Chromatography Market is Estimated to Witness High Growth Owing to Opportunity of Use in Various Biopharmaceutical Production Processes
Chromatography is a laboratory process used to separate mixtures into individual components for identification and quantitation. It relies on differences in partitioning behaviour of analytes as they flow around or through a stationary liquid or solid phase. Chromatography techniques find extensive application in quality control testing in pharmaceutical and biotechnology industries. The processes are used to analyse drug compounds, antibiotics, proteins, peptides, enzymes, oligosaccharides and other biomolecules. Chromatography is routinely used at various stages during drug development including compound screening, identification of impurities, purity analysis, and stability monitoring.
The global chromatography market is estimated to be valued at US$ 11702.77 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing application of chromatography in pharmaceutical industry is one of the major drivers for the growth of the global chromatography market. Stringent quality control regulations have increased the demand for chromatography techniques to comply with validated methods during drug development. Chromatography helps in characterization of drug molecules and identification of impurities which is crucial for approval of new drug entities. Additionally, growing biopharmaceutical industry has also augmented the need for separation and purification of proteins, enzymes and complex biomolecules through chromatography techniques. However, high capital investment and maintenance cost associated with chromatography instruments may hamper the market growth over the forecast period.
SWOT Analysis
Strength: global chromatography market Size has wide applications in pharmaceutical and biotechnology industries. It offers higher accuracy and precision in separation, purification and analysis of compounds. Rapid developments in chromatography instruments and consumables have enhanced capabilities and productivity.
Weakness: Chromatography instruments require high capital investments and maintenance costs. Scarcity of skilled professionals for operation and data analysis is a challenge. Troubleshooting complex chromatography processes need expert technical knowledge.
Opportunity: Rising R&D spending on drug discovery and pharma production is driving demand. Growing biopharma industry is expanding scope of chromatographic methods. Emerging biosimilars and biologics market present new opportunities. Rapid adoption of combination of chromatography techniques like GC-MS is gaining traction.
Threats: Alternative separation techniques like ion exchange and filtration offer comparable performance at lower costs. Strict regulatory approval process increases timeline and costs of new chromatography methods and applications. Dominance of few global players poses competition threat to emerging players.
Key Takeaways
The global chromatography market is expected to witness high growth over the forecast period 2023 to 2030. The market size stood at US$ 11702.77 Mn in 2023 and is projected to reach US$ 18900 Mn by 2030, growing at a CAGR of 5%.
Regional analysis: North America currently dominates the chromatography market owing to extensive R&D activities in pharmaceutical and biotechnology sectors in the US and Canada. The Asia Pacific region is expected to grow at the fastest pace during the forecast period led by expansion of pharma industry in China, India, South Korea and Japan.
Key players: Key players operating in the chromatography market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These companies have extensive product portfolio and global presence across major markets.
Get More Insights On This Topic: https://www.trendingwebwire.com/chromatography-market-analysis-growth-forecast-outlook-2023-2030/
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