Market Research Report
Virus Filtration Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||708601|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Virus Filtration Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: August 1, 2019||Content info: 114 Pages||
The global virus filtration market was valued at USD 2,674.25 million in 2018, and is expected to reach USD 5,075.38 million by 2024, with an anticipated CAGR of 11.27% during the forecast period.
The major factors attributing to the growth of the virus filtration market are Increasing R&D Spending, growth in the Biopharmaceutical Industry, and Adoption of Single-use Technologies. Also, factors such as the increasing prevalence of chronic diseases are contributing to the growth of the market. The increasing prevalence of chronic diseases, including cancer, diabetes, and autoimmune disorders, are anticipated to propel the demand for biologics. According to the International Agency for Research on Cancer, about 14.1 million new cases of cancer were diagnosed worldwide in 2012. This number is projected to reach 21.7 million by 2030. However, stringent regulations for validation of filtration products may restrain the market growth in the forecasted period.
Virus filtration is an important step in the biopharmaceutical industry, as it ensures that the products are adequately purified to be fit for consumption. Virus filtration also helps to optimize process economics and prevents the loss of valuable products.
Kits, Reagents, and Consumables are Expected to Hold the Majority of the Market in the Products Segment
The kits, reagents, and consumables serve as an important category of the virus filtration market, toward the commercial launch of the biopharmaceuticals. The reagents are useful to reduce the potential for iatrogenic transmission of pathogenic viruses. In the process evaluation studies, the reagents are useful to identify the virus that is likely to contaminate the cell substrate or any other reagents or materials used in the process.
Qiagen and Merck Millipore are two of the widely known companies for reagents and kits for virus filtration. The samples used in the biopharmaceuticals production may include blood, plasma, serum, or bodily fluids, or any monoclonal antibody and recombinant proteins. Even Several biologic and pharmaceutical-based companies are opting in to invest more in R&D of vaccines, protein therapeutics, blood products, cellular therapy products, gene therapy products, tissue products, and stem cell products. The demand for these kits and reagents is driving the market
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing incidence of diseases, and due to the presence of more number of pharmaceutical companies in the region is helping the market to hold its position has the largest market. In the North America region, the United States holds the largest market share. And in recent years, there has been increased regulatory scrutiny of incidents related to adventitious viruses in manufacturing processes. Owing to the increased research and development of biopharmaceutical companies, the demand for biologics is expected to drive the viral filtration market, during the forecast period.
The Virus filtration market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising research and development of biopharmaceutical companies and high prevalence of diseases, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Asahi Kasei Medical Co. Ltd, Charles River Laboratories International Inc., General Electric Company, Pall Corporation, and Merck KgaA are among others.