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Global Single-use Filtration Assemblies Market Report 2023: Sector is Expected to Reach $11.8 Billion by 2030 at a CAGR of 18.7% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Single-use Filtration Assemblies Market 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.

The global single-use filtration assemblies market size is expected to reach USD 11.8 billion by 2030. The market is expected to expand at a CAGR of 18.70% from 2023 to 2030.

The increasing demand for biopharmaceutical products, rising research and development activities, and the need for cost-effective filtration systems are the major drivers of the market. The biopharmaceutical industry is growing rapidly, with an increasing number of companies investing in R&D to bring new drugs and therapies to market. Biopharmaceutical products are sensitive to contaminants, which can affect their efficacy and safety.

Therefore, biopharmaceutical companies require high-quality filtration systems that can remove impurities and contaminants from their products. Single-use filtration assemblies offer several advantages over traditional filtration systems, such as reduced contamination risk, lower capital costs, and increased flexibility. As a result, the adoption of single-use filtration assemblies is increasing in the biopharmaceutical industry, which is expected to boost the industry growth during the forecast period.

The COVID-19 pandemic has had a major impact on the global market, particularly on the research and development of medical treatments for non-COVID-19 conditions, as well as the supply chain of biopharmaceuticals, pharmaceuticals, and medical devices.

In addition, the COVID-19 pandemic had a significant impact on the market, as single-use technology was adopted for research activities in COVID-19 vaccine development. The rise in the production of COVID-19 treatment therapeutics, which in turn increased downstream processing that required separation and filtration and techniques.

Furthermore, the demand for effective biopharmaceutical drugs and products has increased due to the rising prevalence of chronic diseases among the population. This has resulted in an increased need for single-use assemblies, which is expected to drive market growth.

For instance, in 2022, the FDA’s Center for Drug Evaluation and Research approved 37 novel drugs as new molecular entities (NMEs) as new therapeutic biological products. The growing number of biological approvals is expected to increase the biopharmaceutical manufacturing process, leading to greater adoption of single-use assemblies during the forecast period.

Furthermore, increasing spending on life science research and development is also contributing to the development of new drugs. The International Federation of Pharmaceutical Manufacturers and Association (IFPMA) reported in 2022 that there has been a notable increase in drug development for certain disease areas. Specifically, there are currently 3,148 new drugs in development for cancer, 1,677 for immunology, and 1,668 for neurology.

Additionally, the pharmaceutical sector in the UK has also seen a 6% increase in annual R&D spending, according to the Office for National Statistics (ONS) 2021 report, reaching a record high of Euro 5.02 billion (USD 5.34 billion). Hence, the increasing R&D spending is expected to lead to the development of more drugs and boost growth of the industry.

Single-use Filtration Assemblies Market Report Highlights

Key Attributes:

Report Attribute Details
No. of Pages 180
Forecast Period 2022 – 2030
Estimated Market Value (USD) in 2022 $2989.7 Million
Forecasted Market Value (USD) by 2030 $11800 Million
Compound Annual Growth Rate 18.7%
Regions Covered Global

Market Dynamic

Drivers

Restraints

Industry Challenges

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/k9hs8t

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