According to Precision Business Insights, the Bioprocess Technology Market research report provides industry size and growth.
Bioprocess Technology Market size was valued at USD 22.5 billion in 2022 and is expected to grow at a CAGR of 7.9% from 2023-2029. assesses the market performance over seven years forecast period. The report analyses the market value forecast and provides strategic insights into the market driving factors, challenges that are hindering the market revenue growth over the forecast period. Bioprocess technology is a part of Biotechnology that combines living matter in the form of enzymes or organisms with nutrients under optimal conditions to create bio-therapeutics, special chemicals, and reagents. Bioprocess technology helps in the discoveries of life sciences into practical and industrial products. Various stages of bioprocess technology include substrates and media, bioprocess technology comprise biocatalysts, volume production, downstream processing, final processing, and purification. Increase in the R&D in life sciences research due to rise in government support for the biotechnology and biopharmaceutical industries is expected to contribute towards the growth of global bioprocess technology market. Moreover, rise in prevalence of chronic diseases such as cancer, increase in the newer product launches, growing need for medicines and therapeutics to treat chronic diseases, and technological advancements in bioprocess technology are expected to fuel the global bioprocess technology market over the forecast period. However, high cost of R&D, high cost of equipment, and lack of skilled professionals are the major factors may restrain the growth of global bioprocess technology market over the forecast timeframe.
The global bioprocess technology market is divided into following categories:
Bioprocess Technology market Geographical segmentation :
on the basis of the geographical regions, the global bioprocess technology market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America bioprocess technology market is expected to account for significant share due to increase in the R&D activities by the biotechnology and biopharmaceutical companies, rise in prevalence of chronic diseases such as cancer, and rise in demand for best quality medicines. Europe bioprocess technology market has a lucrative growth, which is attributed to establishment of newer biopharmaceutical and biotechnology companies, frequent product launchings, and rise in adoption of bioprocessed products due to non-toxicity are expected to bolster the market. However, a significant growth observed in Asia Pacific bioprocess technology market due to increase in the investment by major market players, rise in R&D activities, large patient pool, and development in healthcare infrastructure.
Some of the key players in the global bioprocess technology market include Merck Millipore (Germany), Becton, Dickinson and Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), General Electric Company (U.K.), Bio-Rad Laboratories, Inc. (U.S.), Lonza Group Ltd. (Switzerland), Abbott Laboratories (U.S.), Repligen Corporation (U.S.).
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