Biopharmaceutical Processing Equipment and Consumables Market Worth $70.84 Billion by 2029 - Exclusive Report by Meticulous Research®

According to a new market research report titled "Biopharmaceutical Processing Equipment and Consumables Market by Product Type {Filtration, Chromatography [Columns, Equipment], Disposable Bioreactors, Cell Culture Media, Shakers, Services), Application (Vaccine, mAb, R&D), and End User- Forecast to 2029", published by Meticulous Research®, the overall biopharmaceutical processing equipment and consumables market is expected to grow at a CAGR of 10.3% from 2022 to 2029 to reach $70.84 billion by 2029.

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Biopharmaceutical processing involves the study of discovery, development, and processing of complex medicines using living cells and organisms. Biopharmaceuticals include vaccines, whole blood and blood components, gene therapies, recombinant therapeutic proteins, and somatic cells.

The demand for biopharmaceutical processing equipment is experiencing a surge owing to the expansion strategy adopted by biopharmaceutical companies to meet the growing demand for biopharmaceuticals & technological developments in bioprocessing equipment. The recent technological development includes the introduction of single-use systems in bioprocessing.

Biosimilars are gaining significant shares in most therapeutic areas, including oncology, autoimmune diseases, or rare diseases. Several manufacturers are expanding manufacturing facilities to meet the growing demand for biopharmaceuticals. The ongoing COVID-19 pandemic resulted in the facility expansion of vaccine manufacturing plants. For instance, in October 2021, Wuxi Biologics (China) launched a new GMP commercial drug product facility at Wuxi, China, increasing the capacity to manufacture 60 million vials for commercial drug production of biologics.

In May 2021, Moderna Inc. (U.S) initiated renovation at its Massachusetts manufacturing facility to increase the COVID-19 manufacturing facility. Additionally, in March 2021, a biopharmaceutical company, Amgen, Inc. (U.S.), announced to build a new manufacturing facility at Holly Springs facility, North Carolina.

Impact of COVID-19 on the Biopharmaceutical Processing Equipment and Consumables Market
The COVID-19 pandemic has positively and negatively affected the biopharmaceutical processing equipment and consumables market. The pandemic increased investments by pharmaceutical manufacturers to support R&D in COVID-19 vaccine development. For instance, in June 2020, the Serum Institute of India announced an investment of USD 100 million in the COVID-19 vaccine developed at Oxford University in partnership with AstraZeneca Plc. (U.K.), to ensure equitable supply of the AZD1222 vaccine doses to India and other low-and-middle-income countries. In December 2020, China-based Sinovac Biotech Ltd. received an investment of USD 515 million from local firm Sino Biopharmaceutical to accelerate the production of a COVID-19 vaccine candidate. Such initiatives are expected to create favorable market opportunities.

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To tackle the pandemic, the development of vaccines, new antiviral agents, and convalescent plasma infusions is under focus. In November 2020, the FDA granted emergency use authorization for both bamlanivimab and the combination of casirivimab and imdevimab for use in outpatients with mild to moderate COVID-19 symptoms and a high risk of severe COVID-19 infection. Companies like GlaxoSmithKline Plc. (U.K.), Sanofi (France), and Johnson & Johnson (U.S.) are exploring different approaches like recombinant protein therapy and viral vector platforms for discovering COVID-19 vaccine modalities. These developments are likely to boost the demand for biopharmaceutical processing equipment.

However, in addition to the supply chain and manufacturing disruptions, the Center for Drug Evaluation and Research (CDER), U.S. had temporarily halted all non-essential travel and postponed all advisory committee meetings. Most of the foreign inspections were postponed through April 2020. Postponing the inspection of a manufacturing facility led to longer timelines for regulatory approvals, which had temporarily hampered the market growth.

Biopharmaceutical Processing Equipment and Consumables Market Overview
The overall biopharmaceutical processing equipment and consumables market is segmented on the basis of product type, application, end user, and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.

Based on product type, the filtration systems segment is estimated to account for the largest share of the overall biopharmaceutical processing equipment and consumables market in 2022. Critical use of filtration in upstream, process development, and downstream process of bioprocessing and advancing filtration technologies to meet the growing bioprocessing needs are the key factors contributing to the largest share of the market.

Based on application, the commercial bioproduction segment is estimated to grow at the highest CAGR during the forecast period. Increasing regulatory approvals of biologics, biosimilars, and bio-betters; increasing biologic therapeutic agents in the clinical pipeline to fight COVID-19 pandemic; and nearing patent expiry dates of biologics are likely to drive the demand for bioprocessing equipment for the commercial production of biopharmaceuticals.

Based on end user, the biopharmaceutical/biotechnology companies segment is estimated to account for the largest share of the overall biopharmaceutical processing equipment and consumables market in 2022, due to the factors such as increasing demand for biopharmaceutical products, growing adoption of single-use products, and increasing demand for biopharmaceutical drugs from emerging countries. However, the contract development and manufacturing organizations and contract research organizations (CDMOs/CROs) segment is expected to grow at the highest CAGR over the forecast period. A trend of outsourcing biopharmaceutical manufacturing operations to the bioprocessing hubs in India, South Korea, and Singapore is driving the market growth. The pharmaceutical & biopharmaceutical companies are increasingly outsourcing drug discovery and manufacturing to reduce the overall drug development time & related cost; improve R&D productivity; and optimize operational flexibilities and increase their profit margins.

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Geographically, North America is estimated to command the largest share of the global biopharmaceutical processing equipment and consumables market in 2022, followed by Europe and Asia-Pacific. The U.S. is estimated to be the largest market in North America in 2022. An increase in the biotechnology R&D expenditure, the emergence of infectious diseases, supportive initiatives for increasing adoption of biosimilars, and large number of biopharmaceutical companies are some of the major factors driving the demand for biopharmaceutical processing equipment and consumables in the country. However, the Asia-Pacific region is expected to grow with the lucrative CAGR over the forecast period due to the developing bioprocessing hubs in this region, rising developments of biotechnology incubators, and growing initiatives by the public authorities for supporting the adoption of biosimilars.

The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past three years. In the last couple of years, the global biopharmaceutical processing equipment and consumables market has witnessed various new product launches, collaborations, agreements, and expansions.

Some of the key players operating in the global biopharmaceutical processing equipment and consumables market are 3M Company (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Agilent Technologies, Inc (U.S.), Repligen Corporation (U.S.), Sartorius AG (Germany), Merck KGaA (Germany), Eppendorf AG (Germany), and Solaris Biotechnology Srl (Italy) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/biopharmaceutical-processing-equipment-consumables-market-4200

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This release was published on openPR.