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Bioprocess Technology Market Size, Trends And Forecast 2024-2033
Bioprocess Technology Market Size
According to The Business Research Company's, The bioprocess technology market size has grown rapidly in recent years. It will grow from $21.9 billion in 2023 to $25.62 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to biopharmaceutical industry growth, rising chronic diseases, regulatory support, increasing research and development activities, globalization of biopharmaceutical production.
The bioprocess technology market size is expected to see rapid growth in the next few years. It will grow to $45.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to emergence of single-use bioprocessing, cell and gene therapies, bioprocessing for sustainable practices, increasing outsourcing of bioprocessing services, global pandemic preparedness. Major trends in the forecast period include single-use bioprocessing, continuous bioprocessing, advanced analytics and process monitoring, personalized medicine and cell therapies, strategic collaborations and partnerships, gene editing technologies.
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Market Drivers and Trends:
Growing demand from healthcare industries is expected to propel the growth of the bioprocess technology market going forward. Healthcare industries refer to companies or organizations that provide medical and healthcare-related products, services, and technologies. Bioprocess technology uses living cells such as those from bacteria or mammals to produce therapeutic proteins, vaccines, and other biologics that support the manufacturing of biopharmaceuticals and other healthcare products. For instance, in 2021, according to a report published by the American Medical Association (AMA), a US-based professional organization that represents physicians and medical students, health spending in the U.S. rose by 2.7%, amounting to $4.3 trillion, or $12,914 per capita. Hospital care accounted for 31.1% of total spending, with physician services, clinical services, and home health care accounting for 24%. Therefore, the growing demand from healthcare industries is driving the growth of the bioprocess technology market.
Major companies operating in the bioprocess technology market are innovating technological advanced products, such as the Livit Flex, to gain a competitive edge in the market. Livit Flex is as an intuitive system for bioprocess control designed for acceleration of research and development (R&D) processes for pharmaceuticals and biotech products. For instance, in December 2022, Getinge, a Sweden-based Healthcare company launched Livit Flex. Livit Flex provides flexibility, customization, simplicity, and time and cost-efficiency for process optimization. It is equipped with smart sensor technology and easy-to-use software functionalities. It allows users to quickly set up parallel experiments and monitor all data from one central location. Livit Flex is configured as a single or dual control system for single-use or multi-use bioreactors to optimize bench space in the laboratory.
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Major Key Players of the Market:
Sartorius AG; Danaher Corporation; Thermo Fisher Scientific Inc.; Lonza Group AG; F. Hoffmann-La Roche Ltd.; Becton Dickinson and Company; Merck KGa; GE Healthcare; Eppendorf AG; Bio-Rad Laboratories; Alere Inc.; Fujifilm Healthcare Americas Corporation; Catalent Inc.; Asahi Kasei Medical America Inc.; Advanced Instruments LLC; Nova Biomedical Corporation; MilliporeSigma; Repligen Corporation; Danaher Corporation; PerkinElmer Inc.; Applikon Biotechnology; New Brunswick Scientific Co. Inc.; Avid Bioservices; ZETA Holding GmbH; Meissner Filtration Products; ABL Europe; ARTeSYN Biosolutions; Charles River Laboratories; Parker Hannifin Corporation; Shimadzu Corporation; 3M; Eppendorf Biochip Systems; Fermenter Bioreactor; YMC Europe GmbH; Solaris Biotechnology Srl; Aber Instruments; Cytiva
Bioprocess Technology Market 2024 Key Insights:
• The bioprocess technology market will grow to $45.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%.
• Rising Demand From Healthcare Industries Fuels Expansion In The Bioprocess Technology Market
• Getinge Livit Flex Redefines Bioprocess Technology For Pharmaceutical And Biotech Advancements
• North America was the largest region in the bioprocess technology market in 2023
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