Bioprocess Technology Market to Witness Widespread Expansion by 2026
Posted by amanjaiswar on May 16th, 2019
Transparency Market Research (TMR) has published a new report titled, ‘Bioprocess Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.’ According to the report, the global bioprocess technology market was valued at over US$ 20 Bn in 2017 and is projected to expand at a CAGR of around 9.0% from 2018 to 2026. Increase in innovations and technological advancements in bioprocess products, focus on R&D activities by pharmaceutical and biotechnology companies, and growth of the life science industry are anticipated to fuel the global market during the forecast period.
The global bioprocess technology market is driven by expansion of the biopharmaceutical industry, flexibility in terms of customization, rise in number of new drug launches, and increase in demand for vaccines. However, limited adherence of biological product development and shift toward stratified medicine are the major restraints of the global bioprocess technology market.
North America and Europe are projected to dominate the global bioprocess technology market in the next few years owing to increase in manufacturer focus on business expansion in these regions. Market players are continuously developing advanced products for bioprocess technology and entering into distribution agreements to strengthen their presence in North America and Europe. Rapidly expanding biotechnology and pharmaceutical industries, increased disease prevalence, and rising adoption of several strategies focusing on niche areas are some factors boosting demand for bioprocess technology products and are likely to drive the bioprocess technology market in Asia Pacific. The bioprocess technology market in Asia Pacific is expected to expand at a CAGR of above 9% from 2018 to 2026.
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The report offers detailed segmentation of the global bioprocess technology market based on product, application, and end-user. In terms of product, the market has been segmented into instruments and consumables & accessories. The consumables & accessories segment is anticipated to account for a leading share of the global market during the forecast period from 2018 to 2026. Increase in demand for cell culture media, reagents, etc. is driving the segment. According to American Type Culture Collection (ATCC) recommendations, reagents are specifically designed in accordance with the cell lines used.
The consumables and accessories segment is likely to expand at a higher growth rate in terms of revenue during the forecast period owing to continuous product innovation by major players. The bioreactors sub-segment of the instrument segment is estimated to expand at a high CAGR during the forecast period. Increased use of bioreactors in lab-scale production and pilot-scale production is anticipated to boost the segment. The culture media sub-segment of the consumables & accessories segment domiannted the market in 2017. Increased government and corporate sponsorship and investments in cell-based research are driving the segment.
In terms of application, the recombinant proteins segment is projected to account for a major share of the global bioprocess technology market during the forecast period. The segment is likely to expand at a high CAGR from 2018 to 2026. Dominance of the segment is attributed to continuous innovations and research procedures in bioprocess technology by major as well as local players. Rise in acute and chronic diseases globally is driving demand for advanced protein therapeutics for their treatment. With an increase in demand for proteins and vaccines, biotechnology and pharmaceutical companies need to increase production and research studies. Moreover, increase in research studies to understand protein-protein interaction in order to perform several diagnostic tests such as ELISA, RIA, etc. is boosting the segment. The monoclonal antibodies segment is projected to expand at a CAGR of above 9% during the forecast period.Also See: Technology Market, Bioprocess Technology, Global Bioprocess, Forecast Period, Technology, Segment, MarketTop Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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