Press release
Laboratory Water Purification Market to be Worth $5.44 Billion by 2031
Laboratory Water Purification Market
According to this latest publication from Meticulous Research®, the laboratory water purification market is projected to reach $5.44 billion by 2031, at a CAGR of 7.9% during the forecast period. The growth of this market is driven by the rising demand for purified water in laboratories, increased focus on new drug development, the growing demand for biopharmaceuticals, and the use of purified water for microbiological analysis in food and beverage companies. Additionally, untapped market potential in emerging economies and growing demand for ultrapure water systems are expected to offer significant market growth opportunities.
However, the stringent standards for water quality restrain the growth of this market. Additionally, the high cost and maintenance of laboratory water purification systems and the limited purification capacity of some laboratory water purification systems pose a significant challenge to the market's growth.
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Key Players
The key players operating in the laboratory water purification market are Thermo Fisher Scientific Inc. (U.S.), Merck KGaA (Germany), Labconco Corporation (U.S.), Evoqua Water Technologies LLC (U.S.), Veolia Water Solutions & Technologies (France) (Subsidiary of Veolia Environnement S.A. (France), Sartorius AG (Germany), Yamato Scientific Co., Ltd. (Japan), Biolab Scientific Ltd. (Canada), RephiLe Bioscience Ltd. (U.S.), and Aqua Solutions, Inc. (U.S.).
Laboratory Water Purification Market: Future Outlook
The laboratory water purification market is segmented based on Product (Consumables & Accessories [Cartridges, Filters, Purification Pack, UV Lamps, Other Consumables & Accessories], Systems [Type 1-Ultrapure Water, Type 2-Laboratory Grade Water, Type 3-Primary Grade Water, Other Systems]), Application (Chromatography, Spectrometry, Microbiology Testing, Biochemistry, Cell and Tissue Cultures, Other Applications), End User (Pharmaceutical & Biotechnology Companies, Food & Beverages Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes, Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
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Based on the products, the laboratory water purification market is segmented into consumables and systems. In 2024, the consumables segment is expected to account for the larger share of the laboratory water purification market. The large market share of this segment is attributed to the recurring use of consumables and the rising demand for consumables such as cartridges and filters to remove or keep out contaminants from water.
Based on the applications, the laboratory water purification market is segmented into chromatography, spectrometry, microbiology testing, biochemistry, cell and tissue cultures, and other applications. In 2024, the chromatography segment is expected to account for the largest share of the laboratory water purification market. The large market share of this segment is attributed to the increasing requirement for a large amount of purified water for HPLC experiments and the growing applications of chromatography in the pharmaceutical industry.
Based on the end user, the laboratory water purification market is segmented into pharmaceutical and biotechnology companies, academic hospital & diagnostic laboratories, academic & research institutes, and other end users. In 2024, the pharmaceutical and biotechnology companies segment is expected to account for the largest share of the laboratory water purification market. The large market share of this segment is attributed to factors such as the increasing R&D spending by pharmaceutical & biotechnology companies and the increasing requirement of purified water in the pharmaceutical & biotechnology companies for new drug development and other purposes, hence driving the demand for laboratory water purification by pharmaceutical & biotechnology companies.
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Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the laboratory water purification market, followed by Europe and Asia-Pacific. Furthermore, in 2024, the U.S. is expected to be the largest market shareholder in North America. North America's major market share is attributed to the highly developed healthcare infrastructure and the presence of major market players such as Thermo Fisher Scientific Inc. (U.S.) and Labconco Corporation (U.S.).
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