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Bioprocess Technology Market Expected To Touch a Value of Over US$22,000mn By 2022
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The global bioprocess technology market is expected to represent an impressive growth attributed to considerable demand in the pharmaceutical, agricultural, and petrochemical industries. Growing need for therapeutic treatment and medicines is expected to rev up demand for bioprocess technology in the pharmaceutical industry. Contract manufacturing organizations is expected to witness significant demand in among the pharmaceutical and biotechnology manufacturers. Consumption of cellular culture media is expected to remain high among the pharmaceutical manufacturers globally. Single use of bioprocess technology is expected to witness highest revenue growth in the global market. North America is expected to represent the largest market for bioprocess technology globally.
Bioprocess technology is a part of biotechnology that is used to produce biological products including stem cells, and microbial strains. This technology is also used for production of biofuels and chemical products through degradation and microbial fermentation process for commercial purposes. Manufacturers in the pharmaceutical and biotechnological industries use bioprocess technology to develop treatments and developments for the treatment of cardiovascular diseases.
The global bioprocess technology market is expected to register a significant CAGR, and will represent a value of over US$ 22,000 Mn by the end of 2022.
Consumption in the Pharmaceutical Industry
As combating debilitating diseases remains a major challenge, manufacturers in the pharmaceutical industry are adopting bioprocess technology for enhanced production. Increasing need for the treatment of chronic diseases continue to boost demand for therapeutic treatments. Manufacturers in the pharmaceutical industry are adopting bioprocess technology to develop stem cells for therapeutic use. Development of therapeutic treatment and medicines is expected to fuel adoption of bioprocessing technology in the pharmaceutical and biotechnological industries.
Demand for Single-Use Technology
A recent trend witnessed among biopharmaceutical manufacturers is the increasing use of disposables attributed to reduced risk of cross-contamination in the products. As steel facilities witness a decline in popularity, biopharmaceutical manufacturers are increasingly adopting single-use technology. This is expected to underscore significant opportunities for the biopharmaceutical manufacturers globally.
Significant Demand in the Agricultural Industry
Growing need for sustainable farming practices has led to an upsurge in adoption of bioprocessing technology in the agricultural industry. Adoption of bioprocess technology improves insect resistance in crops as well. Moreover, manufacturers are witnessed to adopt this technology as it revs up the tolerance of herbicides in crops. Bound to such factors, the bioprocess technology is expected to witness significant demand in the agricultural industry.
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Considerable demand in the Petroleum Industry
Apart from the pharmaceutical, and agricultural industries, the bioprocess technology is further expected to witness a considerable demand among manufacturers in the petrochemical industry attributed to growing demand for biofuels. Imposition of government regulations related to use of biofuels has further revved up demand for biofuels among the automotive manufacturers. Attributed to increasing demand for biofuel in the automotive industry, manufacturers witness considerable demand for bioprocess technology.
Consumption in the Chemical Industry
Bioprocess technology is also expected to witness significant demand among the chemical manufacturers. Growing need to streamline the procedure of chemical production is expected to rev up demand for bioprocess technology in the chemical industry. This is expected to impact growth of the global bioprocess technology positively.
Consumables & Accessories to Register Significant Growth
Cellular culture media is expected to witness the highest revenue growth in the global market. This segment is expected to represent a value of over US$ 2,000 Mn in the global bioprocess technology market by the end of 2022. Consumables & accessories is expected to witness the second highest revenue growth in the global bioprocess technology market by the end of 2022. Bioreactors bioprocess technology is expected to register the highest CAGR growth in the global market, followed by chromatography.
Single use is expected to witness the highest revenue growth in the global market. This segment is expected to represent a value of over US$ 3,000 Mn in the global bioprocess technology by the end of 2017. Multiple use is expected to witness the second highest revenue growth in the global market by the end of 2017. Moreover, this segment is expected to register the highest CAGR growth in the global bioprocess technology market throughout 2022.
Contract manufacturing organizations is expected to witness the highest revenue growth in the global market. This segment is expected to represent a value of over US$ 4,000 Mn in the global bioprocess technology market by the end of 2022. Biopharmaceutical companies is expected to represent the second highest revenue growth in the global market by the end of 2022. Contract manufacturing organizations is expected to register the highest CAGR growth in the global market throughout 2022.
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