SEATTLE, May 28, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global sterile filtration market is valued at US$ 5.2 billion in 2017, and is projected to exhibit a CAGR of 13.3% over the forecast period (2018–2026).
Key Trends and Analysis of the Global Sterile Filtration Market:
Product improvements such as reliable mechanical and thermal stability, doubling of throughput and flow rates leading to lower processing costs, faster processing times, and less down-time adopted by the market players are expected to favor the market growth. For instance, in 2016, Sartorius Stedim Biotech (SSB), announced integration of polyethersulfone membrane (PESU) in two new, sterile Sartocon benchtop and production scale filtration assemblies, which provides rapid and safe ultrafiltration of biologics and vaccines.
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Moreover, increasing number of research and development activities by pharma industries and academia, increase the demand for sterile filtration products, thus propelling the market growth. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), 2016, companies invested an estimated US$ 58.8 billion in research and development in 2015, which was the majority of all biopharmaceutical R&D spending in the U.S.
Asia Pacific is expected to witness faster growth rate during the forecast period, owing to the booming biotech and pharmaceutical sectors, mainly in China, Japan and India. According to the International Journal of Sciences, January 2018, China’s biotechnology sector is expected to increase by around 4% of gross domestic product by 2020, and is expected to develop around 10 to 20 life science parks for biomedicine with an output surpassing US$ 1.5 billion.
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Key Market Takeaways:
- The sterile filtration market is expected to exhibit a CAGR of 13.3% during the forecast period (2018–2026), attributed to increasing incidence of chronic diseases such as cancer and diabetes. For instance, according to the Centers for Disease Control and Prevention (CDC), 2014, around 1.5 million cases of invasive cancer, including around 15,000 cases among children younger than 20 years, and over 590,000 deaths from cancer were registered in the U.S.
- North America is expected to dominate the global market, owing to increasing prevalence of diabetes. For instance, according to the American Diabetes Association (ADA), 2016, an estimated 29.1 million Americans contributing a total 9.3% of the population had severe Type II diabetes, with an around 1.25 million American children and adults having type 1 diabetes.
- Key players operating in the global sterile filtration market include 3M, Merck & Co., Inc., General Electric Company, Pall Corporation, Parker Hannifin Corporation, Porvair Filtration Group, Sterlitech Corporation, Sartorius, Starlab Scientific Co., Ltd., Sigma Aldrich Corporation, and Thermo Fisher Scientific.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.