(PharmaNewsWire.Com, December 05, 2018 ) According to the 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 track etched membrane 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. 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.
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The track etched membrane 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. Key factors driving the growth of this market include increasing R&D spending in the pharmaceutical and biopharmaceutical industries and increasing purity requirements among end users of track etched membranes. However, the high cost of production and the limited supply of track etched membranes are major factors that are expected to restrain the growth of this market during the forecast period.
The report analyzes the global track etched membrane market, by product, material, application, end user, and region. By product, the membrane filters segment is expected to lead the track etched membrane market by 2023. 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.
Geographically, the global track etched membrane market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to continue to dominate the track etched membrane market till 2023, followed by Europe and Asia Pacific. The large share of the North American market can be attributed to the presence of global pharmaceutical manufacturers, a large number of quality control laboratories for the food & beverage industry, and growing concern towards improving the quality of food products and the medical devices that utilize track etched membranes.
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