Press release
Chromatography Accessories and Consumables Market is Projected to Rise at a CAGR of 7.5% from 2015 to 2023
The global chromatography accessories and consumables market stood at US$7.8 billion in 2014 and the opportunities in the market is expected to surge to US$15.0 billion by the end of 2023. The market is projected to rise at a CAGR of 7.5% from 2015 to 2023.
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Demand for Chromatography in Biopharmaceuticals and Biotech Sector to Boost Market
The major regional markets for the global chromatography accessories and consumables market are Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, the North America market for chromatography accessories and consumables held a major share in 2014 and is expected to grow at an impressive pace. The growth is driven by a robust research infrastructure, stellar demand for innovative chromatography methods, and substantial government support.
Based on product type, the chromatography accessories and consumables market is segmented into chromatography media/resins, columns and column accessories, chromatography detectors and accessories, chromatography filters, and solvents, buffers, and adsorbents. Of these, solvents, buffers, and adsorbents are expected to witness substantial and sustained demand from biopharmaceuticals and biotechnology players. The segment is projected to rise at the major CAGR over the forecast period.
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Expanding Application Areas to Boost Market
The rising demand for ascertaining the quality and purity of various reagents and chemicals has boosted the uptake of chromatography techniques among several end users such as hospitals and diagnostic laboratories, academics and research institutions, the food and agriculture sector, and pharmaceuticals. The growing application of chromatography accessories and consumables in ascertaining the purity of active pharmaceutical ingredients (APIs), particularly for regulating genotoxic impurities, is a crucial factor positively impacting the market growth. In addition, growing demand for chromatography techniques in industries related to drug discovery is anticipated to boost the market.
Furthermore, the growing popularity of contract research organizations and the extensive application of chromatography for large-scale monoclonal antibody purification are expected to augur well for the chromatography accessories and consumables market.
Increasing prevalence of chronic diseases have accelerated drug discovery activities in developing and developed regions. This has significantly boosted the uptake of chromatography accessories and consumables in the pharmaceutical sector. In addition, the growing prominence of contract research organizations is expected to catalyze the growth of chromatography accessories and consumables.
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Substantial governmental funding in research and development activities in emerging nations is anticipated to boost the market in the coming years. Furthermore, a rapidly improving healthcare infrastructure in emerging regions is also expected to accentuate the chromatography accessories and consumables market over the forecast period.
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