Surging R&D Activities Propelling Demand for Pharmaceutical Filtration
With the rising incidence of chronic diseases, such as diabetes and cancer, the governments of many countries are increasing their healthcare expenditure, which is driving the requirement for pharmaceutical filtration procedures. According to the World Health Organization (WHO), cancer is one of the leading causes of deaths across the world, with the disease claiming the lives of around 10 million people in 2020. Lung, breast, colon and rectum, skin (non-melanoma), stomach, and prostate are the most commonly diagnosed types of cancers.
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Furthermore, the organization also found that 422 million people all over the world live with diabetes. Moreover, the disease is responsible for the deaths of around 1.6 million people every year. To provide better healthcare services and improve the healthcare infrastructure, the governments of both developing and developed nations are augmenting their healthcare spending. The surging incidence of these diseases is also encouraging research institutes and pharmaceutical organizations to make huge investments for facilitating faster drug formulation and development process in order to meet the escalating requirement for treatment procedures for several chronic and life-threatening diseases.
Furthermore, the value of the market will surge from $13.7 billion in 2016 to $27.7 billion by 2023, as per the estimates of the market research company, P&S Intelligence. Membrane filters, cartridge and capsule filters, filter holders, filtration accessories, single-use systems, and prefilters and depth media filters are the most widely used types of pharmaceutical filtration products across the world. Amongst these, the demand for membrane filters was found to be the highest in the years gone by.
This was because of the large-scale use of membrane filters in the pharmaceutical filtration process, on account of the fact that they can be easily deployed in both small and large laboratories. Final product processing, cell separation, air purification, raw material filtration, and water purification are the major application areas of pharmaceutical filtration products. Out of these, the requirement for these products was the highest in final product processing applications during the last few years.
Hence, the sales of pharmaceutical filtration products will surge sharply in the forthcoming years, mainly because of the increasing incidence of chronic diseases, mushrooming geriatric population, and growing healthcare expenditure of many countries.