Bioprocess Technology Market Key Players, Industry Overview, Applications and Analysis 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.
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.
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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.
Bioprocess Technology Market
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.
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.
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