Market Industry Reports (MIR) has published a new report titled “Virus Filtration Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global virus filtration market is estimated to be over US$ 1,200 Mn in 2017. It is anticipated to grow at a double digit CAGR from 2019 to 2030.
The continual increasing adoption of biopharmaceuticals, namely biologics and other biotherapeutics has presented a bright prospect for the growth of virus filtration market. Increasing funding for R&D has further led to wide scale adoption of these filtration products for clearance of virus.
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Growth of Biotechnology & Pharmaceutical Industries
Increasing preference for biopharmaceuticals and other forms of biotherapeutics have been crucial in governing the extensive growth of the biotechnology and pharmaceutical industries. In India, the biopharmaceutical sector accounted for the highest share, approximately around 64% of the entire biotechnology industry. Similarly, in the year 2016, the Indian biotechnology industry witnessed a staggering YoY growth of 57.14%. Growing preference for biopharmaceuticals owing to benefits has been pivotal in complementing the growth of these industries. Growth of these industries is anticipated to substantially contribute to the growth of virus filtration market, as these products are extensively used in these industries to obtain contamination free products and laboratories.
Increasing Investments in R&D
Rising prevalence and incidences of several diseases worldwide has triggered the need for advanced R&D scenario across all sectors of biotechnology, pharmaceuticals and research establishments. Both public and private sectors are now focusing on new innovative techniques, and ideas to obtain latest medical breakthroughs. According to studies, it was estimated that the total spending on R&D by mid-market biotechnology companies, witnessed an increment of approximately 18% between 2015 and 2016. Growing need to address several forms of ailments has been crucial in dictating the funding and R&D spending by governmental establishments as well as major market players and other research institutes. Increasing R&D investments and spending is anticipated to positively contribute to the growth of the global virus filtration market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Virus Filtration Market by Product Type (Kits & Reagents, Virus Filters & Filtration Systems and Services) Application (Biological (Blood & Blood Products, Vaccines & Therapeutics, and Stem Cell Products), Water Purification, Medical Devices, and Air Purification), End User (Pharmaceutical & Biotechnology Companies, Academic Research Institutes, Contract Research Organizations and Medical Device Companies) and Region – Global Analysis & Forecast, 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/42/virus-filtration-market
Stringent Rules and Regulations to Restrain the Market
To assure safety against virus and other contaminants strict rules and regulations are followed at various stages during manufacturing & production of biotheraputics, drugs and other medication. Moreover, contamination by adventitious viruses and endogenous cell line viruses in manufacturing & production of drugs are a major source of concern for quality and integrity of products. Regulatory authorities play a vital role in determining the quality of laboratory conditions as well as products. These regulations and guidelines enable companies to follow a strict protocol and avoid any contamination related to virus. Hence, limiting the use of virus filtration products & services and restraining the extensive growth of the market during the forecast period
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing growth of the biopharmaceutical industry, continuously growing economy, and increasing burden of chronic diseases is anticipated to present a lucrative growth scenario for the v virus filtration market in this region. Furthermore, improving research facilities, coupled with increasing R&D expenditures in the region is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Virus Filtration Market
The prominent players in the global virus filtration market are Asahi Kasei Corporation, Merck KGaA, Sartorius AG, Thermo Fisher Scientific, Inc., General Electric, Charles River, PendoTECH, Danaher, Lonza and Medical Respiratory Devices among others.
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