Bioprocess Technology Market is expected to register a CAGR of 15.2% during 2021-2031
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.
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.
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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 AnalystBioprocess Technology Market
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.
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Key Questions Answered in Report
- How much is the bioprocess technology market worth?
The global bioprocess technology market was valued at US$ 17,296.4 Mn 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$ 81,215.7 Mn by the end of 2031.
- What is the demand outlook of the global bioprocess technology market?
The global bioprocess technology market is projected to register high demand in the forecast period and rise at a CAGR of 15.2%.
- What are the key drivers of the bioprocess technology market?
The key drivers of the bioprocess technology market are increasing spending on life science research, strong biologics pipeline, and capital investments to aid advancements biotechnology.
- What factors are driving demand for the bioprocess technology market?
Rising adoption of single-use (disposable) bioprocessing technology, growth in personalized treatment for rare diseases, and increase in the use of biosimilar are the major factors driving demand in the bioprocess technology market.
- What is the market share of the top players in the bioprocess technology market?
The cumulative market share of the top players including Thermo Fisher Scientific Inc, Merck KgaA and Danaher Corporation holds around 65% of the overall market.
- Who are the top 5 countries driving demand for the bioprocess technology market?
India, China, the U.S., Japan, and Germany are the top 5 countries that are driving the demand for bioprocess technology.
- At what rate are the sales of bioprocess technology rising in North America?
North America will hold around 33.6% revenue share in the overall bioprocess technology market in 2021. The US remains the fastest growing market in North America, with the demand for bioprocess technology forecast to rise at a CAGR of 10.5% over the forecast period.
- At what rate will the demand for bioprocess technology rise in Europe?
The Europe market is set to exhibit a CAGR of 14.1% during the forecast period owing to the high demand for cell development products and lab-scale bioreactors in the upstream segment.