The global bioprocess technology market was valued at over US$ 20 Bn in 2017 and is anticipated to expand at a CAGR of around 9.0 % from 2018 to 2026 to reach around US$ 44 Bn by 2026.
Albany, NY -- (SBWIRE) -- 09/28/2018 -- Increasing development of healthcare infrastructure, rapidly growing population, proliferation of diagnostics for diseases, and an expanding biotechnology industry are major factors in the growth of the bioprocess technology market. This can be attributed to its widespread applications in antibiotics, recombinant proteins, cell culture, and biosimilars. In addition, the growing demand for new and advanced vaccines, technological innovations, and new drug launches are also expected to boost demand.
Revenues arising from the bioprocess technology market are expected to grow at a healthy CAGR of more than 9.0% through 2026. These insights have been taken from the report titled "Bioprocess Technology Market – Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2018-2026" that was recently included in the massive repository of Market Research Reports Search Engine (MRRSE).
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Bioprocess technology consumables and accessories are expected to see significant demand during the forecast period owing to the worldwide adoption of cell culture media for research and development purposes. Flexibility in the terms of customization of innovative drugs are anticipated to contribute towards bioprocess technology demand.
North America, particularly the US is expected to continue as the market share leader owing to rapid sales of biopharmaceutical products, widespread proliferation of research institutes and a large number of manufacturing plants for biopharmaceutical products. Major market players are focusing on research and development processes, in order to expand their product portfolios, along with regional expansion strategies to gain better competitive advantages.
Bioprocess Technology Market: Report Overview
A comprehensive regional and global-level analysis & forecast on the bioprocess technology market, in terms of value (US$ Mn), for the period of forecast 2018 to 2026 has been provided to readers in this report. Crucial business dynamics and economic factors that affect the requirement and demand for bioprocess technology have been closely examined and assessed in the report.
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A detailed analysis on the bioprocess technology industry has also been added to the report, and the research has been used to help the readers understand the competitive scenario among key market players, including details such as business overviews and company profiles. An exhaustive market attractiveness analysis has also been included in the report, where all applications have been benchmarked on the basis of vital aspects such as market size, growth rate and general attractiveness.
Bioprocess Technology Market: Research Methodology
Detailed discussions and in-depth interviews have been carried out with a number of the top opinion leaders and industry experts in order to compile this report. Extensive primary and secondary research methodologies have been used, which have greatly helped in in the extraction of relevant information on the bioprocess technology market. Primary research represents the bulk of the research done, which has been validated and complemented by extensive secondary research.
Market leaders and new entrants in the bioprocess technology market have been reviewed, while data sources such as annual reports, SEC filings, and press releases have been used for extracting an accurate analysis on the market's competitor landscape. The research approach employed here has been proven to be very efficient in finding trustworthy intelligence on the market data, the industry participants, and unexplored business opportunities.
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