Global Membrane Technology in Pharma, Biopharma, And Life Sciences Market Report, published by Variant Market Research, forecast that the global market is expected to reach $16,375 Million by 2024 from $8,025 Million in 2016, growing at a CAGR of 9.3% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 10.4% and 9.8%, respectively, during the forecast period.
The factors driving the growth of the membrane technology in pharma, biopharma and life science market include, increased usage of single-use disposable membrane, stringent rules and regulations, rising use of purification and membrane technologies in food and drug industries and adoption of advanced technologies. Additionally, increasing need for mass production level, and growing investments in R&D in the field of pharmaceutical, bioscience, and life science are anticipated to provide market opportunities in forecast period.
Application, technology and geography are the key segments considered in the global membrane technology in pharma, biopharma and life science market. Application segment is categorized into pharmaceuticals, biopharmaceuticals, and life sciences. Among which, biopharmaceuticals accounted for the largest market share in 2016, followed by pharmaceuticals. By technology segment, the market is further segmented into ultrafiltration, microfiltration, nanofiltration, chromatography and others. Nanofiltration is anticipated to attain the fastest CAGR during the forecast period 2016 - 2024.
By geography the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America dominated the market with largest share of 41.7% in 2016, followed by Asia-Pacific with 24.8%. Whereas, Asia-Pacific is expected to grow with fastest CAGR during the forecasted period of 2016 to 2024, driven by adoption of advanced technologies, increasing applications in food and beverage industries, and increasing investments in R&D.
Major market players comprise of GE Healthcare Life Sciences, Pall Corporation, Amazon Filters Ltd., Advantec MFS Inc., Sartorius AG, 3M Company, Novasep, Inc., Merck Millipore, TriSep Corporation. and Koch Membrane Systems Inc., among others.