Hollow Fiber Filtration Market is forecasted to grow, owing to the increasing biopharmaceutical industry, growing usage of single-use technologies, and increasing cell-based research. The Global Hollow Fiber Filtration Market size was valued at USD 303.0 Mn in 2020 and is expected to reach USD 682.8 Mn by 2027, with a growing CAGR of 14.5 % during the forecast period (2017-2027).
The increasing technological advancements and the adoption of hollow fiber filtration is driving the hollow fiber filtration market growth. The hollow fiber filtration market was driven due to the rise in continuous manufacturing, rising biopharmaceutical industry, and increasing use of single-use technologies. The increased investment in cell-based research and the rising economies accelerate towards the growth of key players in the hollow fiber filtration market.
For instance, in October 2020, Repligen Corporation announced the agreement of acquiring ARTeSYN Biosolutions for $200 million. This agreement expanded the revenue generated from the acquired biosolution products. Again in 2020, Repligen Corporation acquired Engineered Molding Technology for single-use filtration products and expand its single-use systems portfolio in the hollow fiber filtration market. Thus, the technological advancements in hollow fiber membranes and product launches encourage the demand for hollow fiber filtration market.
The hollow fiber filtration market is broadly segmented into material, application, technique, end-user, and regions. The low protein-binding and hydrophilic properties of polysulfide/polyethersulfone, and its widespread applications increases the adoption rate, driving the hollow fiber filtration market. The precedence of hollow fibers in continuous cell perfusion for strong and healthy manufacturing and low shearing accelerate the preference of the consumers thus, driving the market. The increasing need and demand for hollow fiber filters in the process of microfiltration, diafiltration, and ultrafiltration for biopharmaceutical manufacturing fastens the growth of the market.
The hollow fiber filtration technology with its advanced properties turned out to be of great help during the pandemic situation. The membrane filtration was used in production of vaccine, biologics and ongoing clinical trials. Chromatography filtration is considered as a scalable method for contributing towards vaccine production. The filter helped in continuous improvement of quality standards to meet regulatory requirements for vaccines and biologics. The wide variety of hollow fiber filtration uses in the fields of life science research and biopharmaceutical such as vaccine production. This all contributed to elevate the market during the pandemic.
Global Hollow Fiber Filtration Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America dominated the hollow fiber filtration market in 2020 and is expected to maintain the same dominance throughout the forecast period. This is due to the increasing demand for hollow fiber filters in biopharmaceutical manufacturing. The key players have a strong presence and easy product sales due to the high demand ultimately leading to drive the hollow fiber filtration market. The prominent players are focused on acquisitions and strategic expansions to expand their presence in the market. For instance, in 2020 Danaher acquired GE Company’s Life Sciences division for Cytiva. The acquisition of Cytiva strengthened the company’s position in the hollow fiber filtration market.
However, the market in the Asia Pacific is anticipated to have a significant growth rate during the forecast period. The low manufacturing & labor costs, continuous manufacturing, and availability of lucrative markets for foreign investors are among the key factors driving the Asia Pacific market.
The Global Hollow Fiber Filtration Market Segmentation:
Global Hollow Fiber Filtration Market by Material Outlook (Revenue, USD Million, 2021-2027)
Global Hollow Fiber Filtration Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Hollow Fiber Filtration Market by Technique Outlook (Revenue, USD Million, 2021-2027)
Global Hollow Fiber Filtration Market by End user Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the market are: