Market Research Future (MRFR) has published a cooked research report on the “Global Solid Phase Extraction Market” that contains the information from 2022 to 2030.
The solid phase extraction market is expected to register a CAGR of 5.60% during the forecast period of 2022 to 2030.
MRFR recognizes the following companies as the key players in the global solid phase extraction market— Thermo Fisher Scientific (US), PerkinElmer Inc. (US), 3M (US), Gilson Incorporated (US), Gerstel GmbH & Co. KG (Germany), Merck KGaA (Germany), Agilent Technologies Inc. (US), GL Sciences Inc. (Japan), Biotage AB (US), Waters Corporation (US), Tecan Trading AG (Switzerland), Cytiva (US), Pall Corporation (US), Phenomenex Inc. (US), and Sigma-Aldrich (US).
The global solid phase extraction market is expected to register a CAGR of 5.60% during the forecast period and is expected to hit USD 326.58 million by 2030.
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. There are various instruments used in the technique including column, sensors, and others.
The growth of the global solid phase extraction market is attributed to the technological advancements in instrumentation, and government investments in academics and life sciences. Other factors like growth in generics and CROs are also driving market growth. Furthermore, expansion in developing countries and increasing use of the solid phase extraction techniques are likely to help the market grow in the future.
The global solid phase extraction market has been divided based on type and application.
The market, based on type, has been segregated into SPE disk, SPE cartridge, and others. The SPE disk segment dominated the market in 2020 and was projected to be the fastest-growing segment during the forecast period. The SPE disk are one of the most used devices in the solid phase extraction industry for sample preparation. These disks are popular for large volume sample preparation.
Based on application, the solid phase extraction market has been divided into pharmaceutical industries, hospitals & clinics, environmental, academic & research institutes, and others. The pharmaceutical industries segment dominated the market in 2020 owing to rapidly expanding pharmaceutical industry and the high adoption of superior technologies.
Explore In-depth Details: Solid Phase Extraction Market Research Report
The global solid phase extraction market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas accounted for the largest market share in 2020 and is anticipated to dominate the global solid phase extraction market during the study period. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
The Americas is expected to dominate the global solid phase extraction market throughout the study period. This is majorly due to its increased use in various industries such as pharmaceutical, biotechnology, agriculture, and others. The Americas comprises North America and Latin America. The market in North America has been divided into the US and Canada. The US accounts for the largest market share in the North American solid phase extraction market. In the US, the availability of technologically advanced devices & instruments and the high concentration of the major market players are the key drivers for growth of solid phase extraction market in the region. Increased R&D funding in Canada is fueling the growth of the solid phase extraction market. Europe has also evolved as a prominent market for solid phase extraction market with the growth of the R&D sector in major countries such as Germany, the UK, France, Italy, and Spain. Developed healthcare infrastructure, government initiatives, and increased R&D funding in Europe is expected to increase the overall market size.
The Asia-Pacific region represents lucrative opportunities for players operating in the solid phase extraction market, attributing to the latest progression in instrumentation, emerging economic conditions, increasing investment in biotechnology and pharmaceutical research organizations in the developing countries. Numerous new and innovative approaches are being used for solid phase extraction processes. Improvement in healthcare infrastructure and increased demand for novel products are the key drivers for the Middle East & Africa's solid phase extraction market. Countries in the Middle East and North Africa, such as Algeria, Egypt, and Iraq, have made substantial improvements in developing their health care systems. The number of hospitals and diagnostic centers is increasing in the region; this creates a demand for new instruments.
Key Findings of the Study
- The global solid phase extraction market is projected to register a CAGR of 5.85% during the assessment period.
- The Americas accounted for the largest share of the global market due to the well-developed healthcare sector, increased use of extraction processes in various companies in pharmaceutical, biotechnology, agriculture, and other sectors, and the presence of leading players.
- Based on type, the SPE disk segment accounted for the largest market share of 48.76% in 2020.
- By application, the pharmaceutical industry segment accounted for the largest market share of 30.00% in 2020.
- On the basis of application, the academic & research institutes segment is expected to account for highest CAGR of 7.75% during the forecast period.
- Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany) and 3M (US) are the key market players.