High-performance Liquid Chromatography (HPLC) Market by Product Type (Instruments, Consumables, and Accessories), Application (Clinical Research, Forensic, and Diagnostics)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global high-performance liquid chromatography (HPLC) market was pegged at ~US$ 4.2 billion in 2020. The market is expected to witness a CAGR of ~4.3% from 2021 to 2031.
Factors attributing to the growth of the HPLC market include advantages of HPLC technique such as higher precision and accuracy. Moreover, factors such as increasing use of HPLC in drug development and approval and technological advancements are some of the other factors playing a pivotal role in driving the growth of the HPLC market. However, high cost of the equipment and dearth of skilled technicians is likely to hinder the market growth to a certain extent.
Analytical testing plays critical role in the drug development as well as drug approval process in the pharmaceutical company. HPLC is one of the major analytical tools used for quality assurance and drug monitoring. As HPLC is specific, rapid, and accurate, many pharmaceutical companies now almost exclusively use HPLC as a chromatographic technique. Thus, increasing use of HPLC in drug development coupled with the rising R&D activities in the pharmaceutical industry is driving the growth of this market.
The use of hyphenated techniques is rising as they help to explore advantages of each of the individual techniques. HPLC is coupled with UV and mass spectroscopy for screening of natural products. Studies have shown that the use of hyphenated technologies have proven to be extremely powerful tools in product analysis as they help in rapid determination of known substances with only a small amount of source material. Such factors have led to rising use of hyphenated techniques and in turn boost the HPLC market.
The prominent players in the HPLC market are focusing on developing new and advanced systems and launching them in the market. For instance, in November 2020, Shimadzu Corporation launched new “Advanced i-Series” High Performance Liquid Chromatography (LC-2050 model) domestically and overseas. Similarly, in June 2020, Waters launched new Arc HPLC system for routine quality control testing in the pharmaceutical, food, academic, and materials markets.
However, as the cost for developing HPLC process is quite higher, use of HPLC is not feasible at small and private settings. Moreover, dearth of skilled technicians to handle these instruments is also hindering the market growth to a certain extent.
Regionally, Asia-Pacific is anticipated to be the fastest growing region in the HPLC market during the forecast period. Factors attributing to the growth of HPLC market in this region include the rising number of R&D activities, rising government support for R&D, and surging number of new pharma and biotech companies.
Some of the prominent players operating in the global high-performance liquid chromatograph (HPLC) market include Agilent Technologies, Inc., Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Waters, Shimadzu Corporation, PerkinElmer Inc., Hitachi High-Tech Corporation, Hamilton Company, Tosoh Bioscience GmbH, and Cytiva, among others.