Pharmaceutical Filtration Market Overview
Pharmaceutical filtration market size was $13.7 billion in 2016, which is expected to reach $27.7 billion by 2023, growing at a CAGR of 10.6%.
Pharmaceutical filtration refers to the process of removing unwanted particles such as undissolved powders and solid impurities from the processed components leading to reduction in bacteria. The filters prevent the processed solution from contamination and helps maintaining sterility. The pharmaceutical filtration market has been segmented on the basis of product, technique, application and scale of operations.
GLOBAL PHARMACEUTICAL FILTRATION MARKET, BY PRODUCT, $M (2013 – 2023)
On the basis of product, the global market has been classified into membrane filters, prefilters and depth media filters, cartridge and capsule filters, single-use systems, filter holders, filtration accessories and others. Membrane filter has been the largest segment in the pharmaceutical filtration market.
Pharmaceutical filtration finds application in final product processing, raw material filtration, cell separation, water purification and air purification, where final product processing has been the largest application area of pharmaceutical filtration market.
The consumption of products largely varies in different scale of operation. Pharmaceutical filtration products are mostly used in manufacturing scale as the manufacturing scale has the largest capacity of pharmaceutical production. The market for pharmaceutical filtration products is also expected to witness considerable growth in pilot scale during the forecast period.
Pharmaceutical Filtration Market Dynamics
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. On the other hand, the market has been facing certain challenges such as high cost of pharmaceutical filtration process and stringent regulatory requirements, which may impede its growth during the forecast period.
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. Moreover, manufacturing of such products in the developing regions tends to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering its quality. Pharmaceutical filtration products such as membrane filter, prefilter and depth media filter, cartridge and capsule filter, filter holder, filtration accessories and other products play a vital role in filtration process and preventing contamination. Therefore, ease of healthcare access in these countries creates ample growth opportunities for the pharmaceutical filtration market.
The healthcare expenditure is increasing across the globe with increasing prevalence of diseases and increasing government and non-government initiatives. According to the WHO, the increase in total healthcare expenditure is leading to the improvement in healthcare infrastructure. The increase in healthcare expenditure leads to increase in spending on research and development leading to the growth of the pharmaceutical filtration market.
R&D investments in formulation and development of a drug have increased due to the growing demand for prevention, treatment, and complete curative options for various diseases. Many pharmaceutical companies are focusing on developing more effective products to treat life-threatening diseases and encouraging patients to live healthier lives with reduced disabilities. The increasing healthcare investments around the world, is propelling the increase in R&D investments, which is fueling the growth of the global market. For instance, Pharmaceutical Research and Manufacturers of America’s (PhRMA) member companies invested about $58.8 billion in research and development in 2015, which increased by 10.3% in comparison to 2014.
The governments in different countries are investing significant portion of their GDP for healthcare. Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. The lower spending in developing countries is primarily due to their low income per capita GDP. However, per capita healthcare spending in developing countries is increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased demand for effective pharmaceutical filtration techniques, thus driving the growth of the pharmaceutical filtration market.
Pharmaceutical Filtration Market Competitive Landscape
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.