- August 26, 2022
- Posted by: PramodKmr
- Category: Health
With the rising incidence of various chronic diseases, the governments of many countries are making huge investments in the healthcare industry and taking initiatives for facilitating improvements in the healthcare infrastructure. According to the World Health Organization (WHO), the surge in healthcare expenditure is fueling rapid improvements in healthcare infrastructure and greater focus on research and development (R&D) activities, which is subsequently pushing up the requirement for pharmaceutical filtration methods across the world.
Moreover, many countries are investing a major portion of their gross domestic product (GDP) on healthcare. In the developed nations of North America and Europe, healthcare spending is considerably higher than that in the developing countries, on account of their lower income per capita GDP. However, the situation is expected to change in the coming years, with the governments of many emerging economies aiming to increase their healthcare expenditure in the forthcoming years, on account of the rising incidence of diseases.
Due to the aforementioned factors, the value of the pharmaceutical filtration market is predicted to rise from $13.7 billion in 2016 to $27.7 billion by 2023. The market is also expected to exhibit a CAGR of 10.6% from 2017 to 2023 (forecast period). Pharmaceutical filtration is the process by which various unwanted particles, such as solid impurities and undissolved powders, are eliminated from the processed components. This causes a sharp reduction in the concentration of bacteria. The filters basically prevent contamination in the processed solution and assist in maintaining its sterility.
Globally, North America contributed the highest revenue to the pharmaceutical filtration market in 2016. The U.S. dominated the regional market during the last few years. This was because of the high incidence of lifestyle-associated and chronic diseases, the presence of a large geriatric population, and high biopharmaceutical production in the region. Likewise, the U.K. held the largest share in the European market in the past years and it was followed by Germany and France.
Hence, the demand for pharmaceutical filtration methods will soar in the coming years, mainly because of the growing incidence of chronic diseases, increasing healthcare expenditure of several countries, and surging R&D activities in the pharmaceutical sector.