How will Rising Healthcare Expenditure Fuel Boom of Laboratory Filtration Market in Asia-Pacific in Future?
One of the major factors propelling the demand for laboratory filtration technology across the world is the soaring utilization of laboratory filtration products in the food and beverage industry. Membrane filtration processes are bring increasingly incorporated in the food and beverage industry owing to their extremely high efficiency in clarification, fractionation, concentration, and purification methods. Due to the incorporation of these highly effective methods, the quality of the food items increases drastically.
Driven by the above-mentioned factors, the global laboratory filtration market, which generated revenue of $2.3 billion in 2017, is further expected to attain valuation of $3.5 billion by 2023. The market is also predicted to progress at a CAGR of 7.3% during the forecast period (2018–2023). Most of the filtration activities in laboratories are accomplished via a membrane that utilizes a physical barrier such as a filter or a membrane for separating the unwanted particles from a fluid.
Geographically, Asia-Pacific (APAC) is anticipated to record the fastest growth in the adoption of laboratory filtration technologies during the forecast period, owing to the rising incidence of chronic diseases, soaring production of pharmaceutical products, and improving healthcare infrastructure in the region. As per the World Bank, the total healthcare spending in South Asia in 2000 was recorded to be 3.9% of the region’s total gross domestic product (GDP) and this share increased to 4.4% by 2014. This is trend is expected to continue in future, thereby fuelling the growth of the laboratory filtration market in the region in future.
Therefore, it can be said without any hesitation that due to the increasing requirement of advanced filtration methods, products, and technologies in a plethora of industries such as food and beverage and pharmaceuticals and the surging healthcare expenditure in several countries, the demand for laboratory filtration technologies will observe tremendous growth in the coming years.
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