Chromatography Market is Estimated to Witness High Growth Owing to Rising Pharmaceutical and Biotechnology Industry
Chromatography is a laboratory technique for the separation of a mixture. It involves separating the components or solutes of a mixture between two phases, a stationary phase and a mobile phase. It is widely used in chemical laboratories for purification and analytical applications. There are various modes of chromatography based on selection of stationary and mobile phases including gas chromatography, ion-exchange chromatography, size-exclusion chromatography, hydrophobic interaction chromatography, and affinity chromatography. Chromatography finds major applications in drug discovery and development processes in pharmaceutical industry for purification and quality testing of drugs. The global chromatography market is estimated to be valued at US$11,702.77 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global chromatography market is expected to witness significant growth over the forecast period owing to rising pharmaceutical and biotechnology industry. According to World Economic Forum, global pharmaceutical market revenue is estimated to reach US$1.5 trillion by 2023, reflecting a CAGR of 5-7% between 2018-2023. Growth of pharmaceutical industry is expected to drive the demand for chromatography techniques as it is an important applications in drug discovery, quality testing and purification processes. Additionally, rising research and development activities in pharmaceutical and biotechnology sector is also expected to augment the market growth. However, high capital investments associated with chromatography instruments may hamper the market growth over the forecast period.
SWOT Analysis
Strength: Chromatography market has a wide range of applications in industries such as pharmaceutical, clinical diagnosis, biotechnology, food and beverage among others. The technique offers high efficiency, accuracy and is a reliable separation method. It minimizes downtime and provides scalable solutions across different industries.
Weakness: Chromatography equipment requires high capital investment and operating cost. Troubleshooting a faulty chromatography system is a complex and time consuming task requiring technical expertise. Lack of skilled professionals restricts the adoption of advanced chromatography techniques.
Opportunity: Growing biopharmaceutical industry and rising investment in R&D creates significant demand for chromatography in process development and purification. Increasing drug discovery and clinical trials offers scope to leverage chromatography applications. Promising biologics market stimulates separation technologies to improve yields and lower costs.
Threats: Availability of affordable alternate technologies for separation like ultrasound limits the reliance on chromatography alone. Stringent regulations around equipment validation adds compliance burden. Fluctuating raw material prices exert pressure on manufacturing and operating costs.
Key Takeaways
The global Chromatography Market Growth is expected to witness high growth driven by increasing biologics production and stringent purity requirements set by regulatory agencies. The market size is projected to reach US$ 11702.77 Mn by 2024 registering a CAGR of 6.5% during the forecast period from 2023 to 2030.
Regional analysis: North America dominates the global chromatography market owing to presence of major pharmaceutical companies and advanced research infrastructure. Growing biotechnology industry in Asia Pacific creates significant demand for chromatographic separation techniques especially in China, India and Japan. Europe follows North America in terms of market share due to favorable funding schemes and biomedical research initiatives.
Key players: Key players operating in the chromatography market are APS Materials Inc., Berkeley Advanced Biomaterials (GNI Group Ltd), Bio-Rad Laboratories Inc., CGbio, FLUIDINOVA, Granulab Sdn. Bhd. (KPower Berhad), HOYA Technosurgical Corporation (HOYA Corporation), SANGI CO. LTD, SigmaGraft Biomaterials, Taihei Chemical Industrial Co. Ltd, and Zimmer Biomet. The companies are focusing on new product launches and collaborations to expand their presence and leverage market opportunities.
For more insights, read- https://www.pressreleasebulletin.com/chromatography-market-trends-size-and-share-analysis/
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