Market Trends of Global Hollow Fiber Filtration Industry
This section covers the major market trends shaping the Hollow Fiber Filtration Market according to our research experts:
The Pharmaceuticals and Biotechnology Industries Segment is Expected to Hold a Major Market Share in the Hollow Fiber Filtration Market Market.
The pharmaceutical and biotechnology industries are expected to be the most lucrative segment, with extensive usage of hollow fiber filtration in their production processes. 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 in investement for research and development activities of the pharmaceutical and biopharmaceutical industries directly impacts the demand for hollow fiber filtration owing to the extensive usage for isolation and purification of the products. For instance, in April 2022, Ferring Pharmaceuticals opened its integrated R&D and manufacturing facility in Hyderabad, which was established with a total investment of EUR 30 million. The R&D capability includes formulation development, packaging development, and analytical development. This increase in the growth of the pharmaceutical sector facilitates the increasing usage of hollow fiber filtration for filtration of products, thereby propelling the growth of the segment.
Thus, owing to the abovementioned factors, the pharmaceutical and biotechnology industries segment is expected to grow over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.
The hollow fiber filtration market is expected to grow in this region owing to the increase in research and development activities in the biopharma sector in the United States region. According to the Binder Dijker Otte (BDO) USA Reports, in 2020, companies listed on the biotechnology index (NBI) saw a growth in revenue of 1.049 billion. In 2020, average research and development spending increased by 16% 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. For instance, in March 2020, Thermo Fisher Scientific Inc. invested nearly USD 475 million to expand its biologics, cell and gene therapy, and drug product development facilities and increase its global commercial capabilities. Similarly, in January 2020, Eli Lilly and Company entered an agreement to acquire Dermira, a biopharmaceutical company.
Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region as the one with the most 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.
