LONDON, Nov. 28, 2017 /PRNewswire/ —
Cleanroom Technology Market Analysis By Product Type (Equipment, Consumables), By End-use (Pharmaceutical, Medical Device, Biotechnology, Hospitals, Diagnostic Centers), And Segment Forecasts, 2014 – 2025
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The global cleanroom technology market is expected to reach USD 4.86 billion by 2025, according to a new report by Grand View Research, Inc.
Stringent regulatory standards for product approvals, technological advancements in cleanrooms, initiatives taken by private organizations to create awareness regarding cleanroom, and growth of healthcare sector globally are among few factors expected to drive the market.
Compliance with the standards for product approvals is very important, as a result manufacturing companies in various industries are dependent on cleanroom technology. The regulatory standards or current good manufacturing practices for pharmaceutical products are more stringent as compared to other industries as these products have a direct impact on public health. This is expected to positively impact the market growth by boosting the usage in various industries.
Various initiatives undertaken to create awareness, such as online magazines dedicated to specifying trends in cleanroom technology, and presence of cleanroom company directories are expected to propel the market growth. Cleanroom Academy GmbH, founded in 2008, is one such organization dedicated to help manufacturing companies optimize work processes and offers training courses pertaining to this technology. To serve this purpose, the company arranges a number of seminars, training sessions, and coaching.
Rapid growth of the healthcare industry is impelling demand for this technology. Increase in healthcare expenditure, reimbursement policies for treatment of diseases in various economies, burden of noncommunicable diseases, R&D initiatives by academic & commercial players, as well as improvement in the healthcare infrastructure and rise in geriatric population are some of the major factors driving the healthcare industry, which in turn is expected to increase usage rates in production facilities.
Further Key Findings From the Report Suggest:
• The global cleanroom technology market size was estimated at USD 3,097.8 millionin 2016 and is expected to grow at a CAGR of 5.1% from 2017 to 2025
• Consumables emerged as the largest product type segment and the equipment segment is anticipated to witness fastest growth over the next 8 years
• Pharmaceutical industry accounted for the largest revenue share of around 48.7% in 2016 due to several factors such as presence of stringent regulations in the U.S. regarding approval of imported products from emerging countries