Market Trends of Chromatography Reagents Industry
Increasing Demand from Pharmaceutical Sector
- In the pharmaceutical industry, chromatography is used for a variety of tasks, including identifying and analyzing samples for the presence of chemicals or trace elements, preparing large quantities of extremely pure materials, separating chiral compounds, detecting mixture purity and unknown compounds, and drug development.
- The HPLC chromatography technique is the most important analytical technique used in the pharmaceutical business for identifying and quantifying pharmaceuticals.
- During the research, development, and production of medicine, this is used either in the active pharmaceutical ingredient or in the formulations.
- All pharmaceutical items must be of the greatest quality to ensure the least amount of danger to patients. During the development process, researchers, producers, and developers utilize a variety of technical equipment and analytical processes, like liquid chromatography, to guarantee that the items satisfy the criteria.
- Since drug products must be safe and effective, the pharmaceutical industry is one of the most heavily regulated industries in the world.
- The global pharmaceutical industry is larger and currently driven by innovations and positive implications for the global population's health. The industry has been witnessing decent growth over the past several years. According to AstraZeneca, the global pharmaceutical sales in 2022 were USD 1,214 billion, representing a growth of 8.4% compared to the previous year.
- Further, Germany constitutes the major European pharmaceutical market and the fourth-largest worldwide, with almost 400 biotech companies. According to the United Nations, COMTRADE, Germany’s exports of pharmaceutical products were USD 126.01 billion in 2022.
- Therefore, with the growth of the pharmaceutical industry, the demand for chromatography reagents is likely to rise during the coming years.
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Strong Growth in the North American Region
- The North American region dominated the global market share. The increased adoption of chromatography techniques, majorly in the food and beverage and pharmaceutical industries, drives the demand for chromatography reagents in the region.
- The United States is the leading market for chromatography reagents, with factors such as rising investments in genomics research and development and the availability of sophisticated technologies projected to drive the market in the coming years.
- The United States has one of the world’s largest pharmaceutical industries. According to AstraZeneca, In 2022, the United States dominated pharmaceutical sales with a share of over 45% of global pharmaceutical sales and 22% of global production. The projected pharmaceutical sales for the United States in 2024 are expected to be USD 633 billion.
- According to the USDA, in 2022, about USD 1.5 trillion, the food business represents a sizeable portion of the United States economy. At almost 4% of the GDP, the food and beverage sector is one of the largest manufacturing sectors in the country's economy. With more than USD 800 billion in annual revenues, the food retail sector, which comprises supermarkets and other food stores, is likewise a sizable portion of the industry.
- Further, according to the USDA, Mexico is the third-largest food processing industry in the Americas, after the United States and Brazil. According to data from the Agricultural Markets Advisory Group (GCMA), the country’s food production is anticipated to reach 290 million tons in 2023, growing from 287 million tons in 2022.
- Due to all the factors mentioned above, North America is expected to have a strong demand in the market studied in the near future.
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