Bioprocess technology is a versatile domain of analysis because of its applicability in the knit and grit of fields ranging from agriculture to petrochemicals. As various stakeholders within these fields become increasing aware of the advantages of bioprocesses, there is a rampant demand in the Bioprocess Technology Market. This has prompted a number of market players to attain higher stability in the market and reap the benefits of a larger market share. Currently, the global market for bioprocess technology is majorly held by entities such as General Electric Company, Eppendorf AG., Thermo Fisher Scientific Inc., Corning Incorporated, Repligen Corporation, Danaher Corporation, Sartorius Aktiengesellschaft, and Lonza Group Ltd.
The period of forecast from 2017 to 2022 is expected to reap a soaring CGPA for the global bioprocess technology market. The escalating growth within the market is prognosticated to take the market value to over US$ 22,000 mn by the end of 2022, which signifies the exponential potential of the market. In the segmentation by product type, cellular culture media is prophesized to lead the revenue growth in the market, settling at a value of over US$ 2,000 mn by the end of 2022. Consumables and Accessories would also extract a substantial revenue growth following the market lead of cellular culture media.
Based on uses, the single use segment is anticipated to capture the highest market value of US$ 3,000 Mn by the end of 2017 followed by the multiple use category. In the segmentation based on organization type, contract manufacturing organizations would also expand in terms of revenue by attaining a prominent worth of US$ 4,000 Mn by the end of 2022
Multiplicity of Application of Bioprocesses to Boost Market Growth
Bioprocess technologies span in productivity and application across a wide array of fields which directly contributes to the growth of the global bioprocess technology market. The presence of bioprocess technology has seen a substantial lift in the pharmaceuticals industry where manufacturers are extensively using bioprocesses for devising treatments for chronic diseases. Moreover, researchers are using bioprocesses to manufacture stem cells which would help in therapeutic action for treating ailments. This has pioneered the growth of the global market for bioprocess technology, and has also expounded multiple prospects of development.
Owing to the increased usage of disposables in order to prevent cross-contamination, single-use technology has seen a noticeable ascension in demand. This has further lead to an influx of demand for bioprocess technology which has bolstered the entire market. The petrochemicals industry is also encompassing bioprocessing within its framework in order adhere to the growing need for biofuels. Moreover, the government has made strict ordinances towards the promotion and adoption of biofuels. This has made bioprocess technologies indispensable for a multitude of manufacturers, sellers, and buyers, thus, expounding the growth of the market.
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Increased Demand in Agriculture and Chemical Industries
The nascent farming practices have seen the use of bioprocessing technology in order to preserve the crops and immune them of insects. The manufacturers are swiftly channeling their farming techniques to become inclusive of bioprocessing techniques. Production and synthesis of various chemicals has been enhanced with the usage of bioprocess technology, thus, driving the manufacturers to resort to it. Once the market for bioprocess technology takes swing, a number of other aligned field would also resort to its usage. Owing to these factors, the global market for bioprocesses technology is gradually propelling to fruition, and is anticipated to see immense growth.
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