Hollow Fiber Filtration Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The Hollow Fiber Filtration Market is projected to register a CAGR of 14% during the forecast period (2022-2027).

Amidst COVID-19, the hollow fiber filtration market is expected to grow owing to the rising cases of infectious disease among the people. An increase in the demand for vaccine and treatment drugs for COVID-19 is a driving factor for the growth of the hollow fiber filtration market. According to the article published by Computational and structural Biotechnology journal in 2021, there are 184 vaccine candidates in preclinical testing and 88 other 88 vaccine candidates in clinical phases. The hollow fiber filtration method is a crucial process in the downstream process for the recovery of the COVID-19 vaccine candidates as the hollow fiber filtration favors high selectivity and effective vaccine candidates. Hence, COVID-19 is assumed to increase the demand for the hollow fiber filtration market.

The increasing investment in the research and development of the biopharmaceutical industry is one of the major factors driving the market's growth. The growing demand for biopharmaceutical drugs coupled with the continuous improvement of quality standards to meet the regulatory requirements by the market players is expected to have a positive impact on the growth of the market. The report published by the Congressional Budget Office in 2020 states that the biopharmaceutical industry spent around 83 billion USD on research and developmental activities. In July 2021, The World Health Organization (WHO) accelerator raised 12 billion USD in funding for the vaccines from various governments, including USD 1.7 billion for research and development support. Such an increase in the investment in the research and development of the biopharmaceutical sector is expected to boost the growth of the hollow fiber filtration market. Additionally, an increase in the number of approved biopharma products worldwide and increasing manufacturing of biopharmaceutical drugs is expected to increase the demand for the hollow fiber filtration market as filtration is an essential step in the standard unit operation. In 2020 the U.S Food and Drug Administration (FDA) approved on average 43 new medicines annually. Such an increase in the research and developmental activities coupled with the increasing product approvals of the biopharmaceuticals is expected to drive the market's growth.

Key Market Trends

The Pharmaceuticals and Biotechnology Industries Segment is Expected to Hold a Major Market Share in the Hollow Fiber Filtration Market Market.

The sudden outbreak of COVID-19 had increased the demand for Hollow Fiber Filtration due to the increased demand for COVID-19 Vaccination across the world.

The pharmaceutical and biotechnology industries are expected to be the most lucrative segment, with extensive usage of hollow fiber filtration in their production process. The expanding demand for hollow fibers in ultrafiltration, diafiltration, and microfiltration processes in the manufacturing process and the increased usage of continuous manufacturing techniques in the pharma and biotech sectors is expected to propel the growth of the market. The usage of hollow fiber filtration helps decrease the costs associated with the complicated downstream processing, thereby increasing productivity and helping in the adherence to Good Manufacturing Process (GMP) and Food and Drug Administration (FDA) guidelines for filtration. The growth of the pharmaceutical and biopharmaceutical industry directly impacts the demand for hollow fiber filtration owing to the extensive usage for isolation and purification of the products. The price water corporation statistics show that the global pharmaceutical market was worth nearly USD 1.6 trillion in 2020. This increase in the growth of the pharmaceutical sector facilitates the increasing usage of hollow fiber filtration, thereby propelling the growth of the market.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.

The United States is likely to command the global market owing to the technological innovations in the diagnostic devices used for disease testing. Owing to the increase in the research and development activities in the biopharma sector in the United States region, the hollow fiber filtration market is expected to grow in this region. According to the Binder Dijker Otte (BDO) USA Reports, in 2020, companies listed on the biotechnology index (NBI) saw a growth in revenue to 1.049 billion. Average research and development spending increased by 16% in 2020 to 284.25 million USD in the United States pharmaceutical industry. Thus the increasing research and development activities coupled with the increasing demand for biosimilar products in the United States region provide lucrative opportunities for the growth of the Hollow fiber filtration market as they are extensively used for the downstream process of therapeutics. Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region with dominating share. Additionally, an increase in research and development activities and the presence of favorable healthcare infrastructure are fueling the growth of the overall regional market to a large extent.

Competitive Landscape

The Hollow Fiber Filtration Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some companies currently dominating the market are Repligen Corporation, Sartorius, Danaher Corporation, Asahi Kasei Medical Co. Ltd, Parker Hannifin Corp, Mar cor , Koch Separation solutions, Meissner Filtration Products, Inc, Antylia Scientific, and Biotree.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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