Bioprocessing Market Size Worth $72.55 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners
The Bioprocessing Market share is expected to reach US$ 72.55 billion by 2031 from US$ 25.35 billion in 2023 to record a CAGR of 14.0% from 2023 to 2031.
NEW YORK, Oct. 21, 2024 /PRNewswire/ -- According to The Insight Partners study on the Global bioprocessing market is growing significantly with the increasing occurrence of chronic diseases and rising R&D spending in the development of new drug compounds. The report is based on an in-depth analysis of market trends, key players, and future opportunities. In general, the bioprocessing market entails an array of platforms and services that are expected to dominate the market in the coming years. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the increasing prevalence of chronic diseases and the growing biopharmaceutical industry propel the market growth. However, the stringent regulatory policies and limitations associated with bioprocessing impede the bioprocessing market growth.
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the bioprocessing market include Cytiva (Danaher Corporation), Thermo Fisher Scientific Inc., Sartorius AG, Merck KgaA, 3M Company, Getinge AB, Eppendorf SE, Corning Incorporated, Agilent Technologies, and Bio-Rad Laboratories.
- Trending Topics: Artificial intelligence and automation, cell culture bioprocess technology, bio-based products, and integration of digital technologies in biomanufacturing, among others.
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Global Headlines on Bioprocessing
- "Cytiva and LevitasBio Join Forces to Transform Single-Cell Workflow and Accelerate Therapeutic Development"
- "Thermo Fisher Scientific Expands St. Louis Manufacturing for Complex Biologic Treatments"
- "Getinge Launches Single-Use Bioreactor for Clinical Cell and Gene Therapies"
- "Agilent Announces Collaboration with Incyte to Develop Advanced Companion Diagnostics in Hematology and Oncology"
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Overview of Report Findings
- Market Growth: The bioprocessing market is expected to reach a value of US$ 72.55 billion by 2031 from US$ 25.35 billion in 2023 at a CAGR of 14.0%. Bioprocessing refers to the use of living cells or their components, such as enzymes, to synthesize products through biological transformations. It plays a crucial role in industries such as pharmaceuticals, food, and biofuels. Expansion of the biopharmaceutical industry, which is highly focused on the synthesis of biologicals, is driven by increasing demand for biopharmaceuticals, advancements in bioprocessing technologies, and a rising focus on bio-based products. Collaborations between industry players and academic institutions facilitate resource sharing and propel the demand for bioprocessing.
- Increasing Prevalence of Chronic Diseases: The sedentary life of older people has boosted the prevalence of lifestyle disorders, such as obesity and diabetes. Inherited genes can also express these conditions along with other health concerns such as cardiovascular disease (CVDs), Alzheimer's disease, and depression. As chronic conditions become more common, there is a heightened need for effective therapies, which in turn stimulates the development of new drugs and biologics. This surge in demand necessitates advanced bioprocessing technologies for efficient production. Major biopharmaceutical companies are expanding their capabilities to meet this rising demand, further enhancing the bioprocessing landscape.
- Introducing Advanced Bioprocess Technologies: The need for more efficient and scalable production methods drives advancements in bioprocessing technologies, which are likely to create significant opportunities in the bioprocessing market. Several companies are introducing a wide range of new bioprocessing technologies in the market. These technologies enable faster development and lower operational costs for biopharmaceutical companies aiming to meet the rising demand for biologics and vaccines. In December 2020, IDBS (a provider of software informatics solutions for the biotechnology and pharmaceutical industries) launched Polar platform. This powerful, cloud-based software platform was created with a new BioPharma Lifecycle Management (BPLM) capability to streamline drug development and production in biopharma research. Polar is designed and deployed to quickly solve challenges associated with process quality, workflow, collaboration, and data analysis that hamper the performances of the existing software solutions, including laboratory information management systems and electronic laboratory notebooks. It is expected to reduce manual data processing and transcription, resulting in fewer human errors and enhanced overall accuracy.
- Geographic Insights: In 2023, North America led the bioprocessing market with a substantial revenue share, followed by Europe and APAC, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on product, the bioprocessing market is segmented into instruments, and consumables and accessories. The instruments segment held a larger share of the market in 2023.
- By scale of operation, the bioprocessing market is segmented into commercial operations and clinical operations. The commercial operations segment held a larger market share in 2023.
- In terms of process, the bioprocessing market is bifurcated into downstream bioprocess and upstream bioprocess. The downstream bioprocess segment held a larger market share in 2023.
- In terms of application, the bioprocessing market is categorized into monoclonal antibodies, vaccines, recombinant protein, cell and gene therapy, and others. The monoclonal antibodies segment dominated the bioprocessing market with the largest share in 2023.
- The bioprocessing market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Conclusion
The rising prevalence of chronic diseases drives the need for new medications, which, in turn, underlines the necessity of bioprocessing instruments and technologies. In addition, the burgeoning demand for tailored treatments, especially cell therapy, for diseases such as cancer propels the demand for various bioprocessing techniques. Research and development processes are the foundation of the life sciences sector. This has led to increasing government support for these activities in the pharmaceutical and biotechnology industries. Advancements in the biopharmaceutical sector and a rise in the scale of vaccine production are likely to significantly boost the growth of the bioprocessing market in the coming years.
The report from The Insight Partners, therefore, provides several stakeholders—including equipment manufacturers, research institutions and universities, and biopharmaceutical companies—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Related Report Titles:
Single-Use Bioprocessing Market Size and Forecasts 2021 – 2031
Portable Bioprocessing Bioreactors Market Size and Forecasts 2021 – 2031
Upstream Bioprocessing Market to Notice a CAGR 13.4% | 2030
Cell Therapy Bioprocessing Market Size, Share Forecast to 2028
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Monoclonal Antibodies Market Size, Value, Share, Segment 2028
Cancer Monoclonal Antibodies Market Size and Forecasts 2021 – 2031
Recombinant Proteins Market Size and Forecasts 2021 – 2031
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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