PHARMACEUTICAL FILTERS MARKET ANALYSIS

Pharmaceutical Filters MarketSize and Trends

Pharmaceutical filters are widely used in research and development of new drugs, thus increasing R&D activities is expected to increase demand for pharmaceutical filters. According to International Federation of Pharmaceutical Manufacturers & Associations, 2017, around 56 new medicines were launched in 2015, while over 7,000 compounds were at different stages of development, globally. The research-based pharmaceutical industry invested over US$ 149.8 billion on R&D per year, according to the same source. Growing generic and biologics manufacturing market is also expected to lead to high demand for pharmaceutical filters, as these are primarily used in drug manufacturing processes.

North America is expected to exhibit a significant growth in the global pharmaceutical filters market over the forecast period

North America market is expected to exhibit high growth over the forecast period. This is owing to growing pharmaceuticals industry in the U.S.  According to a study published by International Federation of Pharmaceutical Manufacturers & Associations, 2017, U.S. represented largest market share (i.e. 40.3%) in the global pharmaceuticals market in 2015. Moreover, the country’s share in global pharmaceutical market is expected to reach to 41% by 2020. Filters are used at various stages of manufacturing of pharmaceuticals, in the U.S. and this is expected to drive demand for pharmaceutical filters. In the region, in turn aiding in growth of the market.

Asia Pacific is expected to be the second-largest market for pharmaceutical filters, owing to growing pharmaceuticals industry in the region and increasing export of pharmaceuticals by countries such as India and China. According to the report published by Department of Industrial Policy and Promotion and Department of Pharmaceuticals, in 2017, India was one of the largest producers of pharmaceutical products and a leading player in the global generics market, exporting nearly 50% of its production. These factors for expected to aid in growth of the market.