Ottawa, Jan. Jan. 4, 2023 (GLOBE NEWSWIRE) — According to Precedence Research, the Bioprocessing Technology Market Size It is calculated to be $20.8 billion in 2022.
Key factors influencing the growth of the overall market include the opening of new production facilities and expansion of existing production facilities in emerging economies. New technologies developed to address performance and quality challenges associated with the production of bioprocess products have led to increased investments over the past five years, resulting in significant advancements in the field of bioprocess technology. Leading companies in the global bioprocessing technology market are involved in obtaining regulatory clearances, launching new products, and entering into merger and collaboration agreements with other players to expand their footprints.
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What is the impact on the area Bioprocessing Technology Market?
North America accounted for 40% of the total revenue share in 2022 and this trend is expected to continue throughout the forecast period. The rapid adoption of single-use technologies in the bioprocessing of pharmaceutical ingredients has recently been witnessed. The shift from reusable to single-use technologies by some biomanufacturers has been attributed to the various benefits offered by the latter. These benefits include cost savings, reduced risk of product contamination, and increased flexibility in multi-product facilities. Additionally, single-use systems are gaining popularity as they allow for more efficient processing of biological therapies (vaccines, monoclonal antibodies, and recombinant proteins). Additionally, manufacturers seek to integrate single-use systems into continuous production platforms, representing a paradigm shift in the use of single-use technologies to manufacture biotherapeutics. It brings considerable benefits to manufacturers and consumers.
Latin America and Asia Pacific will drive the growth of the global bioprocessing technology market over the next decade. Macro factors such as rising demand for single-use bioprocessing technologies owing to heightened awareness among medical personnel about contamination, rising investments in healthcare, and increasing disposable income are expected to drive market growth. Moreover, leading companies are investing in key economies in these regions to tap potential growth markets, thereby boosting market growth.
Report Highlights
- The bioprocessing technology market is expected to witness substantial growth over the next few years, depending on the product type. Manufacturers check biological products for contaminants such as viruses, bacteria, and mycoplasma.
- Depending on the application, recombinant proteins are also expected to grow rapidly over the forecast period. Recombinant proteins are in high demand for therapeutic applications, which has resulted in the market witnessing growth.
- Based on end use, biopharmaceutical companies are expected to hold the largest market share during the forecast period.
- The use of bioprocessing technologies in the manufacture of numerous next-generation or highly innovative biopharmaceutical products has grown in popularity over the past few years.
recent development
- In October 2021, FUJIFILM Medical Systems USA, Inc. and FUJIFILM Healthcare Americas Corporation (formerly Hitachi Healthcare Americas) announced that the two companies will merge and operate under the name FUJIFILM Healthcare Americas Corporation. The newly combined organization combines the strengths of each company’s innovative product portfolio and talented people to create new value for customers and advance healthcare.
- In March 2020, Danaher Corporation announced the completion of the acquisition of the biopharmaceutical business of General Electric’s Life Sciences division. As part of Danaher, the business will be called Cytiva, a separate operating company within Danaher’s Life Sciences segment.
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Report scope
| report properties | detail |
| Market size in 2023 | $23.77 billion |
| Revenue Forecast to 2032 | $79 billion |
| CAGR | 14.26% from 2023 to 2032 |
| North American revenue share | 40% by 2022 |
| base year | 2022 |
| forecast year | 2023 to 2032 |
| key person; main force; important member | Philips Healthcare, Thermo Fisher Scientific Inc., Becton, Hoffmann-La Roche Ltd., Dickinson, and Company, Abbott Laboratories, Sartorius Group, Danaher, Alere Inc., and others |
market dynamics
driver
production increase Biopharmaceutical, such as recombinant proteins and vaccines, is one of the key factors helping to expand the global bioprocessing technology market. Additionally, it will be challenging for biopharmaceutical manufacturers to increase yields and shorten the time it takes to bring new treatments to market. Bioprocessing equipment manufacturers will need to provide innovative, safe and efficient solutions to meet the growing demands of biopharmaceutical companies. The rising prevalence of various chronic diseases will create a huge demand for bioprocessing technologies during the forecast period. Significant growth will be witnessed as the pharmaceutical industry is also growing rapidly in most countries across the globe. Rising cases of infectious diseases will also lead to increased consumption of various drugs in the market.biopharmaceutical industry and Biotechnology Industry in both developing and developed countries will play an important role in driving the growth of the market during the forecast period. Mass production of vaccines will escalate market disputes. Technological advancements will also play an important role in driving the growth of the market.
bondage
However, market trends and players in bioprocessing technology are finding it difficult to increase the growth rate. Many governments around the world have already taken action. Some of these countries opt to implement stringent regulatory policies, backed by high cost of market instruments, which hamper the expansion of the market over the projected period. If the technology is inherently expensive and current policies do not support the market, then growth will be hindered. Policies established by various organizations for technology regulation are stringent and they will negatively impact the market growth.
Chance
Increased financing and investments by the government, public sector, and key market players have sparked technological trends and areas of research and development that will help expand the market size during the current forecast period. Assisting the bioprocessing technology market by utilizing the right investments will achieve significant growth and meet the needs of a wider audience. The biotech and pharmaceutical industries are working hard to improve their operations.
challenge
Prominent market players are committed to offering quality products and stable operations. Strive to reduce capital costs, development time and cycle time. Equipment for biological product development is increasingly important. Compact machinery used for production but difficult upstream and downstream bioprocessing, these factors challenge the market growth.
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market segmentation
by product type
- Biologics Safety Testing
- cell culture
- cell expansion
- Cell Line Development
- Flow Cytometry
- Tangential Flow Filtration
- Flow Cytometry
by application
- antibiotic
- Biosimilars
- Recombinant protein
- other
in the end use
- biopharmaceutical company
- contract manufacturing organization
- academic research institution
- food and feed industry
- contract research organization
in geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
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