According to the report, the global bioprocess technology market was valued at US$ 22.4 Mn in 2020 and is projected to expand at a CAGR of 8.3% from 2021 to 2031.
Albany NY, United States: Bioprocess Technology Market: Introduction
According to the report, the global bioprocess technology market was valued at US$ 22.4 Mn in 2020 and is projected to expand at a CAGR of 8.3% from 2021 to 2031. Bioprocess technology has witnessed significant demand in the pharma sector due to rise in prevalence of cancer and other chronic diseases. It is a significant process, which uses living cells. It consists of two key processes: upstream and downstream. Biological, engineering, and mathematical processes are pooled to achieve bioprocessing activities such as biocatalysts, design of bioreactors substrates, and media production.
Rise in Demand for Biopharmaceuticals and Outsourcing
The increase in number of CMOs, CROs, and CDMOs is expected to drive the single-use bioprocessing industry. This can be attributed to rise in number of CMOs that have small flexible facilities and are beginning to rely on single-use equipment in their operations. This, in turn, is projected to boost the growth of the global bioprocess technology market. The rise in the geriatric population drives the prevalence/incidence rate of various disorders and diseases. Biopharmaceuticals outsourcing addresses the unmet medical needs among patients. This has led to a surge in usage of bioprocessing systems with better process efficiency and throughput. It also provides an advantage over easy and better regulatory compliance process.
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Consumables & Accessories Segment to Lead Global Market
In terms of product, the global bioprocess technology market has been bifurcated into consumables & accessories and instruments. Consumables & accessories is expected to be a highly lucrative segment during the forecast period. Rise in prevalence of chronic and acute diseases boosts the demand for advanced vaccine and medication development. This is anticipated to drive the segment.
The instruments segment held small share of the global market in 2020. Increase in usage of advanced bioprocess instruments in research & development of life saving drugs drives the segment.
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Recombinant Proteins to be Highly Lucrative Segment
Based on application, the global bioprocess technology market has been divided into biosimilar, monoclonal antibodies, recombinant proteins, and antibodies. The recombinant proteins segment accounted for major share of the global market in 2020. Rise in acute and chronic diseases globally propels the demand for advanced protein therapeutics for treatment. Surge in demand for proteins and vaccines has induced biotechnology and pharmaceutical companies to increase production and research studies.
Biopharmaceutical Companies Segment to Dominate Market
In terms of end-user, the global bioprocess technology market has been divided into biopharmaceutical companies, contract manufacturing organizations, contract research organizations, food & feed industry, and academic research organizations. Biopharmaceutical companies are aware of the benefits of the single-use bioprocessing technology and are adopting hybrid systems in their facilities. However, new biopharmaceutical facilities opened as a part of expansion are adopting single-use systems than the existing ones.
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North America to Dominate Bioprocess Technology Market
In terms of region, the global bioprocess technology market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global bioprocess technology market in 2020, followed by Europe. Single-use technologies have expanded at a higher rate as an alternative to permanent reusable stainless steel fermenters. Single-use technologies deliver technological advancements and cost-effective technologies owing to growing capacities and capabilities. Disposable systems are usually preferred in early stage development; however, stainless steel bioreactors are extensively utilized for full-scale production in the bioprocess technology market in North America.
The market in Europe is driven by the expansion of the biopharmaceutical industry and rise in demand for different products such as antibiotics, biosimilars, and monoclonal antibodies.
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Asia Pacific is home to rapidly developing economies due their outsized population. Moreover, rise in awareness about bioprocess technology devices and increase in demand for consumables augments the market in the region.
Competition Landscape of Bioprocess Technology Market
The global bioprocess technology market is fragmented due to presence of large number of players. Key players operating in the global market include Thermo Fisher Scientific, Inc., Siemens Healthineers, GE Healthcare (General Electric Company), Sartorius AG, Becton, Dickinson and Company, Danaher Corporation, Eppendorf AG, Lonza, Advanced Instruments, Nova Biomedical, and F. Hoffmann-La Roche Ltd.
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