New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bioprocess Technology Global Market Report 2023" - https://www.reportlinker.com/p06466420/?utm_source=GNW
, Fujifilm Healthcare Americas Corporation, Catalent Inc., Asahi Kasei Medical America Inc., Advanced Instruments, and Nova Biomedical Corporation.
The global bioprocess technology market is expected to grow from $18.70 billion in 2022 to $21.90 billion in 2023 at a compound annual growth rate (CAGR) of 17.1 %. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bioprocess technology market is expected to reach $39.16 billion in 2027 at a CAGR of 15.6%.
The bioprocess technology market consists of revenues earned by entities by providing biologics safety testing, and tangential flow filtration.The market value includes the value of related goods sold by the service provider or included within the service offering.
The bioprocess technology market also includes sales of instruments, consumables, and accessories that include bioprocess analyzers, osmometers, incubators, and bioreactors used in bioprocessing technology services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Bioprocessing technology is the process of producing biological products such as medicines, chemicals, and biofuels using living organisms such as bacteria, yeast, and cells. Bioprocess technology is used in the production of pharmaceuticals, meals, flavors, fuels, and chemicals with the of a biocatalyst such as an enzyme, microbe, plant cell, or animal cell in a bioreactor.
North America was the largest region in the bioprocess technology market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in bioprocess technology report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the bioprocess technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The main types of bioprocess technologies are cell culture, cell expansion, flow cytometry, cell line development, and virus infiltration.Cell culture refers to the growth and maintenance of cells in a controlled environment, usually in vitro, under sterile and optimal conditions that often use bioprocessing technology to produce biologics in large quantities for research, clinical trials, and commercial use.
They have a variety of applications in biopharmaceuticals, specialty products, industrial chemicals, and environment management aids and are also used by various end users such as hospitals, research labs, medical institutions, and others.
Growing demand from healthcare industries is expected to propel the growth of the bioprocess technology market going forward.Healthcare industries refer to companies or organizations that provide medical and healthcare-related products, services, and technologies.
Bioprocess technology uses living cells such as those from bacteria or mammals to produce therapeutic proteins, vaccines, and other biologics that support the manufacturing of biopharmaceuticals and other healthcare products. For instance, in 2021, according to a report published by the American Medical Association (AMA), a US-based professional organization that represents physicians and medical students, health spending in the U.S. rose by 2.7%, amounting to $4.3 trillion, or $12,914 per capita. Hospital care accounted for 31.1% of total spending, with physician services, clinical services, and home health care accounting for 24%. Therefore, the growing demand from healthcare industries is driving the growth of the bioprocess technology market.
Technological innovation is a key trend gaining popularity in the bioprocess technology market.Major companies operating in the bioprocess technology market are focused on developing innovative solutions integrated with advanced technologies to strengthen their position in the market.
For instance, in April 2020, Merck KGaA, a Germany-based science and technology company, launched the Bio4CTM Software Suite, the latest addition to its BioContinuumTM Platform.The new technology ecosystem combines process control, analytics, and plant-level automation to provide a complete view of the manufacturing process, allowing biomanufacturers to achieve complete process control and gain deep insights.
The Bio4CTM Process Pad, a component of the Bio4CTM Suite’s "Collect" dimension, a browser-based platform that automates data acquisition and analysis tasks, allowing scientists and engineers to quickly acquire, aggregate, and analyze data from various sources across the bioprocess, such as equipment, batch records, databases, and historians.
In April 2021, Scientific Industries, Inc, a US-based manufacturing company specializing in laboratory equipment and instruments acquired Aquila Biolabs GmbH for an undisclosed amount.Through this acquisition, Scientific Industries, Inc aims to strengthen its leadership role in bioprocessing technologies.
This strategic acquisition also adds new skilled professionals and expands SBI’s geographic presence into the European market, in addition to enhancing our existing pipeline of advanced sensors and data analytics tools. Aquila Biolabs GmbH is a Germany- based technology company that provides state-of-the-art data analytics software for bioprocessing applications.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bioprocess technology market research report is one of a series of new reports that provides bioprocess technology market statistics, including bioprocess technology industry global market size, regional shares, competitors with a bioprocess technology market share, detailed bioprocess technology market segments, market trends, and opportunities, and any further data you may need to thrive in the bioprocess technology industry. This bioprocess technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466420/?utm_source=GNW
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