The global bio-process technology market to experience significant growth during the forecast period (2017-2022), reports Market Research Future (MRFR) in an elaborate study. The technology allows the derivation of living cells or their components to utilize it in a vast array of treatments to attain the planned result. Healthcare sector has been experiencing some significant revamping owing to such advanced technology, and the market is touted to experience the benefits during the forecast period.
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Drivers and Restraints:
The spurring market has drivers in diverse sectors such as healthcare, food processing, biomedical devices, pollution, and global warming. In commercial biotechnology, it is used in the production of enzymes and antibiotics which is gaining traction continually. Vaccinations for several chronic diseases have also generated considerable demand for the technology.
Food processing is also a sector that is developing rapidly owing to changes made in lifestyle triggered by rapid urbanization and industrialization. Various nutritional supplements are the result of the introduction of such technology and are assisting the commoners in leading a healthier life.
The technology is also a possible answer for sustainable resource management. Wastewater management is an area where its impact is convincing, and it can work wonder in contaminated sites as well. Petroleum sector can also benefit much as the growing demand for biofuels can give the market essential momentum.
However, the regulatory process often delays the productional procedure which can be considered to be a market deterrent. But its multifarious application can help it maintain steady traction in the market.
In late 2017, Novartis’ Kymriah and Gilead/ Kite Pharma’s Yescarta, two cell-therapy biotherapeutic medicine got approved which came as excellent news to cell therapy which got significant boost from monoclonal antibody industry.
The global bio-process technology market can be segmented by type, application, and end-users.
Type-based segmentation includes cell culture, cell expansion, flow cytometry, cell line development and virus infiltration. Cell culture is a segment that is enjoying popularity across the world owing to its diverse application in various sectors. The segment is spearheading the market due to its necessity in treating multiple chronic diseases.
Application-wise, the market comprises biopharmaceuticals, specialty products, industrial chemicals and environment management aid. Biopharmaceuticals are prospering much as various medicines used in curing several diseases ranging from the most common ones to chronic diseases are products of such technological advancements. Furthermore, petrochemicals are going to boost the demand for industrial chemicals in the coming years.
Based on end-users, the market consists hospitals, research labs and centers, medical institutions and others. With increasing government and private funding, research labs and centers are extensively investing themselves in developing new products that can take various associated industries miles ahead.
Region-wise, the market comprises namely North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is currently leading the market in terms of generating revenue. Academic researches and extensive sales of biopharmaceutical products are contributing much to the progress of the region. Well-developed manufacturing facilities and research laboratories in countries such as the U.S. and Canada are proving beneficial for the market.
The APAC is expected to become the fastest growing region during the forecast period. Rising population and the integration of advanced technologies in the healthcare sector are impacting the market significantly. The biotechnology industry is also expanding at a considerable rate.
The market is growing competitive, and the companies are extending their portfolio by going into mergers and acquisitions. For instance, Charles River Laboratories has recently acquired MPI Research, a remarkable organization of this field. Thermo Fisher Scientific, Inc. recently signed an agreement with Roper Technologies to acquire Gatan.
Key players of the market profiled in this report are Merck Millipore (Germany), Thermo Fisher Scientific, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Danaher Corporation (U.S.), Lonza Group AG (Switzerland), Sartorius Stedim Biotech S.A (France), Corning, Inc.(U.S.), Bio-Rad Laboratories (U.S.), and Charles River Laboratories (U.S.).
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