PUBLISHER: The Business Research Company | PRODUCT CODE: 1414056
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414056
“Bioprocessing Technology Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bioprocessing technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bioprocessing technology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The bioprocessing technology market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Bioprocessing technology involves utilizing microbes, living cells, or components of living organisms to synthesize various biological products. This versatile process finds application in producing chemicals, food items, flavors, fuels, and medications, leveraging biocatalysts such as enzymes and microbes.
The primary products associated with bioprocessing technology include biologics safety testing, cell culture, cell expansion, cell line development, flow cytometry, and tangential flow filtration. Biologics safety testing encompasses a series of tests and protocols employed to assess the safety of biological products such as vaccines, gene therapies, and blood products before their approval for human use. These tests evaluate purity, potency, identity, and stability of these products. Bioprocess technology is utilized in antibiotics, biosimilars, recombinant proteins, and various other applications. It finds application across biopharmaceutical companies, contract manufacturing organizations, academic research institutes, the food and feed industry, as well as contract research organizations.
The bioprocessing technology software market research report is one of a series of new reports from The Business Research Company that provides bioprocessing technology software market statistics, including bioprocessing technology software industry global market size, regional shares, competitors with a bioprocessing technology software market share, detailed bioprocessing technology software market segments, market trends and opportunities, and any further data you may need to thrive in the bioprocessing technology software industry. This bioprocessing technology software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The bioprocessing technology market size has grown rapidly in recent years. It will grow from $21.74 billion in 2023 to $25.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The expansion witnessed during the historic period can be attributed to several key factors, including the rising demand for biopharmaceuticals, the extensive growth of the biotechnology and life sciences sectors, increased investments in research and development, the globalization of the biopharmaceutical market, and a dedicated focus on cost-efficiency and optimizing processes. These elements collectively contributed to the growth and advancement within the biopharmaceutical industry.
The bioprocessing technology market size is expected to see rapid growth in the next few years. It will grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The projected growth in the forecasted period is anticipated to stem from several significant factors, notably the expansion of biomanufacturing capacities, the emergence and advancement of advanced therapies, the increasing significance of single-use bioprocessing systems, the higher adoption rates of continuous bioprocessing, and strategic collaborations and partnerships within the industry.
The rising occurrences of chronic diseases are set to drive the growth of the bioprocessing technology market. Chronic diseases, enduring health disorders, necessitate continuous medical care and affect daily activities. Bioprocessing technology is pivotal in crafting therapeutic proteins, vaccines, and diagnostics crucial for managing chronic conditions. A report by the National Library of Medicine in 2023 forecasts a 61.11% surge in the US population aged 50 and older, from 137.25 million in 2020 to 221.13 million in 2050. Furthermore, within this demographic, the projection indicates a 99.5% increase in individuals with at least one chronic disease, from 71.52 million in 2020 to 142.66 million by 2050. Thus, the escalating instances of chronic diseases will propel the bioprocessing technology market.
The escalating healthcare expenditure is anticipated to fuel the expansion of the bioprocessing technology market. This expenditure encompasses resources allocated by individuals, organizations, or governments toward healthcare-related goods and services. Bioprocessing technology optimizes production processes within the healthcare sector, spanning pharmaceuticals and medical treatments. According to the CIHI in November 2022, Canada's health spending is projected to elevate by 0.8%, reaching $331 billion in 2022 from $328 billion in 2021. Hence, the surge in healthcare expenditure is a driving force behind the bioprocessing technology market.
Technological advancement stands out as a prominent trend shaping the bioprocessing technology market. Key industry players are channeling efforts into enhancing bioprocess technologies to maintain their market standing. Univercells Technologies Inc., in October 2022, introduced the scale-X cell collect module, a part of the scale-X technology. This innovation streamlines the inoculation process for large-scale bioreactors through automation and intensification, reducing costs, operating time, footprint, and aseptic risks while ensuring high repeatability.
Major entities in the bioprocessing technology domain are dedicated to developing comprehensive bioprocessing solutions, such as bioprocessing platforms, to meet the increasing demand for enhanced yields and maximize profitability. Bioprocessing platforms encompass technologies and methods tailored for efficient large-scale biological material processing, especially in producing biopharmaceuticals. For instance, WuXi Biologics introduced WuXiUI in October 2023, a high-productivity bioprocessing platform enhancing mammalian cell line productivity and product quality. Utilizing an ultra-intensified intermittent-perfusion fed-batch strategy, WuXiUI achieves 3 to 6-fold productivity increases compared to conventional processes, catering to the need for yield enhancement, cost reduction, and adherence to environmental, social, and governance (ESG) considerations in bioprocess development.
In July 2021, DiaSorin S.p.A., an Italian biotechnology company specializing in diagnostics reagents, successfully acquired Luminex Corporation for $1.8 billion. This strategic acquisition was aimed at bolstering DiaSorin's existing portfolio by integrating Luminex's multiplexing technology. This incorporation is expected to expand DiaSorin's presence in the United States significantly. Luminex Corporation, a US-based biotechnology firm, specializes in manufacturing biological testing technologies.
Major companies operating in the bioprocessing technology market report are Thermo Fisher Scientific Inc., Sartorius AG, Merck KGaA, Danaher Corporation, Lonza Group AG, GE Healthcare, Waters Corporation, STADA Arzneimittel AG, Bio-Rad Laboratories Inc., Applikon Biotechnology B.V., Agilent Technologies Inc., Solida Biotech GmbH, Fujifilm Healthcare Corporation, Catalent Inc., Asahi Kasei Medical Inc., Amgen Inc., Eppendorf AG, Repligen Corporation, Becton Dickinson and Company, MilliporeSigma, Novasep, Boehringer Ingelheim GmbH, Cytiva AB, Wuxi Biologics, AGC Biologics, Samsung Biologics, AbbVie Inc., Bristol Myers Squibb Company, Pfizer Inc., Roche Holding AG
North America was the largest region in the bioprocessing technology market in 2023. The regions covered in the bioprocessing technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the bioprocessing technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The bioprocess technology market includes revenues earned by entities through media preparation, biocatalyst optimization, mass production, downstream processing, and purification. The market value includes the value of related goods sold by the service provider or included within the service offering. The bioprocess technology market also includes sales of process columns, dispersers or emulsifiers, screens or sieves, filters, fermenters or bioreactors, and process homogenizers which are used in bioprocess technology. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.