Pharmaceutical Filtration Market Overview
Valued at $13.7 billion in 2016, the global pharmaceutical filtration market is projected to reach $27.7 billion by 2023, witnessing a CAGR of 10.6% during the forecast period. Rising geriatric population, growing prevalence of chronic diseases, and increasing spending on research and development (R&D) due to rising government healthcare expenditure are the key factors behind the growth of the pharmaceutical filtration industry. Further, increasing number of cancer cases and growing biopharmaceutical and generic drug production are supporting the industry growth.
GLOBAL PHARMACEUTICAL FILTRATION MARKET, BY PRODUCT, $M (2013 – 2023)
Pharmaceutical filtration refers to the process by which unwanted particles, including undissolved powders and solid impurities, are removed from the processed components, further resulting in the reduction of bacteria. The filters check contamination in the processed solution and help maintain its sterility. The pharmaceutical filtration market is segmented by product, application, technique, and scale of operations.
Based on product, the pharmaceutical filtration market is categorized into prefilters and depth media filters, membrane filters, single-use systems, cartridge and capsule filters, filtration accessories, filter holders, and others. Of these, the category of membrane filters dominated the market in 2016. This can be mainly ascribed to the wide adoption of membrane filters for pharmaceutical filtration, as these can be easily installed in large as well as small laboratories.
On the basis of application, the pharmaceutical filtration market is categorized into raw material filtration, final product processing, water purification, cell separation, and air purification. Among these, final product processing held the largest share in the market in 2016. This can be attributed to the increasing use of aseptic filters to maintain the sterility of the final products.
The pharmaceutical filtration market is also classified into R&D-scale, pilot-sale, and manufacturing-scale operations on the basis of scale of operations. Among these, manufacturing-scale operations led the market in 2016 and are also expected to grow with the highest CAGR during the forecast period, followed by pilot-scale operations. Manufacturing-scale operations result in low production cost, low distribution expense per unit production, and efficient labor utilization, in addition to facilitating economical use of by-products.
Pharmaceutical Filtration Market Dynamics
The expenditure on healthcare is rising around the world, owing to the growing prevalence of diseases in addition to increasing non-government and government initiatives to promote healthcare. As per the World Health Organization (WHO), the growth in healthcare expenditure is resulting in the improvement of healthcare infrastructure and increased focus on R&D, which, in turn, is supporting the growth of the pharmaceutical filtration market.
Heavy investments are being made for the formulation and development of drugs to cater to the increasing demand for preventive interventions and possible treatments for various chronic diseases. Many pharmaceutical companies are focusing on the development of more-effective products for treating life-threatening diseases. The rising investments in healthcare around the globe are leading to increased R&D, which, in turn, is driving the market growth. For example, the member companies of the Pharmaceutical Research and Manufacturers of America (PhRMA) invested around $58.8 billion in R&D in 2015, which amounted to an increase of 10.3% compared to the investments made in 2014.
Moreover, several nations invest a significant percentage of their gross domestic product (GDP) on healthcare. Although healthcare spending of countries vary, healthcare has been one similarity as far as the primary focus areas go. The spending on healthcare in the developed countries of Europe and North America is significantly higher than that in emerging economies. The low-income per capita GDP of developing countries is the primary reason for their lower spending. However, the per capita healthcare spending in developing countries is rising owing to the growing number of government initiatives. The rising healthcare expenditure is leading to increased demand for effective pharmaceutical filtration techniques, thereby helping the pharmaceutical filtration market grow.
Stringent regulatory requirements and the high cost of pharmaceutical filtration process are the key factors hampering the growth of the pharmaceutical filtration market. Depending on the country and strictness of regulations, it can take over 12 years for a drug to receive approval and get launched in the market. Moreover, stringent regulations affect the product manufacturing, which further limits the application of pharmaceutical filters in drug production.
The increasing penetration and demand for pharmaceutical filtration products in developing countries offer lucrative growth opportunities to the players in the pharmaceutical filtration market. Seeing the rapid economic growth and increasing number of government initiatives in Asia-Pacific (APAC), major pharmaceutical filtration product manufacturers are making inroads into the untapped regional market.
Nations, such as India and China, are expected to offer a huge growth potential to the players in the pharmaceutical filtration market during the forecast period. The healthcare industry is growing at a significant pace in these countries. Improving healthcare infrastructure and large population are attracting manufacturers of pharmaceutical filtration products to establish their manufacturing facilities in these nations.
Moreover, manufacturing such products in developing countries results in decreased production cost, thereby reducing the purchase cost without ill-affecting the product quality. Pharmaceutical filtration products, including prefilters and depth media filters, cartridge and capsule filters, membrane filters, filter holders, and filtration accessories, are of utmost importance in the filtration process for preventing contamination. Therefore, the growth in the healthcare industry along with the low manufacturing cost in developing countries is expected to offer ample opportunities to the market players.
Pharmaceutical Filtration Market Competitive Landscape
Merck KGaA, GE Healthcare, Pall Corporation, Parker Hannifin Corporation, 3M Company, Eaton Corporation PLC, Sartorius Stedim Biotech S.A., Amazon Filters Ltd., Graver Technologies LLC, and Meissner Filtration Products Inc. are among the key players operating in the global pharmaceutical filtration market.