Surge in applications of chromatography in various fields, rise in adoption of chromatography in drug discovery process & growth in popularity of hyphenated chromatography techniques drives the growth of the market
PORTLAND, Ore., Sept. 22, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Chromatography Market by Type (Liquid Chromatography, Gas Chromatography, Thin-Layer Chromatography, and Others), Product (Instruments, Consumables, and Accessories), and End User (Pharmaceutical & Biotechnology Companies, Food & Beverage Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.". According to the report, the global chromatography industry generated $8.7 billion in 2020, and is anticipated to generate $15.33 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030.
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Prime determinants of growth
Surge in applications of chromatography in various fields, rise in adoption of chromatography in drug discovery process, and growth in popularity of hyphenated chromatography techniques drives the growth of the global chromatography market. However, High cost of chromatography equipment, Lack of adequate skilled professionals and Presence of alternative technologies to chromatography hinder the market growth. On the other hand, advancement in gas chromatography columns for petrochemical applications and adoption of chromatography in R&D in cancer present new opportunities in the coming years.
The outbreak of the Covid-19 pandemic have had a positive impact on the global chromatography market.
Chromatography is a powerful laboratory-based analytical method that has been employed by researchers as the scientific community strives to understand the Sars-CoV-2 virus and to develop better therapies, vaccines, and diagnostic tools to aid in the fight against the COVID-19 pandemic. This in turn, boosted the global chromatography market.
The liquid chromatography segment to maintain its leadership status throughout the forecast period
Based on type, the liquid chromatography segment held the highest market share in 2020, accounting for nearly two-thirds of the global chromatography market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in various applications of liquid chromatography to the fields of pharmaceutical chemistry, bioanalysis, antibiotics, metabolomics, proteomics, drug analysis, medical sciences, and plant, agricultural, environmental and food chemistry. However, thin layer chromatography segment is projected to manifest the highest CAGR of 6.7% from 2021 to 2030, owing to increase in application of thin layer chromatography (TLC) in various areas such as qualitative testing of various medicines such as sedatives, local anesthetics, anticonvulsant tranquilizers, analgesics, antihistamines, steroids, hypnotics.
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The consumables segment to maintain its lead position during the forecast period
Based on product, the consumables segment accounted for the largest share in 2020, contributing more than two-fifths of the global chromatography market, and is projected to maintain its lead position during the forecast period. This is due to growing adoption of consumables to separate, identify, and analyze various compounds such as vitamins, preservatives, additives, proteins, and amino acids in the pharmaceutical industry. Moreover, this segment is expected to portray the largest CAGR of 6.2% from 2021 to 2030, while the accessories segment projected to have CAGR of 5.6% from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global chromatography market. This is due to presence of giant biopharmaceutical and pharmaceutical firms in the countries such as the U.S. In addition, increase in adoption of chromatographic techniques for drug discoveries and drug approvals by this biopharmaceutical and pharmaceutical firms. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.2% during the forecast period.
Leading Market Players:-
Thermo Fisher Scientific, Inc.
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SOURCE Allied Market Research