Market Research Report
Bio-process Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Bio-process Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 150 Pages
Delivery time: 2-3 business days
The bio-process technology market studied was projected to grow with a CAGR of nearly 9.3% over the forecast period. The major factor attributing to the growth of the market is the increase in the growth of production of bio-pharmaceuticals like recombinant proteins, vaccines, which involve the bio-process. Furthermore, increasing investments in research and development by biotechnology and pharmaceutical companies is boosting the growth of the market. According to India Brand Equity Foundation, Indian biotech industry holds about 2 per cent share of the global biotech industry. The biotechnology industry in India, comprising about 800 companies, was expected to be valued at USD 11.6 billion in 2017. The government invested USD 5 billion to develop human capital, infrastructure and research initiatives ,growing the sector into a USD 100 billion industry by 2025. Biopharma is the largest sector contributing about 62 per cent of the total revenue. Several global companies have aggressively joined hands with Indian companies due to India's strong generic biotechnology potential. Some of the recent investments and developments in this sector are, the Telangana state government's flagship pharma and biotech event - BioAsia 2017 attracted investments of USD 507.3 million; the Vibrant Gujarat Global Summit-2017, USD 736.1 million in the biotechnology sector were signed by 37 companies; Syngene International Ltd, the contract research services arm of Biocon Ltd, is setting up a drug discovery and development centre in Bengaluru for Amgen Inc., a biotechnology company based in the United States .However the strict regulation policies and high cost of the instruments are the drawbacks of the market growth.
There is a growing demand for recombinant proteins for therapeutic applications. Human proteins obtained through genetic engineering play a key role in therapeutic medicines market. Recombinant therapeutic proteins provide important therapies for a variety of diseases, such as diabetes, cancer, infectious diseases, haemophilia, and anaemia. Common therapeutic proteins include antibodies, FC fusion proteins, hormones, interleukin, enzymes, and anticoagulants. As the incidence of chronic diseases like diabetes and cancer increases, the growth of the segment increases. Furthermore, recombinant proteins are useful tools in understanding protein-protein interactions. They have proven performance in several laboratory techniques, such as ELISA, Western Blot, and immunohistochemistry. Recombinant proteins can be used to develop enzymatic assays.
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of chronic diseases which majorly use bio-pharmaceuticals for treatment in the region, and established healthcare infrastructure. Furthermore, beneficial government initiatives and increase in number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, high number of patients, and a developed healthcare market.
The bio-process technology market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are F. Hoffmann-La Roche Ltd, Sartorius Group, Thermo Fisher Scientific, Agilent Technologies Inc., Gonotec GmbH, Advanced Instruments, KNAUER Wissenschaftliche Gerate GmbH, Merck KGaA, Becton, Dickinson and Company, and Bio-Rad Laboratories Inc. among others.