Demand for cleanrooms in the healthcare industry has increased over the past few years and the outlook is bright for the cleanroom technology market, according to a new report from MarketsandMarkets.
Last year the global market for cleanroom technology was valued at $2,726.9 million. It is expected to be worth $3,761.9 million by 2019, expanding at a compound annual growth rate (CAGR) of 5.5% between 2014 and 2019.
Stringent healthcare regulations are driving demand, together with the growth of the pharmaceutical industry, the emergence of biologics and increased use of cleanrooms in the medical devices industry. Additionally, the healthcare industry is strengthening in developing nations such as China and India and that presents opportunities for the cleanroom technology market.
Growth over the next five years will, however, be held back to some extent by the high cost associated with installation and use of cleanrooms.
The biggest market for cleanroom technology in 2013 was North America, which accounted for around 38 percent of the global market, followed by Europe, Asia-Pacific and the rest of the world. But in terms of growth potential, Asia-Pacific stands out — in this region the cleanroom technology market is expected to grow at a CAGR of 8.2% in 2014-2019.
In North America and Europe the market benefits from a developed healthcare industry, stringent healthcare regulations and the strong presence of pharmaceutical, biotechnology and medical device industries.
Significant growth in the cleanroom technology market over the next few years is expected to be seen in emerging markets in the Asia-Pacific and Latin America, thanks to more pharmaceutical and biotechnology production facilities being built, government initiatives on the safety and efficacy of healthcare products and rising demand for better quality healthcare products.
In particular, China, India and Brazil are expected to account for much of the growth in the healthcare cleanroom technology market in 2014-2019, MarketsandMarkets said.