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Pharmaceutical Filtration Market 2024 - By Size, Share, Trends And Growth Prospects 2033
Pharmaceutical Filtration Market
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According to The Business Research Company's, The pharmaceutical filtration market size has grown strongly in recent years. It will grow from $6.96 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to stringent regulatory standards, focus on drug purity and safety, increased in prevalence of chronic diseases, focus on cost-efficiency.
The pharmaceutical filtration market size is expected to see strong growth in the next few years. It will grow to $9.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rapid growth in personalized medicine, increasing emphasis on continuous manufacturing, global outbreaks and vaccine production, demand for aseptic processing, global expansion of pharmaceutical markets. Major trends in the forecast period include rising adoption of single-use filtration technologies, growing demand for sterilizing filtration, advancements in membrane filtration, focus on virus filtration for bioprocessing, integration of filtration into single-use systems, focus on pre-filtration steps.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the pharmaceutical filtration market in the coming years. Chronic disease is a medical problem or illness that lasts for a lengthy period, usually three months or more, and cannot be prevented or treated with immunizations, nor does it just go away. The global growth of chronic illnesses has led to the development of medications to address these ailments. This increased output needs effective filtration methods to assure product quality. For instance, in March 2022, according to the Australian Bureau of Statistics, an Australia-based self-contained constitutional organization responsible for data collection and analysis as well as offering evidence-based recommendations to federal, state, and territorial governments, more than three-quarters (78.6%) of Australians had a minimum of one long-term health issue. Nearly half of the population (46.6%, or 11.6 million) had at least one chronic illness. Therefore, the rising prevalence of chronic diseases is driving the pharmaceutical filtration market.
Product innovation is a key trend gaining popularity in the pharmaceutical filtration market. Many companies operating in the pharmaceutical filtration market are developing new products with advanced methods of filtration such as high-volume filtration plates to strengthen their position in the pharmaceutical filtration market. For instance, in November 2021, ANDRITZ, an Austria-based company operating in pharmaceutical filtration launched Nutrion, an innovative vacuum filter for the pharma and food industries. This innovative filter consists of improved features to eliminate the risk of contamination by taking filter-cloth installation to the next level and eliminating dirt traps and reduces downtime for cloth changes.
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Major Key Players of the Market:
3M Health Care, Danaher Corporation, Amazon Filters Ltd., Eaton Corporation plc, GE Healthcare, Graver Technologies LLC, Meissner Filtration Products, Merck & Co. Inc., Parker Bioscience Filtration, Sartorius AG, Repligen, Porvair Plc, Alfa Laval AB, Corning Incorporated, Thermo Fisher Scientific, Freudenberg Group, Avantor Inc., Berry Global Inc., Cantel Medical Corp., Cole-Parmer Instrument Company LLC., Donaldson Company Inc., Entegris Inc., Filtration Group Corporation, Synder Filtration Inc, GVS S.p.A., Koch Membrane Systems Inc., Lenntech B.V., Mann+Hummel Group, Membrane Solutions, Pall Corporation
Pharmaceutical Filtration Market 2024 Key Insights:
• The pharmaceutical filtration market size is expected to see strong growth in the next few years. It will grow to $9.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Demand For Generics Drives The Pharmaceutical Filtration Market
• Pharmaceutical Filtration With Advanced Features And Enhanced Contamination Control
• North America was the largest region in the pharmaceutical filtration market in 2023
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