Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Biopharmaceutical Fermentation Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Biopharmaceutical Fermentation Market is on the brink of a significant transformation, with projections indicating substantial growth from USD 25.22 billion in 2023 to a substantial USD 40.31 billion by 2028.
The market's expansion is set to be driven by a Compound Annual Growth Rate (CAGR) of 9.83% during the forecast period of 2023-2028.
This surge in growth is attributed to an array of factors, including the increasing demand for biotech-based drugs, advancements in research and development activities, and the focus on producing novel biological drugs.
Impact of COVID-19 and Resilience of the Market:
The COVID-19 pandemic has exerted a pivotal influence on the trajectory of the biopharmaceutical fermentation market. The urgent need for enzymes critical for innovative diagnostic kits and mRNA vaccines emerged during the pandemic. A report published by MassBio in December 2022 highlighted the surge in demand for complex fermentation products in the pharmaceutical and biotechnology sectors. Globally, companies and populations have benefitted from essential enzyme supplies produced via fermentation. The production of new biologic drugs designed to treat COVID-19 further accelerated during the pandemic, exemplified by collaborations like Samsung Biologics and AstraZeneca's expanded partnership in December 2021. As such, initiatives driven by the pandemic are expected to underpin the market's growth trajectory in the coming years.
Driving Forces Behind Market Growth:
Several factors are poised to invigorate the biopharmaceutical fermentation market:
- Rising Demand for Biotech-Based Drugs: The increasing sales of biotechnology-based drugs, as exemplified by top-selling drugs like Humira from AbbVie and Keytruda from Merck & Co., illustrate the heightened demand for such medicines. These drugs, contributing significantly to net revenues, are driving the market's expansion.
- Focus on Novel Biological Drugs: Collaborations such as the one between Eikonoklastes Therapeutics and Forge Biologics for AAV-based gene therapy, and the partnership between Sanofi and Innovent Biologics for biologic oncology medicines, are propelling the demand for fermentation services and products.
- Technological Advancements: The growth of the chromatography segment, fueled by advancements in chromatography techniques, is poised to play a pivotal role in driving market expansion.
Market Trends: Chromatography Segment Ascending:
The chromatography segment is anticipated to witness significant growth during the forecast period. This growth is attributed to the increasing demand for novel biopharmaceutical drugs and the introduction of new devices that enhance product availability. Technological advancements in chromatography techniques are further expected to bolster the segment's growth.
Regional Dominance: North America Leading the Way:
North America is poised to dominate the biopharmaceutical fermentation market due to factors such as the growing demand for biotech-based drugs, increasing research and development activities, and a rising emphasis on biopharmaceutical fermentation. The region's high prevalence of chronic diseases, such as diabetes and cancer, is also contributing to the market's growth by driving the demand for effective biological drugs.
Prominent Market Players:
The market landscape features a blend of international and local companies. Notable players in the biopharmaceutical fermentation market include Agilent Technologies, Thermo Fisher Scientific Inc., Lonza Group AG, Sartorius Stedim Biotech, Eppendorf AG, Danaher Corporation, F. Hoffmann-La Roche Ltd., Nova Biomedical Corporation, Merck KGaA, and Becton, Dickinson and Company.
Looking Ahead:
With a projected CAGR of 9.83% during the forecast period of 2023-2028, the biopharmaceutical fermentation market is poised for remarkable growth. The confluence of increased demand for biotech-based drugs, technological advancements, and a steadfast focus on novel biological drugs is reshaping the industry landscape. As the market continues to evolve, stakeholders, innovators, and industry leaders are well-positioned to drive forward a more efficient and effective biopharmaceutical fermentation ecosystem.
For more information about this report visit https://www.researchandmarkets.com/r/s75k1k
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
