January 27, 2020

Solid Phase Extraction Market to Grow at USD 474.73 Million Valuation by 2023 | Finds MRFR

Solid Phase Extraction Market Growth Information: By Type (SPE Disk, SPE Cartridge), Application (Pharmaceutical Industries, Environmental, and Others), and Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) — Global Forecast till 2023

Solid-phase extraction (SPE) is a process for sample preparation by which dissolved or suspended compounds in a liquid solution are separated from other compounds according to their physical and chemical properties. Among its various end-use industries, the SPE process is extensively used in pharmaceutical industries and environmental care. The massive uptake of SPE in a number of growing industries is driving the solid-phase extraction market.

According to Market Research Future (MRFR), the Global Solid Phase Extraction Market Growth is poised to touch a valuation of USD 474.73 MN by 2023. In its recently published research report, MRFR also asserts that the market would register a CAGR of 4.62% throughout the forecast period (2017 – 2023).  Technological advancements in instrumentation is a key driving force behind the growth of the market.

Additional factors helping in bolstering the growth of the market include government investments in academics & life sciences and growth in the pharmaceutical sector and contract research organizations (CRO). Moreover, increasing demand for drug development has led to an increase in the size of the solid phase extraction market.

The wide acceptance of SPE in the pharmaceuticals and nutraceuticals industry, especially in developed economies define the growing landscape of the market, attributing to the approval of regulatory authorities. On the other hand, the high cost of instruments alongside, the stringent government policies & regulations restrain the growth of the market. 

Global Solid Phase Extraction Market – Competitive Analysis

Highly competitive, the solid phase extraction market appears to be widely expanded due to the presence of several small and large-scale companies. Well-established players adopt strategies such as acquisition, collaboration, expansion, and product launch to gain a competitive edge in the market. These players also focus on new product development and geographical expansion.

Major Players:

Players leading the global solid phase extraction market include PerkinElmer Inc, Thermo Fisher Scientific Inc, 3M, Gerstel GmbH & Co. KG, Gilson Incorporated, Merck KGaA, GL Sciences Inc, Agilent Technologies Inc., Biotage AB, Tecan Trading AG., and Waters Corporation, among others.

Global Solid Phase Extraction Market – Segments

The report is segmented into three key market dynamics to widen the scope of understanding,

By Type : SPE Disk and SPE Cartridge.

By Application: Pharmaceutical Industries, Hospitals & Clinics, and Environmental Care, among others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

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Global Solid Phase Extraction Market – Regional Analysis

The North American region dominates the global solid phase extraction market, accounting for a share of 39.9%. Increased use of solid-phase extraction in various such as pharmaceutical, biotechnology, and agriculture companies, among others drives the regional market growth. Moreover, factors such as the rising acceptance led by the wide-spread awareness about solid phase extraction in personal care products companies in the US is projected to stimulate the growth of the regional market.

The solid phase extraction market in the European region accounts for the second-largest share, globally. Rapid increase in biomedical and medical research is considered to be the key force fostering the market growth in the region. Also, the early adoption of solid phase extraction in the pharmaceutical sector in European countries such as the UK, Germany, and France would allow a decent increase in the regional market size over the forecast period.

The Asia Pacific solid phase extraction market is emerging as a profitable market, globally. Factors such as the latest progression in instrumentation and emerging economic conditions in the region boost the regional market growth. Moreover, increasing investment in biotechnology and pharmaceutical research organizations in the rapidly developing APAC countries such as India, Japan, and China are propelling the growth of the solid phase extraction market in the region.