According to our new research study, titled "Global Viral Filtration Market Forecast to 2028 – Global Analysis – by Product, Application, and End User," the market is expected to reach US$ 5,555.4 million by 2025 from US$ 2,139.4 million in 2017; it is expected to grow at a CAGR of 13.0% from 2018 to 2025. Factors driving the viral filtration market growth are the rapid growth of pharmaceutical & biotechnology industry, increasing investments in R&D and outsourcing activities, and stringent regulatory framework.
The growth of the viral filtration market is attributed to the high market potential in emerging economies. With the increasing cost of manufacturing and public outcry against their practices, the pharmaceutical and medical device manufacturers are struggling to generate enough revenue to please their investors. Additionally, the expiry of patents compounds to high losses to the manufacturing companies and results in revenue reduction. Thus, the existing pharmaceutical and biotechnology companies are observed to show interest and are eager to acquire the upcoming businesses that promise striking outsourcing deals across the untapped markets in the emerging economies. The emerging markets in the developing economies are expected to be the crucial factor offering better and lucrative growth opportunities for the major players to expand their business and geographic reach in the viral filtration market.
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Majority of the market players focus on emerging markets such as Asia Pacific countries due to an increase in the prevalence of various diseases in the region and low per capita income, leading to cost-saving benefits. For instance, medical science in India is growing rapidly as well as encountered a few big steps forward in past few decades. The significant presence of contract research organizations and pharmaceutical sector due to the biologics market has led to the country being the talk of the world and an ideal destination for various companies to invest and partner with. This is expected to increase the number of testing services in the emerging countries offering attractive growth opportunities to the players in viral filtration market as virus clearance tests and TSE are the most common type of tests recommended by any healthcare regulatory surveillance body in the world.
By product, the global viral filtration market is segmented into filtration system, kits and reagents, services, and others. The kits and reagents segment held the largest share of the market in 2017 and is anticipated to register the highest CAGR in the viral filtration market during the forecast period. Based on application, the viral filtration market is segmented into biologics, water purification, and air purification. The biologics segment held the largest share of the market in 2017 and is anticipated to register the highest CAGR during the forecast period. Based on end user, the market is segmented into pharmaceutical and biotechnology companies, contract research organizations, academic and research institutes, and other end users. The pharmaceutical and biotechnology companies segment held the largest share of the market in 2017 and is anticipated to register the highest CAGR in the viral filtration market during the forecast period.
Stringent Regulatory Framework Fuel the Viral Filtration Market Growth
Regulatory authorities such as Food & Drug Administration, European Medicine Agency (EMA) and others have consistently shown a tough stance toward pharmaceutical and biotechnology manufacturers wherein the industry players are compiled to maintain their awareness and abide by the updated regulations pertaining to current good manufacturing practices (cGMP) as well as good laboratory practices (GLP) to assure proper design, monitoring, and control of manufacturing processes and facilities. Any deviations from the registered protocols, demands, and requirements of these guidances lead to the termination of clinical trials undertaken by the manufacturers or outsourced organization. The US Food and Drug Association released a document of guidelines and requirements for biotechnology and pharmaceutical manufacturers in 1998 that intends on virus safety evaluation of biotechnology and pharmaceutical products derived from cell lines of human or animal origin. The stringent regulations enforced by healthcare governing bodies to perform virus clearance tests during the drug development procedures is expected to increase the demand for viral filtration not only in the pharmaceutical sectors but also in the medical device manufacturing capabilities that use mammalian cell lines. Moreover, the streamlining regulatory framework in emerging markets such as India to realign the quality of the manufacturing process is further expected to propel the viral filtration market growth.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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