Chromatography Media

# Executive Summary * The chromatography media market is experiencing robust growth, projected at a 5-7% compound annual growth rate (CAGR), fundamentally driven by the expanding production of biopharmaceuticals like monoclonal antibodies and advanced gene therapies. * Technological innovation, particularly in automation and AI-driven analytics, is the primary basis for competition, enabling higher efficiency and creating significant competitive moats. * Near-term profitability is under pressure from supply chain volatility and geopolitical tariffs, forcing major strategic investments in regional manufacturing to ensure supply security. * Financial performance is bifurcated: specialized players exposed to high-growth modalities are seeing double-digit growth, while others face headwinds from softness in academic and early-stage biotech funding. * The competitive landscape is shifting towards integrated solutions, where hardware, consumables, and software are bundled to improve customer workflows and data integrity. * Strategic capital allocation is focused on M&A to acquire new technologies and significant internal investment in research and development (R&D) and manufacturing capacity. ## Key Trends & Outlook The primary catalyst for the chromatography media industry's projected 5-7% compound annual growth through 2030 is the relentless global demand for biopharmaceuticals and advanced therapies. The market, valued at approximately $2.4-$3.5 billion in 2025, is directly fueled by the rising production of monoclonal antibodies, vaccines, and gene therapies, all of which require high-purity separation processes. This demand translates directly into higher sales volumes of high-margin consumables like resins and pre-packed columns. Companies with strong exposure to these modalities are clear beneficiaries; for example, over 75% of Danaher's bioprocessing revenues are tied to biologics, while Repligen's chromatography segment grew over 40% in Q2 2025 by serving novel purification needs. This trend is a durable, long-term driver expected to continue through 2030 and beyond. Competitive advantage is increasingly defined by technological innovation that enhances laboratory efficiency and data analysis. Companies are embedding automation and artificial intelligence (AI) into their systems to reduce user error, increase throughput, and provide deeper analytical insights. This trend is shifting the basis of competition from standalone components to integrated, software-driven ecosystems. Waters' Alliance iS HPLC system, which reduces common errors by up to 40% and improves reproducibility threefold, exemplifies this push for automated, reliable instrumentation. The increasing complexity of new drug modalities like mRNA and cell therapies creates a significant opportunity for companies that can develop novel, highly specialized purification media, such as Repligen's AVIPure resin for double-stranded RNA removal. However, the most immediate risk to profitability is supply chain disruption, with geopolitical tariffs directly impacting operating margins by an estimated 130 basis points for some firms like Bio-Rad and forcing costly investments in regionalized manufacturing. ## Competitive Landscape The chromatography media market is comprised of a few large, diversified players and several specialized technology firms. North America holds the largest market share, accounting for approximately 32-37% of the global chromatography media market in 2025, while Asia Pacific is emerging as the fastest-growing region with a projected CAGR of 6-8%. Large firms like Danaher, through its Cytiva business, compete by offering comprehensive portfolios across the entire bioprocessing workflow. This "Diversified Bioprocessing Leader" strategy involves providing an end-to-end suite of products and services, from upstream cell culture to downstream purification, leveraging operational excellence and scale to secure large contracts. Danaher's ÄKTA chromatography systems, resins, and single-use technologies, all managed under the efficiency-focused Danaher Business System (DBS), exemplify this approach, creating high switching costs and significant cross-selling opportunities. In contrast, more specialized innovators like Repligen adopt a "Specialized Technology Innovator" strategy, focusing on developing and commercializing highly differentiated, best-in-class technologies for specific, often challenging, steps in the bioprocessing workflow. Repligen, with approximately 80% of its business derived from highly differentiated technologies such as its XCell ATF systems for perfusion and OPUS pre-packed columns, competes on performance and innovation, enabling it to command premium pricing for unique, problem-solving products and often outpace overall market growth in high-value niches. Other companies, such as Waters, concentrate on the high-precision analytical and quality control segments with integrated instrument-software ecosystems, embodying the "Analytical and QC Specialist" model. Waters' core strength lies in HPLC/UPLC systems and mass spectrometry, with a deep focus on pharmaceutical quality assurance/quality control (QA/QC) workflows where its Empower software is a critical differentiator. This strategy allows them to dominate regulated markets with high-performance instruments, columns, and compliant software, benefiting from a "razor-blade" model with recurring revenue from proprietary consumables. Ultimately, the key competitive battleground is shifting from individual product performance to the efficiency and data integrity of the entire, integrated workflow. ## Financial Performance Revenue growth across the industry is bifurcating, driven primarily by each company's exposure to either high-growth biomanufacturing or the currently constrained research funding environment. Reported revenue growth ranges from Repligen's robust +15% year-over-year (YoY) in Q2 2025 to Bio-Rad's modest +0.5% reported YoY in Q3 2025, which translates to a -1.7% currency-neutral decline. Growth leaders, such as Repligen, benefit from highly differentiated technology aligned with strong biopharma trends, as evidenced by its chromatography segment growing over 40%. In contrast, laggards like Bio-Rad are more exposed to the current softness in academic and early-stage biotech funding, which is creating a significant near-term headwind, contributing to the decline in its Life Science segment sales. {{chart_0}} While the industry's consumable-driven business model supports healthy gross margins in the 50-60% range, operating profitability diverges based on a company's ability to offset inflationary and geopolitical cost pressures through technological differentiation. Gross margins reported are in the low to high 50s, with Waters at 58.2% in Q1 2025, Bio-Rad at 52.6% in Q3 2025, and Repligen at 51.1% in Q2 2025. Operating margins, however, show a wider range, from 11% to 23%. Bio-Rad's non-GAAP operating margin of 11.8% in Q3 2025 is directly impacted by an estimated 130 basis point headwind from tariffs, a clear example of geopolitical risks compressing profitability. In contrast, leaders like Waters maintain higher operating margins of 22.9% in Q1 2025 through a portfolio of premium, differentiated technologies. {{chart_1}} Capital allocation is sharply focused on strategic growth, with companies pursuing both external acquisitions for technology and massive internal investments to bolster manufacturing capacity. Waters' pending $17.5 billion combination with BD Biosciences & Diagnostic Solutions, expected to close in early 2026, is a prime example of transformative M&A aimed at expanding its portfolio. Concurrently, Danaher's approximately $2 billion investment in new single-use technology facilities and a resins manufacturing plant since 2020 highlights the critical priority of building a resilient, regional supply chain to enhance supply security and responsiveness. {{chart_2}} Major players demonstrate financial strength, with Bio-Rad reporting $1.40 billion in cash, cash equivalents, and short-term investments as of September 30, 2025. This strong liquidity position, often supported by positive cash flows from operating activities, provides the necessary firepower for continued investment in R&D, strategic M&A, and shareholder returns, even amidst macroeconomic uncertainty.