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Bioprocess technology deals with the design and advancement of equipment and procedures for the manufacturing of materials such as pharmaceutical products, food, feed, chemicals, polymers and nutraceuticals with the use of biological source of raw material. Bioprocessing is a combination of biology, mathematics, and engineering which consists of activities such as designing bioreactors, biocatalysts, substrates and media volume production, downstream processing, and purification. In the previous few years, the use of bioprocess technology in the expansion of biosimilar and biopharmaceutical products is boosting the growth of the market.
An increase in the funding in research and development of the bioprocessing technology is estimated to propel the growth of the global bioprocess market. Continuous technological advancements in the bioprocess Moreover, increasing support from the government of various countries in terms of biofuel production is further expected to drive the growth of the bioprocess technology market.
Bioprocess technology is likely to experience significant demand from the pharmaceutical sector, owing to the rising incidences of infectious and chronic diseases like cancer. The overall growth of the market is expected to be driven by progress in the biotechnology & biopharmaceutical industries, an increase in R&D spending, escalation in the production of vaccines, and technological advancements.
However, strict supervisory policies and the high cost of technology are obstructing the bioprocess technologies market growth.
Key Market Driver -
Rise in incidences of infectious diseases and continuous development in the bioprocessing technology.
Key Market Restraint -
Strict regulatory policies and high cost of technology
The global bioprocess technology market can be segmented on the basis of products, applications, end-users, and region. Based on the products, the market can be segmented into instruments and consumables & accessories. The instruments segment can be sub-segmented into bioprocess analyzers, gas analyzers, osmometers, cell counter systems, bioreactors, and incubators. The consumables & accessories segment can be sub-segmented into culture media and reagents. Based on the end-users, the market can be segmented into biotechnology & biopharmaceutical companies, contract manufacturing & research organizations, academic research institutes, and others.
Geographically, the Bioprocess technologymarket can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global bioprocess technology report include Emerson Electric Co., UNIVERCELLS, Koninklijke Philips N.V., Abbott, BD, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Sartorius AG, Danaher, Merck KGaA, and other prominent players.
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Geographically, the global bioprocess technology market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Geographically, North America accounted for the largest share of the global bioprocess technology market. Growth in this market can be attributed to the escalation in demand for superior quality biologics, growing spending on R&D by key players in this region. Europe is expected to hold the second-largest share of the market due to the increasing demand for biosimilars and an increase in the prevalence of chronic diseases. However, the Asia Pacific and Latin America are estimated to grow at the highest market growth during the forecast period. The growth of the market is likely to be fueled by the growth in the biopharmaceutical industry, investments by key market players in these regions, increasing government support, developments in R&D activities, and growing proficiency and practical superiority. The Middle East & Africa are expected to increase steadily in the market.
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