The worldwide bioprocess market is expected to exhibit a remarkable CAGR of 5.0% and likely to reach the value of US$ 22,000 Mn in 2022 end. North America is likely to lead the market in terms of revenue share.
Albany, NY -- (SBWIRE) -- 10/13/2017 -- "Bioprocess Technology Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2022," is the new report that has been added in the database of Market Research Reports Search Engine (MRRSE). This report tracks the information of the global bioprocess technology market for the period of eight years, i.e. between 2017 and 2025. According to this report, the worldwide market for bioprocess technology has been experiencing significant growth. Growing demand of bioprocess technology among biopharmaceutical manufactures is one of the significant reasons for the growth of the global market for bioprocess technology. The worldwide bioprocess market is expected to exhibit a remarkable CAGR of 5.0% and likely to reach the value of US$ 22,000 Mn in 2022 end. North America is likely to lead the market in terms of revenue share.
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Global Bioprocess Technology Market- Trends
Growing investment in R & D of bioprocessing technology
Increasing support of governments for the products of biofuel
Rising usage of bioprocess technology in pharmaceutical sector due to growing occurrence of chronic diseases
Increasing demand in agricultural sector for the protection of crops
Rising demand from petrochemical industry due to stringent rules set by governments regarding products of bio fuel
Global Bioprocess Technology Market- Segmental Analysis and Forecast
The bioprocess technology market across the globe is segmented into modality, product type and end user. Modality segment is further segmented into multiple use and single use segments. The segment of single use which is likely to see the higher growth in revenues, is estimated to touch the value US$ 3,000 Mn by 2017 end. On the other hand, the segment of multiple use is likely to see second highest growth in revenues by 2017 end. Although it is a second largest segment, multiple use segment is predicted to record highest Compound Annual Growth Rate throughout the projected period.
The product type segment consists of chromatography, consumables & accessories, cell culture media, filtration devices, and others. By the end of 2022, the segment of consumable and accessories is likely to witness the significant growth in the market of bioprocess technology. While, cellular culture media segment which grabs maximum revenue of the overall market is likely to reach a value more than US$ 2,000 Mn by 2022 end. On the other hand, followed by chromatography the segment of bioreactors bioprocess technology is anticipated to record higher growth in CAGR.
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The end user segment includes contract manufacturing organization, academic and research institute and biopharmaceutical companies. With a value of more than US$ 4000 Mn in the worldwide market for bioprocess technology in 2022, the segment of contract manufacturing organizations is likely to see huge growth in revenue. The second and third place in the market is grabbed by biopharmaceutical companies and contract manufacturing organizations by the end of the projection period. Contract manufacturing organization segment is also likely to record high CAGR.
Global Bioprocess Technology Market- Key Players
Some of the key players that are functioning in this global market for bioprocess technology are Thermo Fisher Scientific, Inc., Eppendorf AG, Sartorius Aktiengesellschaft, Corning Incorporated, Repligen Corporation, Lonza Group Ltd, Danaher Corporation, and General Electric Company.
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