Bioprocess Technology Market Worth About USD 47.2 billion By 2027

Transparency Market Research (TMR) has published a new report titled, ‘Bioprocess Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global bioprocess technology market was valued at US$ 21.9 Bn in 2018 and is projected to expand at a CAGR of above 7.9% from 2019 to 2027.

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Overview
• Bioprocess is defined as a technique used to produce biological products such as genetically microbial strain, production of commercially useful chemicals etc.
• Increase in interest in life science areas such as pharmacology & toxicology and biotechnology for the development of advanced medicines and vaccines has created a need for advanced bioprocess technology.
• Invention drives development. When it comes to invention in the development of therapeutic biological products and novel medicines, FDA’s Center for Drug Evaluation and Research (CDER) assists the pharmaceutical industry at each phase of the development. Development and launch of novel drug products boost demand for bioprocess technologies globally.
• North America dominated the global bioprocess technology market in 2018 and the trend is anticipated to continue during the forecast period. Availability of technologically advanced devices and strong government support in terms of investment is boosting the growth of bioprocess technology market in North America.
• However, Asia Pacific is likely to be a highly lucrative market for bioprocess technology and it is expected to expand at a high CAGR during the forecast period

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Technological advancements to Drive Market
• Bioprocessing equipment manufacturers are launching innovative products in the market that offer solutions to the key challenges of end-users. Efficiency, safety, and productivity are the key focus areas for biopharmaceutical companies, and bioprocessing equipment manufacturers strive to address these challenges with their suite of innovative offerings
• Technological advancements have led to increase in demand for bioprocess technology in both green field and brown field facilities. The momentum is likely to continue, and hence innovation in product offerings is likely to drive sales of bioprocess technology equipment.
• For instance, in June 2015, Merck Millipore introduced the Mobius 2000 liter single-use bioreactor, which featured the industry’s first pull-out drawer and self-deploying bag, thereby making assembly installation and inflation safe and easy
Consumables & Accessories Segment to Dominate Market
• Based on product, the consumables & accessories segment accounted for the largest share of the bioprocess technology market in 2018. High rate of adoption of cell culture media globally for several research and development studies is driving the segment.
• Technological advancements for improving efficiency and reducing the risk of cross contamination are expected to propel the instruments segment during the forecast period

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Recombinant Protein to be Highly Lucrative Segment
• Based on application, the recombinant protein segment held the largest share of the market in 2018 due to increased research activities in several research institutes and biotech companies for the pre-diagnosis of chronic diseases.
• Furthermore, rise in acute and chronic diseases globally is driving the demand for advanced protein therapeutics for their treatment.
Biopharmaceutical Companies to be Highly Lucrative Segment
• Based on end-user, the biopharmaceuticals companies segment held the largest share of the market in 2018. Increase in demand for therapeutic proteins produced through mammalian expression systems is anticipated to drive the market during the forecast period. Moreover, huge investment in research and development is a another key factor that driving the segment.
North America to Dominate Global Market
• In terms of region, the global bioprocess technology market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global bioprocess technology market in 2018, followed by Europe.
• North America accounted for major share of the global bioprocess technology market in 2018, as the region has always been on the leading edge of medical device technology and adoption.
• Key players are investing to expand their reach and strengthen their market position in North America market through new product development and approvals.

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This release was published on openPR.