Global Bioprocessing Technology Market Size 2024, Forecast To 2033
6 Mar, 2024
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.
Global Bioprocessing Technology Market Key Driver
The bioprocessing technology market is anticipated to experience growth due to increased incidences of chronic diseases. Chronic diseases, lasting for at least a year and requiring ongoing medical care, affect individuals' daily lives significantly. Bioprocessing technologies play a vital role in producing therapeutic proteins, polysaccharides, vaccines, and diagnostics crucial for chronic disease treatment. According to a report published by the National Library of Medicine in 2023, the United States' population aged 50 and older is projected to increase by 61.11% from 137.25 million in 2020 to 221.13 million by 2050. Moreover, individuals in this age group with at least one chronic disease are estimated to surge by 99.5%, from 71.52 million in 2020 to 142.66 million by 2050. Hence, the rising incidence of chronic diseases will propel the growth of the bioprocessing technology market.
Get A Free Sample Of The Global Bioprocessing Technology Market ReportGlobal Bioprocessing Technology Market Segments
The bioprocessing technology market covered in this report is segmented –
1) By Product: Biologics Safety Testing, Cell Culture, Cell Expansion, Cell Line Development, Flow Cytometry, Tangential Flow Filtration
2) By Application: Antibiotics, Biosimilars, Recombinant Proteins, Other Applications
3) By End Use: Biopharmaceutical Companies, Contract Manufacturing Organization, Academic Research Institutes, Food and Feed Industry, Contract Research Organization
By Geography:The regions covered in the bioprocessing technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the bioprocessing technology market in 2023. The regions covered in the bioprocessing technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Bioprocessing Technology Industry Players
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
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Bioprocessing Technology Market Overview
Bioprocessing technology refers to the process that includes microbes, living cells, or elements of living organisms to synthesize biological products. It is commonly used to produce chemicals, food, flavor, fuel, and medications, with the aid of biocatalysts such as enzymes, and microbes.
Bioprocessing Technology Global Market Report 2023 provides data on the global bioprocessing technology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bioprocessing technology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.