NEW YORK, Aug. 18, 2023 /PRNewswire/ — The COVID-19 pandemic had a notable impact on the pharmaceutical filtration manufacturing market in North America. Increased demand for pharmaceuticals due to stockpiling and supply chain disruptions led to an increase in the need for advanced filtration processes. This growth is expected to continue into the forecast period due to sustained healthcare focus and preparedness. For more details of how COVID-19 impacted Pharmaceutical Filtration Market, click here.
According to Technavio, the market is segmented into type, technique, and geography where the type segment is classified into sterile and non-sterile, the technique segment is classified into microfiltration, ultrafiltration, nanofiltration, and others, and the geography segment includes key regions such as North America, Europe, Asia, and the Rest of the World (ROW).
Increasing pharmaceutical R&D spending (15%-20% of revenue) fuels demand for filtration due to product introductions.
Rising demand for sterile filtration to ensure product purity and safety.
Risk of counterfeit drugs in the supply chain affecting brand reputation and consumer safety.
Growing number of FDA-approved manufacturing facilities drives demand for pharmaceutical filtration.
Growing trend of outsourcing filtration operations for cost reduction and core focus.
Navigating complex regulations, like serialization mandates, to ensure pharmaceutical quality.
Outsourcing filtration services reduces costs, allowing manufacturers to focus on core activities.
Adoption of serialization and traceability to counter counterfeit risks in the supply chain.
Managing numerous intermediaries in the global supply chain, increasing risk of theft or substitution.
Implementing traceability systems to counter counterfeit drugs supports market growth.
Increasing use of FDA-approved facilities and advanced filter products for pharmaceutical production.
Instances of counterfeit infiltration during reverse logistics impacting market growth potential.
The pharmaceutical filtration market is being driven by key regions worldwide
In North America, where healthcare spending is substantial and an aging population is prevalent, the market is expected to contribute significantly with 42% growth. Europe, boasting a well-established pharmaceutical industry and stringent regulations, is also significant in market expansion. In Asia, increasing expenditure on healthcare, higher pharmaceutical exports, and greater research and development efforts are moving the industry ahead. The Rest of the World (ROW) region, characterized by its diverse markets, presents potential growth opportunities as pharmaceutical manufacturing and filtration demands continue to evolve.
Increasing pharmaceutical R&D investment, demand for sterile products, and the need to counter counterfeit risks propel the pharmaceutical filtration market’s growth. For more information on the market drivers, trends and challenges, take a look at Technavio’s sample report here!
The research analysis provided by Technavio also contains an in-depth study of the market’s competitive landscape and data on major companies, including:
- Amazon Filters Ltd.
- Danaher Corp.
- Donaldson Co. Inc.
- Eaton Corp. Plc
- Freudenberg Filtration Technologies GmbH and Co. KG
- General Electric Co.
- Graver Technologies LLC
- KASAG Swiss AG
- MANN HUMMEL International GmbH and Co. KG
- Meissner Filtration Products Inc.
- Merck KGaA
- MMS AG
- Parker Hannifin Corp.
- Porvair Plc
- Repligen Corp.
- Samsung Electronics Co. Ltd.
- Sartorius AG
- Tetra Laval SA
- Thermo Fisher Scientific Inc.
The sterile filtration segment is experiencing rapid growth as it plays an important role in eliminating microorganisms and particles from pharmaceutical products, ensuring their safety and efficacy. With increasing demand for injectable medications, ophthalmic solutions, and other sterile pharmaceutical preparations, the need for effective sterile filtration is driving the segment’s accelerated expansion in the market.
The pharmaceutical filtration market is driven by factors such as rising R&D investments, the critical demand for sterile products, and the necessity to mitigate counterfeit risks. The emphasis on innovation, regulatory compliance, and efficient supply chain management will be crucial in capitalizing on the market’s promising opportunities. Buy the detailed report now, to get an insight of the market and make informed decisions.
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Originally published at https://www.prnewswire.com/news-releases/global-pharmaceutical-filtration-market-is-forecasted-to-grow-by-usd-10-21-billion-accelerating-at-a-cagr-of-10-47-between-2022-to-2027–301903876.html
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