Market Trends of Global Depth Filtration Industry
This section covers the major market trends shaping the Depth Filteration Market according to our research experts:
Cartridge Filters is Expected to Witness Growth Over The Forecast Period.
Cartridge Filters are estimated to witness growth in the future attributed to high dirt holding capacity, long service life, cost-effectiveness, reliability, and high performance. Cartridge filters are the tubular filtration equipment used across several industries for filtration such as starting from pre-filter for high purity water to final product processing and filtration of chemicals, As these filters are very effective against small contaminants which results in wide adoption in wastewater treatment.
Biopharmaceutical and pharmaceutical companies have boosted their research and development spending significantly. According to the Congressional Budget Office report published in April 2021, these companies spend over a quarter of their sales on research and development. The rising research by biopharma and pharmaceutical companies will likely lead to increased demand for cartridge filters to maintain accuracy and avoid infections, thereby expected to propel the segment's growth.
Additionally, the advancements in technology and increasing product approvals, along with partnerships by critical players are helping in the market growth. For instance, in October 2021, the Industrial Gas Filtration and Generation Division of Parker Hannifin Corporation launched two new aftermarket cartridge filters. The designed filters are intended to meet special applications to help customers improve their bottom line. These launches are predicted to boost the demand for cartridge filters and in turn projected to augment the segment growth.
North America is Expected Dominate the Depth Filtration Market Over The Forecast Period
North America is expected to dominate the market owing to factors such as the increasing number of pharmaceutical and biotechnology companies, rising concern regarding purification, quality, protection of contaminants, and growth in water filtration, filtration, food & beverage, and raw material purification products, the strong presence of industry players in the region.
According to National Center for Science and Engineering Statistics included in the National Science Foundation June 2022 report, the estimated investment in research and experimental development performed in the United States totaled for 2020, based on performer-reported expectations, was USD 708.0 billion. The high investment in the country is projected to augment the studied market in the region.
As per the Pharmaceutical Research and Manufacturers Association (PhRMA), United States companies conduct over half the world's research and development (R&D) in biopharmaceuticals which are ultimately propelling the growth of depth filtration as these processes are crucial in biopharmaceuticals as well as food & beverage, water purification and many more which further boost the overall market in this region. For instance, in February 2021, Hangzhou Sciwind Biosciences Co. Ltd (Sciwind), a clinical-stage fast-growing biopharmaceutical company, received USD 37 million Series B financing from LYFE Capital to accelerate research and development of innovative biologics in the therapeutic area of chronic metabolic and immunological diseases.
Also, in October 2021, the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL) of the United States granted funding of USD 3 million for six new biopharmaceutical manufacturing products. The institute that will receive the financing includes North Carolina State University, the University of Massachusetts, the University of Georgia, the University of Michigan, the University of Delaware, and Carnegie Mellon University. The surge in regional research and development funding is likely to augment market growth.
Therefore, owing to the factors mentioned above, the growth of the studied market is anticipated in the North America Region.
