Global Membrane Technology Market Gains Significantly from Rise in Life Sciences, Pharmaceutical, and Biopharmaceutical Industries
The global membrane technology market is experiencing a significant rise in its valuation. The increasing research and development activities in membrane technology and the growth of several industries such as life sciences, pharmaceutical, and biopharmaceutical in terms of production volume are propelling this market substantially across the world. North America has been leading this market since the last few years. However, Asia Pacific is likely to emerge as the fastest growing membrane technology market across the world.
A research study by Transparency Market Research (TMR) has stated that the worldwide market for membrane technology stood at US$6.4 bn in 2013. Analysts estimate this market to expand at a CAGR of 9.10% between 2014 and 2019 and reach a value of US$10.8 bn by the end of 2019.
What are the key factors driving the global membrane technology market?
The introduction of single-use disposable technology for biopharmaceutical products is the main driving force behind the robust growth of this market. Other than this, the implementation of stringent regulations regarding sterilizing drugs and medications during production is fueling the demand for membrane filtration, adding significantly to the market’s rise.
The continual advances introduced in the membrane technology are also boosting the market for membrane technology considerably across the world.
What are the major challenges faced by this market?
The global membrane technology market faces severe challenges from membrane fouling. In various processes such as membrane bioreactor, solutions or particles get deposited on the surface of the membrane, degrading its performance, thereby hindering the filtration process.
Apart from this, the high capital investment and operational cost associated with membrane technology also restrict companies to venture into this market, impeding its growth.
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What are the key strategies adopted by players operating in this for business expansion?
Most of the participants in the global membrane technology market are focusing on research and innovation as well as advancement of existing products to gain competitiveness in the market. One of the leading market players, the US-based GE Healthcare Life Sciences, has recently introduced a new ultrafiltration membrane technology for water treatment, named ZeeWeed 700B to be used in the offshore oil and gas market. This new horizontal-designed, inside-out UF membrane provides removal of solids in oil and gas applications and pre-treatment for seawater used for injection.
In May 2015, the company launched a novel nanofiltration membrane for seawater sulfate removal, specially designed for the upstream oil and gas market.
Mergers, acquisitions, and partnerships have also been popular among market players looking for strengthening their positions by expanding their product portfolios. Advantec MFS, Amazon Filters, Trisep Corp., Novasep, Koch Membrane System, Merck Millipore, 3M Co., and Sartorius are some of the other major enterprises operating in the worldwide membrane technology market.