Valued to be $6.6 Billion by 2026, Virus Filtration Products Slated for Robust Growth Worldwide
SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Virus Filtration Products - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: November 2021
Executive Pool: 2219
Companies: 41 - Players covered include Asahi Kasei Medical Co., Ltd.; Charles River Laboratories International, Inc.; General Electric Company; Lonza Group AG; Merck KgaA; MilliporeSigma; Pall Corporation; Sartorius AG; Thermo Fisher Scientific, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product (Kits & Reagents, Filtration Systems, Other Products); Application (Biologicals, Medical Devices, Other Applications); End-Use (Pharma & Biotech Companies, Medical Device Companies, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Virus Filtration Products Market to Reach US$6.6 Billion by the Year 2026
Virus filtration is a non-destructive, easy, and effective method of maintaining non-enveloped and enveloped virus particles within or on the surface of polymeric membrane pores. Growth in the global market is set to be driven by extensive demand from biotechnology and biopharmaceutical industries. These industries make extensive usage of virus filtration products for protecting their products from any kind of contamination. Other growth boosting factors include favorable regulations, better funding, as well as support to various R&D projects by both private enterprises and government. Increasing investment and focus on research has boosted development of innovative technologies that facilitate manufacturing of novel filtration products capable of filtering minute structures ranging from microorganisms like viruses and bacteria to particles. Growing usage of biotherapeutics has boosted R&D as well as formulation of novel drugs extracted from different natural sources for treatment of an array of chronic disorders. The rising incidence of various diseases and chronic conditions around the world, combined with stringent regulations regarding virus-free therapeutics is likely to propel the virus-filtration industry over the medium-term. Focus on development of high-tech products, supportive government regulations, and launch of novel products is expected to benefit market growth.
Amid the COVID-19 crisis, the global market for Virus Filtration Products estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$6.6 Billion by 2026, growing at a CAGR of 13.1% over the analysis period. Kits & Reagents, one of the segments analyzed in the report, is projected to grow at a 14.7% CAGR to reach US$4.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Filtration Systems segment is readjusted to a revised 11% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Virus Filtration Products market.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $899.5 Million by 2026
The Virus Filtration Products market in the U.S. is estimated at US$1.1 Billion in the year 2021. The country currently accounts for a 31.98% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$899.5 Million in the year 2026 trailing a CAGR of 16.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.7% and 11.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.8% CAGR while Rest of European market (as defined in the study) will reach US$322.9 Million by the end of the analysis period. The virus filtration market is dominated by North America owing to growth in industrialization, patient awareness, presence of modern infrastructure, as well as high per capita expenditure on healthcare. The European market benefits from favorable policies by the government with respect to healthcare infrastructure. Growth in Asia-Pacific region is due to increased demand for high-quality therapeutics in large countries such as China and India. In developing countries like China and India, robust economic growth is supporting biotechnology and pharmaceutical units.
Filtration Systems Segment to Reach $1.4 Billion by 2026
A considerable portion of the growth for virus filtration comes from the biopharmaceutical sector. Amidst the rise in single use filtration products and stringent quality standards, the biopharmaceutical sector is expected to expand the market for membrane technology in the near future. In the global Filtration Systems segment, USA, Canada, Japan, China and Europe will drive the 10.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$570.8 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$150.6 Million by the year 2026, while Latin America will expand at a 11.9% CAGR through the analysis period. More
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