At 15% CAGR, Bioprocess Technology Market Size to Hit US$ 79 Billion, Globally, By 2028 | Industry Trends, Share, Growth Rate, Value, Analysis & Forecast Report By Zion Market Research
NEW YORK, July 20, 2022 /PRNewswire/ --As per Zion Market Research study, The global bioprocess technology market size was worth over USD 18 billion in 2021 and is predicted to grow to around USD 79 billion by 2028 with a compound annual growth rate (CAGR) of roughly 15% between 2022 and 2028.
Bioprocess Technology Market: Overview
Bioprocess technology refers to the industrial applications of biological processes that involve working on living cells or their components to reach desired substrates transformation. The advanced technology is used extensively in pharmaceuticals, fuels, chemicals, food, flavors, and other industries with the help of enzymes, microorganisms, animal cells, or plant cells in a bioreactor. Bioprocess technology is gaining more momentum as compared to traditional techniques because of its various benefits like the requirement of milder reaction conditions along with the production of renewable by-products or biomass. These technologies are more efficient and specific as compared to conventional chemical processes.
Bioprocess technology is the backbone of biotechnology since it aids the translation of life sciences into industrial products that are highly advanced. The general stages of bioprocess technology include the production of media or substrates, followed by biocatalysts that lead to volume production. The last few steps include downstream processing which entails purification-related procedures before entering the final stage of processing. The global market is witnessing a surging growth in 2 major applications of bioprocess technology, namely: fructooligosaccharides and galactooligosaccharides. They are predicted to bring tremendous changes in the food industry due to the various health benefits associated with them.
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Key Industry Insights & Finding of the Bioprocess Technology Market Reports:
- As per the analysis shared by our research analyst, the Bioprocess Technology Market is expected to grow annually at a CAGR of around 15 % (2022-2028).
- Through the primary research, it was established that the Bioprocess Technology Market was valued approximately USD 18 Billion in 2021 and is projected to reach to roughly USD 79 Billion by 2028.
- The global bioprocess technology market was dominated by North America in 2021 and is anticipated to follow the same trend owing to the increased geriatric population along with the presence of many bioprocess technology manufacturers in regions like the USA and Canada.
- North America held over 85% of the global market revenue in 2021 owing to increased living standards and the corresponding disposable income of the general population encouraging them to spend on medical treatment.
- Europe holds a considerable amount of global market share majorly driven due to the ever-expanding pharmaceutical sector along with rising demand for monoclonal antibodies, biosimilar, and recombinant proteins.
- Realizing the safety concerns related to bioprocess technologies, various governments along with international healthcare agencies have laid down strict rules & regulations to be adhered to when working with such technologies or in organizations that employ bioprocess technology.
Zion Market Research published the latest report titled as "Global Bioprocess Technology Market By Application (Specialty products, Environment Management Aid, Biopharmaceuticals, and Industrial Chemicals), By Type (Cell Expansion, Cell Culture, Cell Line Development, Flow Cytometry, and Virus Infiltration), By End-User (Medical Institutions, Research Laboratories & Centers, and Hospitals), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Bioprocess Technology Market: Growth Drivers
- Increased use of bioprocess technologies in the food and pharmaceutical sector to aid global market growth.
The global bioprocess technology market is projected to register higher growth in the coming years due to the extensive use of these technologies in two of the fastest-growing industries that are the food sector and the pharmaceutical sector. Since bioprocessing is a natural and one of the safest ways in which food manufacturers can manufacture items like cheese, wine, beer, bread, and yogurt that are staples in almost all diet forms, bioprocess technology has immense application in this sector. In the pharmaceutical sector, biomedical research and subsequent processes are used to pave the way for innovative pharmaceutical products which have huge implications on the healthcare sector. Since the industry is facing immense pressure due to higher demands, lesser time to deliver, and increased cost, the global market is receiving heavy input from key players to upgrade bioprocess technologies that will ultimately help them meet the growing medical needs.
The global market growth can also be attributed to the rising demand for specialized and disease-centric treatments propelling the need to invest in bioprocess therapies like cell therapy. The growing research on recombinant DNA technology which has huge utilization of bioprocess technology may also aid the expansion of the global market.
Bioprocess Technology Market: Restraints
- Stringent government regulations to restrain the global market growth.
Bioprocesses can lead to serious health hazards when handled carelessly. These technologies can leave long-lasting negative implications globally in case of misuse. Realizing the safety concerns related to bioprocess technologies, various governments along with international healthcare agencies have laid down strict rules & regulations to be adhered to when working with such technologies or in organizations that employ bioprocess technology. In the food sector, the approval process before any food items are rolled out in the market is extremely strict and can lead to the shutting down of entire manufacturing units in case of malpractice which is also applicable to the pharmaceutical sector. This is expected to restrict the global market growth during the coming years.
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Bioprocess Technology Market: Opportunities
- Strategic decision by market players to provide growth opportunities for global market expansion.
Since some countries have stricter laws in comparison to others, global market leaders have been adopting various strategic methods to penetrate the world market involving mergers & acquisitions, collaborations, and tie-ups, to name a few of these practices. Outsourcing the bioprocess required is a strategy showing exemplary results and is expected to provide lucrative growth opportunities in the global bioprocess technology market.
The global market may also find better growth chances owing to the rising demand for single-use bioprocess systems since they offer cost & time efficiency and can deliver better results.
Bioprocess Technology Market: Challenges
- High cost of the bioprocess technology may challenge global market growth.
Large-scale bioproduction is extremely labor-intensive, requires high funds, and is time-consuming as compared to non-bioprocess technologies. This is because of the multiple variables that are involved along with many individual processes. Protein purification is one of the costliest expenses in the whole bioprocess production and comprises more than 50% of the total cost making it difficult for small-scale manufacturers to utilize the technology. In emerging economies, the cost becomes even higher since the majority of the bioprocess technology has to be imported leading to challenging situations for global market expansion.
Global Bioprocess Technology Market: Segmentation
- The global bioprocess technology market is segmented by application, type, end-user, and region.
By application, the global market segments are specialty products, environment management aid, biopharmaceuticals, and industrial chemicals. Due to the rise in the number of infectious as well as chronic diseases, the global market is expected to be led by the biopharmaceutical sector. The sector contributed over USD 400 billion in 2021 and is expected to grow even more in the next few years.
By type, the global market is segmented into cell expansion, cell culture, cell line development, flow cytometry, and virus infiltration. Cell culture bioprocessing may dominate the global market due to increased research and production of therapeutic proteins in the healthcare sector.
Based on end-users, the global market is divided into medical institutions, research laboratories & centers, and hospitals. The global highest revenue may generate from the research laboratories owing to growing investments towards research on medicines, diseases, and other future biomedical problems.
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List of Key Players of Bioprocess Technology Market:
- Lonza
- GE Healthcare (General Electric Company)
- Thermo Fisher Scientific
- IncSartorius AG
- Eppendorf AG
- Dickinson and Company
- Becton
- Siemens Healthineers
- Nova Biomedical
- Advanced Instruments
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation.
Key questions answered in this report:
- What are the growth rate forecast and market size for Bioprocess Technology Market?
- What are the key driving factors propelling the Bioprocess Technology Market forward?
- What are the most important companies in the Bioprocess Technology Market Industry?
- What segments does the Bioprocess Technology Market cover?
- How can I receive a free copy of the Bioprocess Technology Market sample report and company profiles?
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Recent Developments
- In September 2021, a one-of-a-kind bathroom tissue and paper towel were launched by Cascades in the USA and Canada. The bathroom products will comprise 100% recycled plastic packaging. Cascades is a leader in the circular economy, and with the launching of the new packaging systems, it intends to reduce the environmental impacts of its operations. The launch was accompanied by excellent promotional campaigns.
- In November 2020, LTC Group was acquired by Accrol. LTC Group manufactures tissue converters. With this acquisition, Accrol intends to increase the good scale business with the help of modern machine assets that are high-quality and will aid the day-to-day operations.
Regional Dominance:
- North America to provide excellent growth opportunities during the forecast period.
The global bioprocess technology market was dominated by North America in 2021 and is anticipated to follow the same trend owing to the increased geriatric population along with the presence of many bioprocess technology manufacturers in regions like the USA and Canada. North America held over 85% of the global market revenue in 2021 owing to increased living standards and the corresponding disposable income of the general population encouraging them to spend on medical treatment. The regional growth may also be attributed to the advanced economy and growing funding for research activities.
Europe holds a considerable amount of global market share majorly driven due to the ever-expanding pharmaceutical sector along with rising demand for monoclonal antibodies, biosimilar, and recombinant proteins. The region may also witness high growth because of excellent medical reimbursement policies.
Global Bioprocess Technology Market is segmented as follows:
Bioprocess Technology Market: By Application Outlook (2022-2028)
- Specialty products
- Environment Management Aid
- Biopharmaceuticals
- Industrial chemicals
Bioprocess Technology Market: By Type Outlook (2022-2028)
- Cell Expansion
- Cell Culture
- Cell Line Development
- Flow Cytometry
- Virus Infiltration
Bioprocess Technology Market: By End-User Outlook (2022-2028)
- Medical Institutions
- Research Laboratories & Centers
- Hospitals
Bioprocess Technology Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Bioprocess Technology Market: https://www.zionmarketresearch.com/news/global-bioprocess-technology-market
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