Biopharmaceutical Processing Equipment and Consumables Market Worth 22.3 Billion USD by 2023

According to the latest publication from Meticulous Research®, the global biopharmaceutical processing equipment and consumables market is poised to grow at a CAGR of 14.8% from 2018 to 2023 to reach USD 22.3 billion by 2023, driven by increasing demand for biopharmaceuticals, rising adoption of single-use products, and expansion of manufacturing capabilities from the biopharmaceutical manufacturers.

Presently, many of the large-scale bioproduction plants are utilizing stainless-steel equipment. However, the trend is shifting and plastic/polymer-based single-use technology is rapidly replacing the traditional equipment used in the bioproduction.

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The prevalence of cancer, autoimmune, cardiovascular, and infectious diseases is growing across the globe. Biopharmaceuticals have emerged as an important therapeutic class for the treatment of such diseases. They have enabled the treatment of patients who do not respond/poorly respond to the traditional synthetic drugs. Owing to these reasons, the biopharmaceuticals are expected to witness rapid surge in the demand in the coming years. As the demand for biopharmaceuticals rises, the equipment and consumables used in their production are likely to witness high growth.

The biopharmaceutical processing equipment and consumables market is segmented based on product type, applications, and end users. Based on product type, the filtration systems held the largest share as filtration media are widely consumed throughout the process (from liquid clarification to sterile filtration of the finished product).

The pharmaceutical and biotechnology companies will continue to be the leading adopters of global biopharmaceutical processing equipment and consumables market in the forecast period. On the other hand, contract development and manufacturing organizations (CDMOs) are expected to offer high growth opportunities owing to growing demand from the biopharmaceutical companies to outsource their biologics development and production activities.

Asia-Pacific region is expected to witness the fastest growth due to continuous investment of pharmaceutical giants in the region; large population size; accelerated economic growth of many countries in the region; growing accessibility to healthcare services & innovative products; growing disposable income; and favorable regulatory reforms.

The key players in this market are GE Healthcare, Merck Group, Thermo Fisher Scientific Inc., Sartorius AG, Danaher Corporation, Bio-Rad Laboratories, Inc., 3M Company, Repligen Corporation, Agilent Technologies, Inc., and Eppendorf AG among others.

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About Meticulous Research®

Meticulous Research® is founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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This release was published on openPR.