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Bioprocessing Technology Market 2024 - By Growth Factors, Applications, Regional Analysis, Key Players And Forecast 2033
Bioprocessing Technology Market
According to The Business Research Company's, The bioprocessing technology market size has grown rapidly in recent years. It will grow from $21.74 billion in 2023 to $25.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to increasing demand for biopharmaceuticals, expansion of biotechnology and life sciences industries, growing investment in research and development, globalization of the biopharmaceutical market, focus on cost-efficiency and process optimization.
The bioprocessing technology market size is expected to see rapid growth in the next few years. It will grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to biomanufacturing capacity expansion, emergence of advanced therapies, rising importance of single-use bioprocessing systems, increased adoption of continuous bioprocessing, strategic collaborations and partnerships. Major trends in the forecast period include personalized medicine and precision bioprocessing, regulatory compliance and quality assurance, global expansion of biopharmaceutical production, environmental sustainability, collaborations and partnerships.
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Market Drivers and Trends:
The increased incidences of chronic diseases are expected to propel the growth of the bioprocessing technology market going forward. Chronic diseases are long-term health disorders that endure for at least a year and impair daily activities, require continuing medical care, or both. The bioprocessing technologies involves the discoveries of therapeutic proteins, polysaccharides, vaccines, and diagnostics essentials for the treatment of chronic diseases. Hence, the increased incidence of chronic diseases will support the growth of the bioprocessing technology market. For instance, in 2023, according to a report published by National Library of Medicine, a US-based medical journal, the number of people in the United States aged 50 years and older will increase by 61.11% from 137.25 million in 2020 to 221.13 million in 2050. Moreover, in the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.52 million in 2020 to 142.66 million by 2050. Therefore, the increased incidences of chronic diseases will drive the growth of the bioprocessing technology market.
Advancement in bioprocessing technology is a key trend gaining popularity in the bioprocessing technology market. Major companies operating in the bioprocess technology market are focusing on advancement in bioprocess technologies to sustain their position in the market. For instance, in October 2022, Univercells Technologies Inc., a Belgium-based biotechnology company, launched new scale-x technology, scale-X cell collect module. This innovative solution looks to facilitate the inoculation stage for large-scale bioreactors by utilizing the concepts of automation and intensification. The scale-X is designed to lower aseptic risk and provide high repeatability while reducing expenses, operating time, and footprint.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc.; Sartorius AG; Merck KGaA; Danaher Corporation; Lonza Group AG; GE Healthcare; Waters Corporation; STADA Arzneimittel AG; Bio-Rad Laboratories Inc.; Applikon Biotechnology B.V.; Agilent Technologies Inc.; Solida Biotech GmbH; Fujifilm Healthcare Corporation; Catalent Inc.; Asahi Kasei Medical Inc.; Amgen Inc.; Eppendorf AG; Repligen Corporation; Becton Dickinson and Company; MilliporeSigma; Novasep; Boehringer Ingelheim GmbH; Cytiva AB; Wuxi Biologics; AGC Biologics; Samsung Biologics; AbbVie Inc.; Bristol Myers Squibb Company; Pfizer Inc.; Roche Holding AG
Bioprocessing Technology Market 2024 Key Insights:
• The bioprocessing technology market size will grow to $43.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Escalating Incidences Of Chronic Diseases Fuel Growth In The Bioprocessing Technology Market
• Pioneering Advancements Shape The Bioprocessing Technology Market
• North America was the largest region in the bioprocessing technology market in 2023
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