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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Bioprocessing Market: By Products, Consumables &Accessories ), By End-Users, and Region
Bioprocessing Market: By Products, Consumables &Accessories ), By End-Users, and Region
Bioprocessing Market size was valued at US$ 23,829.1 million in 2023 and is poised to grow at a CAGR of 13.6% from 2024-2030. Bioprocess technology is concerned with the development of machinery and processes for using biological sources of raw materials to produce goods including chemicals, polymers, food, feed, pharmaceuticals, and nutraceuticals. Bioprocessing, which includes designing bioreactors, biocatalysts, substrate and media volume production, downstream processing, and purification, is an amalgamation of biology, mathematics, and engineering. The market has been growing over the past few years due to the usage of bioprocess technology in the production of biosimilar and biopharmaceutical goods. Also, key factors fuelled in the market are an increase in infectious disease cases and ongoing advancements in bioprocessing technology, growing demand for biologics, rising prevalence of chronic diseases, and increased investment in research and development with regulatory compliance.
For instance, The Telangana government's flagship biotech and pharmaceutical event, BioAsia 2017, brought in around 507.3 million US$ in investment. At the Gujarat Global Summit that same year, 37 firms signed sector agreements related to biotechnology. However, the high costs of bioprocessing equipment, complexity of bioprocessing techniques, regulatory challenges, supply chain issues, and risk of contamination are the limiting factors for the market growth. Furthermore, the development of advanced therapies, integration of AI and data analytics, personalized medicine, and sustainability initiatives are opportunities for the market. In addition, single-use technologies, continuous bioprocessing, automation, digitalization, increased focus on quality by design, and regenerative medicine with tissue engineering are the major trends in the market.
Study Period
2024-2030Base Year
2023CAGR
13.6%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Biopharmaceutical companies are increasing their research and development (R&D) efforts in response to the rise in chronic diseases. The increased prevalence of cancer and other chronic disorders is driving the need for advancements in bioprocess technology. The continuous growth of the pharmaceutical sector is providing market participants in the market with added opportunities. Because of the rising demand for proteins and vaccines, pharmaceutical and biotechnology companies have boosted treatment production and funded studies and other research projects. This is leading to an increase in the need for treatments generated from biotechnology. In addition, the advent of innovative bioprocessing techniques such as single-use technology and continuous manufacturing has enabled the production of these products at a lower cost and with less environmental impact, therefore stimulating market growth.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America held the highest market share during the forecast period due to the increasing need for biologics and rising R&D expenditures by major regional players. Also, due to rising biosimilar demand and an increase in the frequency of chronic illness, Europe is predicted to hold the second-largest share of the market. The markets in Asia Pacific and Latin America are expected to grow at the fastest rates. The market is expected to increase as a result of the biopharmaceutical industry's expansion, growing government support, investments in R&D, and rising competence and practical advantage.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 23,829.1 million |
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Market CAGR |
13.6% |
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By Product Type |
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By End User |
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By Region |
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The global bioprocessing market size was valued at US$ 23,829.1 million in 2023 and is projected to grow at a CAGR of 13.6% from 2024 to 2030.
Bioprocess technology is concerned with the development of machinery and processes for using biological sources of raw materials to produce goods including chemicals, polymers, food, feed, pharmaceuticals, and nutraceuticals.
Numerous reasons are driving the bioprocessing industry, which has considerable prospects. The growing need for healthcare in emerging nations offers tremendous opportunity. Specialized bioprocessing technologies are in demand due to advancements in customized medicine as well as gene and cell therapies. Innovation and efficiency gains can be facilitated by integrating AI and data analytics with sustainability projects
Some of the threats in the bioprocessing market include the high cost of cutting-edge machinery and technology, which might be unaffordable for smaller firms. Difficulties with regulations and strict standards for compliance can cause costs to rise and product development to be delayed. Unpredictable output might be jeopardized by supply chain interruptions, especially when it comes to obtaining adequate raw materials.
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.