Innovations and Advancements to Encourage Growth of Global Single-use Bioprocessing Systems Market
The global market for single-use bioprocessing systems is growing at a healthy pace and is projected to witness a similar situation in the next few years. The key players in the market are focusing in innovations, which is likely to generate promising growth opportunities in the near future. According to the market research study by Transparency Market Research, in 2017, the global market for single-use bioprocessing systems was worth US$2,791.4 mn and is predicted to reach a value of US$5,914.6 mn by the end of 2024. Furthermore, the market is likely to register a promising 11.30% CAGR between 2017 and 2024.
Major Factors Driving Global Single-use Bioprocessing Systems Market
- The customization of products that is provided by the single-use bioprocessing systems according to the customers is one of the major factors that is estimated to encourage the growth of the overall market in the next few years.
- With the required and customized process, the customers can offer reductions in the processing time and costs, which will further boost the demand for single-use bioprocessing systems across the globe.
- In addition to this, the rise in the outsourcing activities and contract manufacturing is estimated to enhance the growth of the market in the next few years.
- Furthermore, the rising research and development activities and growing focus on innovations are some of the other factors that are projected to accelerate the growth of the market in the coming years.
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The global single-use bioprocessing systems market has been segmented based on product, application, end-use, and region. Based on product and application, bags and monoclonal antibodies segments are estimated to dominate the market during the forecast period. Proliferation in research and development activities in the pharmaceutical & biotechnology industry and rise in mergers & acquisitions which helps in adoption of new techniques in development of products are expected to drive the growth of the segments in the near future.
Asia Pacific to Offer Potential Growth Opportunities in Coming Years
The global market for single-use bioprocessing systems has been divided on the basis of geography into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Among these segments, Europe has been the leading in the global market in the last few years and is projected to retain its position in the next few years. The presence of a large consumer base is one of the key factors estimated to enhance the growth of the Europe market in the next few years.
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On the other hand, Asia Pacific is estimated to register a strong growth rate in the next few years. The rising number of biotech start-ups and the increasing number of contract manufacturers, especially in the developing economies such as China and India, which is projected to enhance the growth of the market in the next few years.
Key Players Focus on Research and Developments Activities to Enhance Competition
The research study states that the global single-use bioprocessing systems is consolidated in nature with a few players holding a large share of the market. The key players in the single-use bioprocessing systems market across the globe are Sartorius AG, Thermo Fisher Scientific, GE Healthcare, Merck KGaA, and Pall Corporation. These players are focusing on the research and development activities, which are expected to support the growth of the market in the next few years.
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Furthermore, the new entrants are making notable efforts to create a niche in the global single-use bioprocessing systems market and attain a leading position in the next few years. In addition to this, the expansion of the product portfolio and the strategies are projected to accelerate the growth of the market in the next few years.
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