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Hollow Fiber Filtration Industry Insights and Growth Projections 2024
hollow fiber filtration market
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According to The Business Research Company's, The hollow fiber filtration market size has grown rapidly in recent years. It will grow from $0.54 billion in 2023 to $0.64 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to the growing emphasis on patient safety and infection control, increasing prevalence of chronic diseases, regulatory requirements regarding medication preparation and administration, growth in healthcare infrastructure, and increased healthcare spending globally.
The hollow fiber filtration market size is expected to see rapid growth in the next few years. It will grow to $1.23 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to growing preference for single-use medical devices to minimize contamination risks, modernization of healthcare facilities, rising aging population, heightened focus on infection control measures, and increasing trend towards home-based healthcare services. Major trends in the forecast period include integration of smart features, emphasis on sustainability in medical device manufacturing, innovation in safety features such as needlestick prevention mechanisms and ergonomic designs, integration of remote monitoring capabilities into filter needle devices, and integration of advanced technologies such as automation and connectivity.
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Market Drivers and Trends:
The increase in the number of road accidents is expected to propel the growth of the emergency medical services products market going forward. A road accident is an unplanned event that occurs on a road or highway and involves one or more vehicles, pedestrians, or cyclists, resulting in damage, injury, or death. Road accidents are rising due to increased vehicle usage, distracted driving, and poor road infrastructure. Emergency medical services products are crucial in road accidents, facilitating rapid response, trauma care, and transportation of injured individuals, ultimately saving lives and minimizing long-term health complications. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based government agency, an estimated 42,915 people died in motor vehicle traffic crashes last year in the US, marking a 10.5% rise from the 38,824 fatalities in 2020. Therefore, the increase in the number of road accidents is driving the growth of the emergency medical services products market.
Major companies operating in the hollow fiber filtration market focus on developing advanced high-strength hollow fiber membrane technology to enhance filtration efficiency and durability. High-strength hollow fiber membrane technology is utilized in hollow fiber filtration to effectively separate contaminants from fluid streams through a porous membrane structure, providing efficient filtration and purification. For instance, in November 2021, Toray Industries Inc., a Japan-based integrated chemical company, launched a hollow fiber ultrafiltration membrane module for food and beverage manufacturing and biotechnology purification and concentration processes. This module excels in reducing energy consumption and advancing carbon neutrality by achieving over an 80% reduction in CO2 emissions compared to traditional thermal concentration methods in the food production sector. It is highly effective in steam (125°C) and hot water (90°C) settings, facilitating thermal sterilization and high-temperature filtration.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., 3M Company, Medtronic plc, Asahi Kasei Corporation, Toray Industries Inc., Baxter International Inc., Avantor Inc, Terumo Corporation, Sartorius AG, Nipro Medical Corporation, B. Braun Medical Inc., Cantel Medical Corporation, Repligen Corporation, Avanos Medical Inc., Isopure Corp, Medica S.p.A, Envirogen Group, Synder Filtration, Cole-Parmer Instrument Company LLC, Hongtek Filtration Co. Ltd.
Hollow Fiber Filtration Market 2024 Key Insights:
• The hollow fiber filtration market size is expected to see rapid growth in the next few years. It will grow to $1.23 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%.
• Growing Pharmaceutical Industry Fuels Expansion of Hollow Fiber Filtration Market
• Advancements In High-Strength Hollow Fiber Membrane Transforming Filtration Efficiency and Sustainability
• North America was the largest region in the hollow fiber filtration market in 2023
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