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(MoneyNewsWire.Net, May 09, 2018 ) Research Cosmos projects that the market for chromatography resin will grow from USD 1.72 Billion in 2016 to USD 2.46 Billion by 2021, at a CAGR of 7.41% from 2016 to 2021. The chromatography resin market is expected to grow during the forecast period, because of rising demand from pharmaceutical & biotechnology, food & beverage, and water & environmental analysis applications.
The chromatography resin market is segmented on the basis of type, technique, application, and region. The ion exchange chromatography segment is estimated to be the most widely used technique. The high share of this segment, in terms of volume, can be attributed to the increasing demand for this technique in the pharmaceutical industry.
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On the basis of application, the market is segmented into pharmaceutical & biotechnology, food & beverage, water & environmental analysis, and others (genetic engineering, diagnostics, and biochemistry). The pharmaceutical & biotechnology segment is projected to grow at the highest CAGR, due to increasing use of monoclonal antibodies in key therapeutic areas, such as oncology, tuberculosis, and other autoimmune diseases. The pharmaceutical & biotechnology segment accounted for the largest share of chromatography resin market. Industrial-scale purification of biopharmaceuticals and quantitative and qualitative analysis of drugs are the key application areas of chromatography resin. Chromatography is increasingly used to manufacture biological drugs such as monoclonal antibodies and other recombinant proteins, which is expected to drive the chromatography resin use in pharmaceutical & biotechnology.
On the basis of region, the market for chromatography resin is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The chromatography resin market in Asia-Pacific is projected to grow at the highest rate from 2016 to 2021, owing to the growth of generic drugs and biosimilars in countries, such as China, India, and South Korea.
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The key constraint for the growth of the chromatography resin market is the lack of adequate skilled professionals. The pharmaceutical industry is currently witnessing a shortage of skilled professionals to operate chromatography instruments and perform the techniques according to the industry requirements. The chromatography market has witnessed rapid technological advancements in the recent years. Therefore, the proper usage of the modern chromatography equipment requires expertise, relevant experience, and knowledge of different chromatography techniques.
New product launches, expansion, contracts & agreements, and acquisitions were the major strategies adopted by the most players in the market. Companies such as, General Electric Company (U.S.), Merck KGaA (Germany), Pall Corporation (U.S.), Bio-Rad Laboratories Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Tosoh Corporation (Japan) were the key players who adopted these strategies to increase their customer bases and widen their product portfolio. Companies aim to widen their product portfolio and the geographic presence further to cater to the increasing demand of their end customers.
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