment of USD 470 million to expand its facility located in Clinton, Tennessee. This development is expected to enhance its sustainability and improve consumer response time.
Furthermore, 3M company has outlined plans to invest in its fast-growing products - Command Brand adhesive strips and Filtrete air filters.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Laboratory Filtration Market.
- Agilent Technologies Inc.
- 3M Company.
- Danaher Corporation
- Sterlitech Corporation
- Merck KGAA
- Sartorius AG
- Antylia Scientifc.
- Steris Plc.
- Thermo Fisher Scientific, Inc.
- Veolia Water Technologies
Report Scope:
Laboratory Filtration Market, By Product:
- Filtration Media
- Filtration Accessories
- Filtration Assemblies
Laboratory Filtration Market, By Technique:
- Nanofiltration
- Ultrafiltration
- Microfiltration
- Reverse Osmosis
- Vacuum Filtration
Laboratory Filtration Market, By End User:
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Foods & Beverages Industry
Laboratory Filtration Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/ujiok2
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