With the rising incidence of chronic diseases, such as diabetes and cancer, the governments of many countries are increasing their healthcare expenditure, which is driving the requirement for pharmaceutical filtration procedures. According to the World Health Organization (WHO), cancer is one of the leading causes of deaths across the world, with the disease claiming the lives of around 10 million people in 2020.
Furthermore, the organization also found that 422 million people all over the world live with diabetes. Moreover, the disease is responsible for the deaths of around 1.6 million people every year. To provide better healthcare services and improve the healthcare infrastructure, the governments of both developing and developed nations are augmenting their healthcare spending. The surging incidence of these diseases is also encouraging research institutes and pharmaceutical organizations to make huge investments for facilitating faster drug formulation and development process in order to meet the escalating requirement for treatment procedures for several chronic and life-threatening diseases.
Get More Insights: Pharmaceutical Filtration Market Revenue Estimation and Growth Forecast Report
Geographically, the sales of pharmaceutical filtration products were observed to be the highest in North America during the last few years. This was because of the high incidence of lifestyle-associated and chronic diseases, presence of a large geriatric population, and large-scale pharmaceutical production in the region. In the upcoming years, the demand for these products is predicted to soar in the Asia-Pacific (APAC) region, owing to the rising incidence of chronic illnesses in the region.
Hence, the sales of pharmaceutical filtration products will surge sharply in the forthcoming years, mainly because of the increasing incidence of chronic diseases, mushrooming geriatric population, and growing healthcare expenditure of many countries.