Global Solid Phase Extraction Market Grows Steadily at a CAGR of 5.90%

Introduction

Solid fraction extraction is a technique used to prepare samples with compounds suspended or dissolved in a liquid sample surface unit separated from a mixture of substituted compounds based on their physical or chemical properties. Analytical laboratories frequently use it to separate and extract particular compounds from complex mixtures. It enables efficient particle extraction with minimal solvent consumption and precise results. It is a widely applicable method for bioanalytical tests in numerous pharmaceuticals, healthcare, environmental, and food and beverage industries.

Market Dynamics

Advances in Instrument Technology Drive the Global Market

Many technological advancements have been developed in the solid phase extraction (SPE) industry to meet the demands of the biotechnology and biopharmaceutical industries and the food and beverage, chemical, semiconductor, and environmental testing sectors. These advancements have allowed for the creation of automated, computerized, and tiny devices. These technological advancements have made SPE devices more practical and easier to operate. Increased automation and upcoming technology advancements are expected to drive the market's growth. For instance, Biotage (Sweden) launched the Atlantic ReadyDisk SPE disc product line in May 2019. This line features ready-to-use SPE discs and saves time by eliminating the need to clean disc holders. Phenomenex Inc. (US) released the Strata-X-Drug B Plus SPE product for urine drug testing in forensic and clinical drug testing in May 2018. A completely automated SPE system for drinking water analysis, the Thermo Scientific Dionex AutoTrace 280 PFAS SPE instrument, was also unveiled in March 2020 by Thermo Fisher Scientific Inc. (US). Such product innovations and launches are therefore promoting the market growth.

Developing Countries' Expansion Creates Tremendous Opportunities

In developing countries, there are a lot of possibilities and potential markets for solid-phase extraction equipment. Due to these countries' expanding infrastructure and rising healthcare costs, solid-phase extraction instrument market players have a lot of potentials. The developing academic, biotechnology and pharmaceutical industries in these countries further influence the market's potential for future growth. Additionally, the high cost of SPE products constrains the market's growth. Introducing new low-cost products will primarily drive market expansion in impoverished countries.

Regional Analysis 

North America is the primary source of income and is anticipated to exhibit a CAGR of 5.60% over the projection period. The Americas hold the largest market share in the global solid phase extraction market. This is mainly due to its growing use in various sectors, including pharmaceutical, biotechnology, agricultural, and other industries. U.S. pharmaceutical companies have access to numerous modern laboratory and development facilities. The U.S. and Canada are strong countries regarding global market penetration and revenue generation. Significant SPE market businesses also have their corporate offices here. Through collaborations and the launch of new products, primary rivals, including Thermo Fisher Scientific Inc. (US), PerkinElmer (US), and 3M (US), are fueling the expansion of the regional market.

Europe is anticipated to grow at a CAGR of 6.30% during the forecast period. Europe is also predicted to account for a sizable percentage of the solid phase extraction market due to the region's advanced healthcare infrastructure, government efforts, and increased R&D spending. SPE products are frequently used in the R&D of medications by research organizations and biopharmaceutical companies. The government's measures to support such projects are causing the market in the region to expand.

Key Highlights

• The global solid phase extraction market size was valued at USD 342.30 million in 2022. It is projected to reach USD 573.42 million by 2031, growing at a CAGR of 5.90% during the forecast period (2023-2031).
• The global solid phase extraction market is bifurcated based on type into SPE disks, SPE cartridges, and Others. The SPE disk segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.60% during the forecast period.
• Based on application, the global solid phase extraction market is bifurcated into pharmaceutical industries, academic and research institutes, environmental, hospitals and clinics, and others. The pharmaceutical industry segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.00% during the forecast period. 
• North America is the major revenue contributor and is expected to grow at a CAGR of 5.60% during the forecast period.

Competitive Players

1. 3M
2. Gilson Incorporated
3. Gerstel GmbH and Co. KG
4. Merck KGaA
5. Agilent Technologies Inc.
6. GL Sciences Inc.
7. Biotage AB
8. Waters Corporation
9. Tecan Trading AG
10. Cytiva
11. Pall Corporation

Recent Developments

• October 2022- Waters Corporation introduced Extraction+ Connected Device, a new software-controlled product for the Waters™ Andrew+™ Pipetting Robot that automates the preparation of biological, food, forensics, and environmental samples by solid phase extraction (SPE).
• December 2022- Fluid Management Systems (FMS), a leader in automated sample preparation systems, announced a co-marketing agreement with Agilent Technologies to create and market workflows for the testing and analysis of persistent organic pollutants (POPs), including PFAS, Dioxins, PCBs, and other emerging contaminants in environmental and food matrices.

Segmentation

1. By Type 
   1. SPE Disk
   2. SPE Cartridge
2. By Applications
   1. Pharmaceutical Industries
   2. Academic and Research Institutes
   3. Environmental
   4. Others