LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global laboratory filtration equipment market is expected to reach USD 3.08 billion by 2020, growing at a CAGR of more than 8%.
This research report titled ‘Global Laboratory Filtration Equipment Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The market size for the global laboratory filtration market was estimated by the revenue generated by the sales of filtration media, filtration assemblies, and accessories sold at their retail prices.
The rapid growth of the e-commerce industry over the past few years has led to a whole new world of opportunities for laboratory consumables manufacturers on supply and expansion. With the almost 35% of the global sales and orders of laboratory products coming through e-commerce retailers, this channel has certainly contributed to the growth of the global laboratory filtration market over the past few years.
The global e-commerce industry is expected to grow at a CAGR of over 15% through the next five years. E-commerce has enabled manufacturers to cater to new regions and also has simplified distribution. This trend is expected to make the market more accessible for vendors.
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Technavio analysts categorize the global laboratory filtration equipment market into four major segments by technology. They are:
- Reverse Osmosis
Global laboratory filtration market segmentation by technology 2015 (% share)
The top three segments in the global laboratory filtration equipment market are as follows:
Global microfiltration technology market
The microfiltration segment in the global laboratory filtration market includes products such as microfiltration capsules, modules, cassettes, and cartridges. The major end-users of this technology segment include pharmaceutical industry, biopharmaceutical manufacturing, food and beverage industry for food processing, textile industry, and semiconductor industry for fabrication. The increasing investments in pharmaceutical research and manufacturing will ensure steady rise in the demand for microfiltration technologies between 2015 and 2020.
According to Amber Chourasia, a lead lab equipment analyst from Technavio, “Further, microfiltration plays a key role in water treatment in several research as well as in manufacturing facilities. With growing emphasis on water quality and more stringent water quality legislation, the need for microfiltration is bound to increase during the forecast period. Water treatment in laboratories has grown into a new offering segment for most of the large manufacturers in this market.”
Global ultrafiltration technology market
Ultrafiltration is a relatively newer technology segment in the market and is still in its nascent stage. This technology finds applications in scientific research, diagnostic, and testing processing such as hemodialysis and the largest end-user is the biotechnology sector. This technology is yet to reach the cost-effective adoption scale compared to microfiltration, and is thus relatively more expensive as an investment to be employed on a commercial scale.
The ultrafiltration market in 2015 was collectively dominated by GE Healthcare and Siemens, accounting for over 72% of the overall market revenue. With the ultrafiltration market becoming more vertically integrated, particularly in the US, the technology as a whole is likely to become more affordable and gain faster adoption rate during the forecast period, reaching a year-over-year (YoY) growth of 8.52% by the end of 2020, compared to 8.42% for microfiltration during the same period.
Global reverse osmosis technology market
The major applications of reverse osmosis filtration technologies include water purification, medical diagnostics, and desalination. This segment will witness rapid growth due to increasing awareness level of consumers in terms of health and safety, particularly in the area of water purification. APAC is expected to be primary growth driver and source of demand for reverse osmosis filtration technology during the forecast period. This also includes water treatment in pharmaceutical manufacturing facilities as well as laboratories and testing facilities.
“Water contamination has been a major issue in APAC due to increasing environmental deterioration, occasional floods, high level of soil erosion, and increase in pollution levels. Hence, the availability of clean water has been on the decline over the past decade, and the demand for water treatment is at an all-time high, in this region. The growing need for water purification in this region translate to a growing demand for reverse osmosis filtration technology, and this will, in turn, drive the growth of this segment,” adds Amber.
The top vendors highlighted by Technavio’s research analysts in this report are:
- 3M Purification
- GE Healthcare
- Merck KGaA
- Sartoris AG
- Thermo Fisher Scientific
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