Growing need for treatment of chronic diseases is projected to boost demand for the bioprocess technology among pharmaceutical manufacturers. In addition, the bioprocessing technology is predicted to witness herbicide tolerant products in the agricultural industry. A recently published report by Transparency Market Research reveals that the global bioprocess technology market is expected to register a healthy CAGR over the forecast period, 2017 – 2022.
Factors Fuelling Growth of the Global Market
Growing need for protecting crops from insects has led to a surge in adoption of bioprocess technology in the agricultural industry. In addition, growing need for therapeutic treatments and medicines has led to an upsurge in demand for the bioprocess technology in the biotechnological and pharmaceutical industries. Therapeutic treatment for chronic diseases has led pharmaceutical manufacturers to adopt bioprocess technology for development of stem cells and other therapeutic medicines and treatment. Moreover, demand for stainless steel facilities is declining significantly, as manufacturers prefer adopting the single-use technology in the biopharmaceutical industry. Such factors are expected to bag major opportunities for manufacturers in the biopharmaceutical industry, which in turn is projected to contribute towards growth of the global market.
Furthermore, bioprocess technology is projected to witness considerable demand in the chemical, agricultural, and petrochemical industry. Growing need for crop protection in the agricultural industry is expected to fuel demand for the bioprocess technology significantly. Imposition of regulations by the government regarding biofuel products has further fuelled demand for the bioprocess technology among petrochemical manufacturers. Such factors are likely to contribute towards global market growth of bioprocess technology during the predicted period.
Cellular Culture Media to Represent a Leading Segment
Bioreactor processors among other products is projected to reflect a relatively high CAGR in the global market through 2022. Chromatography among other products is projected to reflect a significant CAGR in the global market of bioprocess technology during the predicted period. Cellular culture media among other products is projected to witness a relatively high growth in terms of revenue in the global market of bioprocess technology by 2022-end. Consumables & accessories is projected to represent a significant growth after cellular culture media in the global market of bioprocess technology by 2022-end. North America is projected to represent a major market for bioprocess technology during the projected period.
Single use among other modalities is projected to represent a relatively high growth in terms of revenue in the bioprocess technology market globally. The single use segment is projected to represent more than US$ 3,000 Mn in the bioprocess technology market globally by 2017-end. Multiple use among other products is projected to reflect a relatively high growth in terms of revenue in the global market of bioprocess technology through 2022. The multiple use segment is projected to represent a significant growth after single use in the global market by 2017-end.
Contract manufacturing organizations among other end users is projected to represent a relatively high growth in terms of revenue in the global market of bioprocess technology. The contract manufacturing organization is projected to represent a relatively high growth in terms of revenue in the global market. Moreover, the contract manufacturing organizations segment is projected to represent more than US$ 400 Mn in the global market of bioprocess technology by 2022 – end. The biopharmaceutical companies segment is projected to represent significant revenue after contract manufacturing organization segment by 2022-end.
Major players in the global market of bioprocess technology are Sartorius Aktiengesellschaft, Thermo Fisher Scientific, Inc, General Electric Company, Repligen Corporation, Corning Incorporated, Danaher Corporation, Lonza Group Ltd., and Eppendorf AG.
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