Solid Phase Extraction Market is Expected to Exhibit a Strong CAGR during forecast period upto 2023
Market Highlights
The global solid phase extraction market growth is expected to register a CAGR of 4.62% to reach USD 474.73 million till 2023. Solid phase extraction (SPE) is a sample preparation process by which compounds that are dissolved or suspended in a liquid mixture are separated from other compounds in the mixture according to their physical and chemical properties.
Technological advancements in instrumentation, rising government investments in academics and life sciences, and high growth in the generic pharmaceutical market and contract research organizations (CRO are responsible for the growth of the global solid phase extraction industry market in the recent years. However, costs related to instruments and unfavorable government policies and regulations are likely to restrain the market growth over the forecast period.
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Segment analysis
The global solid phase extraction industry market has been divided into segments, namely, type and application. Based on type, the market has been classified into SPE disk and SPE cartridge. Based on application, the global solid phase extraction industry market is segmented into pharmaceutical industries, hospitals and clinics, and environmental care.
Regional Analysis
Geographically, the Americas is expected to dominate the global solid phase extraction industry market. This is owing to the growing use of solid phase extraction technology in various industries such as pharmaceutical, biotechnology, agriculture, and others. Asia-Pacific is estimated to be the fastest growing region in the market. Latest progression in instrumentation, emerging economic conditions, increasing investment in biotechnology, and pharmaceutical research organizations in developing countries of Asia-Pacific are expected to contribute to the increasing demand for solid phase extraction products. In 2017, South Korea accounted for a market share of 15.9% in the Asia-Pacific solid phase extraction industry market. On the other hand, the Middle East and Africa has the least share of the market due to the low disposable income.
Key Findings of the Study
- The global solid phase extraction industry market is projected to reach USD 474.73 million by 2023 at a CAGR of 4.62% during the review period of 2018-2023
- The Americas accounted for the largest share due to the increasing use of solid phase extraction products in the life sciences industry in the region
- The pharmaceutical industries segment accounted for the largest share, holding a market value of USD 109.01 million in 2017.
- Some of the players operating in the solid phase extraction industry market are Thermo Fisher Scientific Inc, PerkinElmer Inc, 3M, and others.
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