Cleanroom Consumables Market Set To Surge Significantly During 2023
The existence of a large number of key global players as well as regional ones has kept the threat of new entrants at a low level, according to a recent publication by Transparency Market Research. New entrants will also have to face high investment capital and stringent regulatory restrictions, further lowering their threat to the current market.
The Global Market For Cleanroom Consumables is expected to progress at a CAGR of 4.76% within a forecast period from 2015 to 2023. By the end of 2016, this market is expected to reach a valuation of US$2.21 bn and by the end of 2023, a valuation of US$3.04 bn.
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Cleanroom Consumables Manufacturers Shift Focus to APAC
By the end of 2023, North America is expected to take up 34% of the cleanroom consumables market in terms of value. Europe follows suit and both regions show a very similar hold over the market when compared to their 2014 shares. This is because both regions have already had many advancements in cleanroom consumables and the regional markets as of now are matured. Their growth rate is sluggish and the demand is steadily stagnating.
As opposed to that, Asia Pacific is showing a highly robust growth rate till 2023, owing to a fast developing healthcare industry, the growing geriatric population, and the rising prevalence of obesity and chronic diseases.
Gloves are expected to not only be the leading product segment in cleanroom consumables in the near future, but also leading in growth rate. Between 2015 and 2023, the revenue generation from gloves in cleanroom consumables is expected to progress at a CAGR of 5.65%.
The biotechnology industry is expected to be the leading application segment for cleanroom consumables, reaching just over US$1 bn by the end of 2023.
Nanotechnology Opens Broader Scope for Cleanroom Consumables
“The introduction of sustainable nanotechnology to the healthcare and pharmaceutical industries has certainly sped things up over the past few years,” states a TMR analyst. He adds, “Manufacturers of medical devices and CMOs have sprung up in numbers over the past decade to supplement the giant growth in demand for these advanced devices. Consequently, their demand for cleanrooms to manufacture the said devices has increased considerably.”
This has been a key driver for the increase in production of cleanroom consumables and is expected to continue being one for the coming years. Similar increase in demands have also been witnessed from the biological drugs industry, where the growing popularity of biological drugs to treat chronic illnesses is creating a greater demand for cleanrooms from biological drug makers.
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Regulatory Complications Restrain International Cleanroom Consumables Trade
While the presence of high regulatory standards is pushing manufacturers to create top quality cleanroom consumables, the high level of differentiation of regulations and mandatory functions between regions is severely hindering the trading of cleanroom consumables on an international level.
To mitigate the massive drop in trade quality and trade cost of cleanroom consumables, manufacturers have to enter long term contracts to maintain profits.
“When it comes to future prospects, the answer that globally prominent cleanroom consumables makers seek will lie in Asia Pacific. Setting up manufacturing plants in this region is easier for players with a global reach,” adds the TMR analyst. The focus shift from developed economies to developing ones, especially towards the key countries in Asia Pacific, is therefore a major driver for the producers of cleanroom consumables.
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