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Laboratory Water Purification Market Growth in Healthcare | Key Players Merck KGaA, Biolab Scientific Ltd., Aqua Solutions, Inc. etc
Laboratory Water Purification Market
The Laboratory Water Purification Market is projected to reach $5.44 billion by 2031, at a CAGR of 7.9% from 2024 to 2031. The growth of this market is driven by the growing 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.
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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.
High Pharmaceutical R&D Investments is Driving the Market Growth
Purified water is highly essential in research and development experiments, especially in pharmaceutical and biotechnology companies. Laboratory water purification systems provide a consistent supply of pure and large amounts of purified water for research and development needs. Many pharmaceutical companies are constantly focusing on R&D as their core aspect of drug development processes. The biotechnology industry also continues to witness substantial growth due to increased investments in R&D to cater to the growing demand for innovation and new medical breakthroughs. The importance of R&D is evident due to the rising number of drug approvals. For instance, in 2021, the FDA's Center for Drug Evaluation and Research (CDER) approved 50 novel drugs, compared to 45 novel drugs approved in 2015. High R&D investments in the pharmaceutical and biotechnology industries are thus expected to drive the growth of the laboratory water purification market due to the importance of drug discovery.
The laboratory water purification market is segmented based on Product (Consumables & Accessories [Cartridges, Filters, Purification Pack, UV Lamps, Other Consuables & 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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The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the last three to four years. Some of 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.).
Among the products, in 2024, the consumables 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 recurring use of consumables, advancements in consumables, and the rising demand for purified water in the pharmaceutical and biotechnology industry. Purified water is used as a raw material ingredient, active pharmaceutical ingredients (APIs), and pharmaceutical products, solvent in the processing, formulation, and analytical reagents.
Among the applications, in 2024, the chromatography segment is expected to account for the largest share of the laboratory water purification market. The segment's large market share is attributed to the high requirement of laboratory water purification systems in pharmaceutical and biotechnology industries for HPLC and other chromatographic methods since it is a highly sensitive technique and the growing use of chromatographic techniques in pharmaceutical quality control.
Among the 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 the higher demand for laboratory water purification systems in the biotechnology & pharmaceutical industry, especially for drug discovery and manufacturing applications, and the rising R&D expenditure in biopharma companies, and stringent government regulations which necessitate the use of purified water.
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Based on geography, the global laboratory water purification market is segmented into North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia, 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 global laboratory water purification market. North America's major market share can be attributed to the robust pharma & biotech infrastructure, high R&D spending and investments, and presence of top academic and research institutions in the region. The availability of funding and collaborations among stakeholders to conduct life science research also contributes to the large share of this market.
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