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The SPE market registered US$ 242.4 Mn in 2019 and it is estimated to reach more than US$ 389.165 Mn by 2028, likely to grow with a CAGR of 5.4 % during the forecast period.
Solid-phase extraction (SPE) is a sample preparation technique in which the compounds that are dissolved or suspended in a liquid mixture are separated from other compounds on the basis of their physical and chemical properties. The use of solid-phase extraction helps in solving several problems associated with liquid separation and also helps to minimize the use of solvent and in reducing the time required. It is a widely used technique in various fields such as healthcare, pharmaceuticals, food and beverages, and environmental sectors. Intensive use of this technique helps in expanding the market for medical, industrial, food & beverages and many more.
Continuous development of new drugs to augment the growth of the solid-phase extraction market
Solid Phase Extraction Market is poised to grow with a CAGR of 5.4% CAGR over the forecast period. The ongoing demand for the development of new drugs and therapeutics is driving the growth of the Solid-phase extraction market. In recent years, there has been an upsurge in the use of technology helping the drug development process to become more refined, accurate, and less time consuming, which, in turn, has increased the demand for solid-phase extraction consumables. In addition, continuous growth in the demand for generic drug manufacturers and Contract Research Organizations boosts the expansion of the solid-phase extraction market. Furthermore, rising investments by the government and several pharmaceutical players are also aiding the growth of the market. However, the high cost of the instrument used in Solid-phase extraction is likely to hamper the growth of the market. Moreover, the development of automated Solid-phase extraction systems will generate fruitful opportunities for the growth of the market.
Growing demand for SPE cartridges from the pharmaceutical industry to augment the growth of the solid-phase extraction market
The Solid-phase extraction market is categorized on the basis of products and applications. The products are further bifurcated into SPE Cartridge and SPE Disks. Among them, The SPE cartridge segment is expected to hold a significant share in the market owing to the relatively low cost of SPE cartridges. Additionally, these cartridges are also are widely used in laboratories as compared to SPE disks. Further, solid-phase extraction is used in applications such as Pharmaceuticals, Environmental, Food & Beverage Industry, Diagnostic Labs and Research Institutions. Among them, pharmaceuticals dominate the market as solid-phase extraction is widely used in the development of new drugs. In addition, the use of this method in pharmaceuticals also helps in the accelerated preparation of samples with purification before the chromatographic analysis. However, Diagnostic laboratories are expected to grow at the fastest rate in the market owing to the rising prevalence of diseases that require analysis of biological fluids.
Asian countries to grow at the fastest rate in the solid-phase extraction market
Geographically, North America holds a significant share in the global solid-phase extraction market. The U.S. contributes heavily to the growth of the North America solid-phase extraction market. The United States alone holds over 45 percent of the global pharmaceutical market. The U.S. is a pioneer and a booster for the global pharmaceutical industry in medical research and development. In addition, approximately 60 billion U.S. dollars are spent annually on pharmaceutical R&D purposes in the United States. However, Asia Pacific is expected to grow with the fastest CAGR in the global solid-phase extraction market over the forecast period owing to the rapidly developing pharmaceutical sector in this region. In addition, the growth of several CRO in China and India also propels the Asia Pacific solid-phase extraction market.
Rising Technological Developments to Boost the Growth of The Solid-Phase Extraction Market
Currently, a lot of rapid development is expected in the SPE market in the upcoming years. In addition, the demand conditions in the market will boost the growth of the SPE market. The key players operating in the market include Thermo Fisher Scientific, Agilent Technologies, Merck & Co., Waters Corporation, GE Whatman, Avantor Performance Materials, PerkinElmer, 3M Company, W. R. Grace & Co and UCT among others.
The market is intensely competitive and several key players are trying to consolidate their market position through advancements in existing products and the launch of new products. For instance, in January 2018, Waters Corporation launched Waters Oasis PRiME MCX Cartridges and 96-Well Plates. These products are designed to remove 99% of phospholipids very quickly as compared to the traditional mixed-mode solid-phase extraction (SPE) products.
- SPE Cartridge
- SPE Disks
- Food & Beverage Industry
- Diagnostic Laboratories
- Research Institutions
- North America
- Asia Pacific
- Latin America
- Middle East & Africa