Bioprocess Technology Market Is Set to Witness Steady Growth during 2022-2028 with Expected CAGR

Bioprocess is a part of biotechnology used for producing biological products, with the help of living cells or their components such as, bacteria or an enzyme. Techniques like microbial fermentation and degradation are used for the production of biofuels and other chemicals for commercial purposes. Various companies have been using bioprocess technology for developing treatments for cardiovascular diseases. This technology has helped in transforming the discoveries of life science into practical and industrial concepts to serve various purposes. Hence, bioprocess technology is considered as the backbone of biotechnology industry. Bioprocess technology is used in applications such as, food processing, pollution control and global warming.

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Growing investment in the R&D activities promoting the use of bioprocess technology along with the supportive government initiatives are expected to boost the growth of the market in the coming years. The increase in the demand for biofuels is expected to fuel the demand for bioprocess technology during the forecast period.

Bioprocess Technology Market: Competitive Landscape and Key Developments:
Merck KGaA, Sartorius AG, Thermo Fisher Scientific Inc., Corning Incorporated, GENERAL ELECTRIC COMPANY, Lonza, Eppendorf AG, REPLIGEN CORPORATION, BD, and BioPharma Dynamics Ltd. among others.

The global bioprocess technology market is segmented on the basis of type, modality, and end user. Based on type, the market is segmented as, cell culture media bioprocess, chromatography bioprocess, consumables & accessories, and others. Based on modality, the market is classified as, single use and multiple use. On the basis of end user, the market is segmented as, academic & medical institutions, biopharmaceutical companies, research laboratories, and other end users.

The bioprocess technology market report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South & Central America after evaluating political, economic, social and technological factors effecting the market in these regions.

Impact of COVID-19 Pandemic on Bioprocess Technology Market

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico are among the most affected countries in terms of COVID-19 confirmed cases and reported deaths. According to the latest WHO figures, there are ~81,159,096 confirmed cases and 1,791,246 total deaths across the world. The pandemic is adversely affecting various industries across the world due to lockdowns, travel bans, and business shutdowns.

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