(IT-NEWSWIRE.COM, November 29, 2019 ) According to a new market research report "Track etched Membrane Market by Product (Membrane Filter, Capsule & Cartridge Filter, Cell Culture Insert), Material (Polycarbonate, Polyimide), Application (Cell Biology, Microbiology, Analytical testing, Automotive), End User - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 813.1 million by 2023 from USD 476.0 million in 2018, at a CAGR of 11.3% from 2018 to 2023.
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The growth of the pharmaceutical R&D expenditure is expected to be one of the major factors driving the growth of this market during the forecast period. Moreover, the collaborative application of nanotechnology and track etching is expected to increase the adoption of Track etched Membranes in various applications, such as healthcare, fuel cells, telecommunications, and transportation
By product, the membrane filters segment is estimated to account for the largest share of this market in 2018
Based on product, this market is segmented into membrane filters, cartridge & capsule filters, and other Track etched Membrane products. The membrane filters segment is estimated to account for the largest share of the global Track etched Membrane Market in 2018. The large share of this segment can be attributed to the increasing applicability of membrane filters in sterilizing, final filtration, sample preparation, filtration of aqueous and organic solutions, fluid monitoring, and venting and gas filtration.
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By application, the cell biology segment is expected to hold the largest share of the Track etched Membrane Marketby 2023
Based on application, the Track etched Membrane Market is segmented into cell biology, microbiology, analytical testing, and other applications. Of all these application segments, the cell biology segment is expected to lead Track etched Membrane Market in 2018. The large share of this segment can be attributed to its increasing applications in pharmaceutical and biopharmaceutical industries for research activities.
The pharmaceutical & biopharmaceutical companies' segment is projected to dominate Track etched Membrane Market during the forecast period
By end user, the Track etched Membrane Market is segmented into pharmaceutical & biopharmaceutical companies, academic & research institutes, food & beverage companies, hospital & diagnostic laboratories.
Pharmaceutical and biopharmaceutical companies are the largest end-users of Track etched Membranes majorly due to the growing research towards the development of biological molecules, increasing manufacturing of generic drugs in emerging countries, and stringent regulations imposed by government and regulatory agencies to enhance the quality of pharmaceutical and biopharmaceutical products.
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North America is expected to dominate the market during the forecast period
North America is estimated to hold the largest share of the Track etched Membrane Market in 2018, followed by Europeand Asia Pacific. The large share of the North American market can be attributed to the increasing health and environmental concerns, increasing adoption of laboratory filtration equipment, and surge in the development of new biologics and growing pharmaceutical research.
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Mr. Shelly Singh