Overview and Scope
Bioprocessing technology is the process of producing biological products such as medicines, chemicals, and biofuels using living organisms such as bacteria, yeast, and cells. Bioprocess technology is used in the production of pharmaceuticals, meals, flavors, fuels, and chemicals with the of a biocatalyst such as an enzyme, microbe, plant cell, or animal cell in a bioreactor.
Sizing and Forecast
The bioprocess technology market size has grown rapidly in recent years. It will grow from $21.9 billion in 2023 to $25.62 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to biopharmaceutical industry growth, rising chronic diseases, regulatory support, increasing research and development activities, globalization of biopharmaceutical production.
The bioprocess technology market size is expected to see rapid growth in the next few years. It will grow to $45.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to emergence of single-use bioprocessing, cell and gene therapies, bioprocessing for sustainable practices, increasing outsourcing of bioprocessing services, global pandemic preparedness. Major trends in the forecast period include single-use bioprocessing, continuous bioprocessing, advanced analytics and process monitoring, personalized medicine and cell therapies, strategic collaborations and partnerships, gene editing technologies.
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Segmentation & Regional Insights
The bioprocess technology market covered in this report is segmented –
1) By Type: Cell Culture, Cell Expansion, Flow Cytometry, Cell Line Development, Virus Infiltration
2) By Application: Biopharmaceuticals, Specialty Products, Industry Chemicals, Environment Management Aid
3) By End User: Hospitals, Research labs, Medical Institutions, Other End Users
North America was the largest region in the bioprocess technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the bioprocess technology market report during the forecast period. The regions covered in the bioprocess technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing demand from healthcare industries is expected to propel the growth of the bioprocess technology market going forward. Healthcare industries refer to companies or organizations that provide medical and healthcare-related products, services, and technologies. Bioprocess technology uses living cells such as those from bacteria or mammals to produce therapeutic proteins, vaccines, and other biologics that support the manufacturing of biopharmaceuticals and other healthcare products. For instance, in 2021, according to a report published by the American Medical Association (AMA), a US-based professional organization that represents physicians and medical students, health spending in the U.S. rose by 2.7%, amounting to $4.3 trillion, or $12,914 per capita. Hospital care accounted for 31.1% of total spending, with physician services, clinical services, and home health care accounting for 24%. Therefore, the growing demand from healthcare industries is driving the growth of the bioprocess technology market.
Key Industry Players
Major companies operating in the bioprocess technology market are innovating technological advanced products, such as the custom organoid line expansion service, to gain a competitive edge in the market. The custom organoid line expansion service is a service that uses proprietary bioreactor and bioprocess technology to scale up the production of organoids. For instance, in July 2023, Molecular Devices LLC, a US-based Research and development company launched custom organoid line expansion service. The custom organoid line expansion service helps researchers to screen thousands to tens of thousands of drug candidates in parallel on organoids from the same source. It is designed to support next-generation drug discovery research and enables the development of more efficient, reproducible, and scalable patient-derived organoids (PDOs).
The bioprocess technology market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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