Bioprocess Technology Demand will Total US$ 81.2 Bn, Increasing at 15.2% CAGR through 2031
According to a recent study by Future Market Insights (FMI), the global bioprocess technology market was valued at US$ 17.3 Bn in 2020 and is expected to register a CAGR of 15.2% during the forecast period (2021-2031). It is projected to generate a revenue of US$ 81.2 Bn by the end of 2031.
Bioprocess Technology Market
A recent market study published by Future Market Insights (FMI) on the bioprocess tech...
Technology has always been at the heart of biotech. The emergence of advanced computing technology such as machine learning and artificial intelligence has enabled companies to expand the scale of their research and improve efficiency in the manufacturing process—both of which reduce the time it takes for biotech firms to bring new products to market.
Increasing research and development spending on pharmaceutical products has improved the well-being of patients to a significant level. Today vaccines have proven to be one of the most effective ways to prevent children from infectious diseases. This is highly possible due to increased government spending on research & development in the life science stream.
For instance, in May 2020, AbSci Inc. closed USD 15.4 Mn in series D funding to accelerate the growth and scale of disruptive protein printing technology, by announcing an exclusive co-marketing partnership with KBI Biopharma.
There are currently more than 1,500 biomolecules undergoing clinical trials, which target more than 100 hundred types of diseases and success rate for biologics has so far been over twice that of small-molecule products.
Key Takeaways from Bioprocess Technology Market Study
- In 2021, the BIOTECH/BIOPHARMACEUTICAL COMPANIES segment is expected to dominate the global bioprocess technology market with a 44.0% market share, whereas, CDMO/contract research organization segment is expected to occupy over 40% of the market share.
- By product, the upstream segment dominated the global Bioprocess Technology market with a 64.8% market share.
- Europe and East Asia dominated the global bioprocess technology market occupying over 24.3% and 14.7% market share, respectively.
“Single-use bioprocess products offer lucrative investment opportunities. With the increasing biopharmaceutical manufacturing across the world, adoption of single-use products is expected to gain traction,” says the FMI Analyst
Who is winning?
Some of the leading companies of bioprocess technology are focusing on their extensive portfolio of single-use cell culture bioreactors, containers, strong distribution channels, and strategic selling to the leading biopharmaceutical manufacturing entities.
- Thermo Fisher Scientific Inc. is a multinational biotech company that develops, manufactures, and distributes products in the areas of healthcare & diagnostics, life sciences, pharmaceuticals, and others. In Sep 2020, Thermo Fisher Scientific Inc. announced the opening of its new Bioprocessing Collaboration Center (BCC) in St. Louis, Missouri.
- Sartorius AG is a leading provider of contract testing services to the global biotechnology and biopharmaceutical industries. In July 2020, Sartorius Stedim Biotech acquired a majority stake in CellGenix to strengthen its product portfolio for cell and gene therapies.
- Danaher Corporation designs manufacture and markets professional, medical, industrial, and commercial products and services. In March 2020 Danaher Corporation acquired the Biopharma business from General Electric’s Life Sciences division.
The key market players covered by FMI include Thermo Fisher Scientific Inc, Sartorius, Merck KGa, Danaher Corporation, Applikon Biotechnology B.V., Lonza AG, Bio-Rad Laboratories, Agilent technologies, Solida Biotech GmBH, and Waters Corporation.
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global bioprocess technology market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the bioprocess technology segment based on product type (upstream equipment, downstream equipment), end-users (biotech/biopharmaceutical companies, CDMO/contract research organization, research/academic institutes), and across seven major regions.
About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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