Wilmington, Delaware, United States, April 06, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, the global bioprocess technology market stood at USD 22.4 Bn in 2020 and is likely reach USD 53.7 Bn by 2031. The global industry is likely to grow at a CAGR of 8.3% between 2021 and 2031.
Players in the global bioprocess technology market are making use of government stimulus programs in order to maintain their financial stability in the face of the ongoing COVID-19 outbreak. Untapped possibilities of genetically-based chronic disease therapies are bridging the gap between those who are eager to access wide therapeutic options. Thus, businesses in the global bioprocess technology market are expected to invest in research & development of novel ways to treat patients at genetic and cellular levels.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 22.4 Bn in 2020 | |
| Estimated Value | USD 53.7 Bn by 2031 | |
| Growth Rate | 8.3% | |
| Forecast Period | 2021–2031 | |
| No. of Pages | 243 Pages | |
| Market Segmentation | By Product, Application, and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
Disposable systems are typically selected in the early stages of development. However, full-scale manufacturing in North America continues to make considerable use of stainless steel bioreactors. Demand for various products, including biosimilars, antibiotics, and monoclonal antibodies, is rising in Europe, which is expected to increase the region's market share.
Increase in incidence of cancer and other chronic illnesses is expected to drive advancements in bioprocess technology. Continuous expansion of the pharmaceutical industry is likely to offer significant opportunities to market players. Pharmaceutical and biotechnology companies have increased development of treatments and supported research studies and other investigations owing to rise in demand for vaccines and proteins.
Outsourcing of biopharmaceuticals has become an increasingly popular tool to cater to unmet medical requirements of patients. This has increased usage of bioprocessing systems with high process efficacy and throughput. Conformity with regulatory compliance procedures is facilitated by these systems, which is expected to drive market development. Single-use systems have become increasingly popular among biopharmaceutical firms, since they offer cost-effectiveness and technical improvements owing to expanding capabilities and capacity.
Key Findings of Market Report
- The single-use bioprocessing segment is expected to grow, as manufacturing operations are increasingly outsourced to CROs (contract research organizations), CMOs (contract manufacturing organizations), and CDMOs (contract development and manufacturing organizations), as a number of CMOs have compact, flexible facilities. Their process value chain is starting to rely more on disposable equipment.
Global Bioprocess Technology Market: Key Players
- GE Healthcare (General Electric Company)
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers
- Sartorius AG
- Thermo Fisher Scientific, Inc.
- Becton Dickinson and Company
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Global Bioprocess Technology Market: Growth Drivers
- The global bioprocess technology market is anticipated to expand at a high CAGR during the forecast period. However, the industry is governed by strict regulatory framework, as public health issues are of utmost importance to CMOs, CROs, and CDMOs. As a result, stakeholders are expected to increase investment in R&D to boost their capacity for innovation and speed up launch of novel drugs into the market. Companies are likely to spend on bioprocess hardware to provide innovative, secure, and highly accurate solutions to meet the growing demand in the biopharmaceutical industry.
- Dearth of research on serious illnesses, such as Crohn's disease, offers significant opportunities for players in the global bioprocess technology market. Healthcare options at the cellular level have the ability to effectively address illnesses at their underlying causes. Cell-level medical advancements can identify early signs of chronic illnesses and work to lessen their severity in the near future, improving the quality of life of patients. These techniques can increase life expectancy, particularly among the elderly population. Hence, therapies that change DNA at the genetic level have the potential to enhance patient outcomes, which is likely to drive business growth.
- Market growth is fueled by advances in bioprocess technology. The assembly of biomaterials, such as dietary supplements, food and agricultural products, antibodies, catalysts, and antimicrobial treatments, makes use of bioprocess technology. Additionally, this technology explores potential for developing biodegradable and environmentally-friendly chemicals, introducing alternative treatments for illnesses, and facilitating development and evaluation of more secure food ingredients.
Global Bioprocess Technology Market: Regional Landscape
- The market in North America is anticipated to witness robust growth in the near future. The region held leading share of the global market in 2020. The market in North America is projected to grow rapidly from 2021 through 2031. In North America, the U.S. accounted for significant share of the market in North America in 2020 owing to increase in the elderly population and presence of several bioprocess technology firms. Moreover, availability of cutting-edge technologies and extensive research & development activities are expected to offer business opportunities in the U.S.
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Global Bioprocess Technology Market: Segmentation
Product
- Consumables & Accessories
- Instruments
- Cell Counters
- Others
Application
- Primary Surgical
- Antibiotics
- Recombinant Proteins
- Monoclonal Antibodies
- Biosimilar
End-user
- Biopharmaceutical Companies
- Contract Manufacturing Organizations
- Contract Research Organizations
- Food & Feed Industry
- Academic & Research Organizations
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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