Portland, OR -- (SBWIRE) -- 12/08/2017 -- According to a new report published by Research Beam, titled, "Single-use Bioprocessing Market by Product, Application, Method, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global single-use bioprocessing market was valued at $2,800 million in 2016, and is projected to reach $9,342 million by 2023, growing at a CAGR of 18.7% from 2017 to 2023. The media bags & containers segment accounted for one-fourth share of the global market in 2016.

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Single-use bioprocessing technology has gained significant traction in the recent years, owing to the rapid adoption of disposable bioprocessing equipment by pharmaceutical manufacturers. These products have also proved beneficial for the small scale pharmaceutical manufacturers. Hence, most biopharmaceutical companies utilize single-use bioprocessing technology for manufacturing vaccines, monoclonal antibodies, and other pharmaceutical components on commercial scale.

Rise in adoption of single use technologies, lower risk of product cross-contamination, and less floor space requirement drive the single-use bioprocessing market. In addition, single-use bioprocessing technologies are highly efficient and cost-effective, which attracts the pharmaceutical manufacturers to adopt disposable bioprocessing products, thus propelling the demand for single-use bioprocessing technologies. However, extractability and leachability issues and stringent regulations restrain the market growth. Moreover, untapped markets, such as China and India, offers profitable opportunities for the expansion of this market.

The filtration segment generated highest revenue exhibiting one-third of the total share of the single-use bioprocessing market in 2016. Single-use bioprocessing technology penetrated in the pharmaceutical industry through disposable filtration systems and is the crucial part of bioprocessing procedure. This leads to the high demand for single use filtration products catering to the market growth. In addition, single-use bioprocessing systems are employed in the production of monoclonal antibody production (mAb), making it a leading application of single-use bioprocessing market.

The mAb application accounted for two-fifths of the global single-use bioprocessing market in 2016. However, utilization of single-use bioprocessing systems in patient specific cell therapies has gained momentum in the recent year, and is expected to maintain this trend in the near future with the highest CAGR of 19.9% from 2017 to 2023. Moreover, the biopharmaceutical manufacturers segment accounted for approximately half of the total market share among all the end users of the global single-use bioprocessing market.

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Key Findings of the Single-use Bioprocessing Market:
- The bioreactors segment is anticipated to grow at a rapid rate, registering a CAGR of 20.2% from 2017 to 2023.
- The vaccine production is the second largest application of global single-use bioprocessing market in 2016, and is expected to grow at a CAGR of 19.5% during the forecast period.
- North America dominated the single-use bioprocessing market, accounting for maximum share of overall market in 2016.
- Asia-Pacific is exhibited to grow at a high rate of 20.2%, owing to the increase in demand for biopharmaceuticals.
- India is the fastest growing country of Asia-Pacific single-use bioprocessing market in 2016, and is anticipated to maintain this during the forecast period.
- The contract research organization & manufacturers segment is registered highest CAGR of 20.5%.
- The tangential-flow filtration devices, depth filters, and disposable filter cartridges together represent one-fourth of the total market share.
- The purification segment is the fastest growing method of single-use bioprocessing market registering a CAGR of 19.8%.

Asia-Pacific witnessed highest growth rate for single-use bioprocessing market, and is expected to continue this trend throughout the forecast period attributed to the rise in expenditure on healthcare and improvement in medical and healthcare infrastructure. In addition, the key market players focus on the opportunities offered by the growing demand for single-use bioprocess systems. This system is highly cost-effective, which has gained popularity among end users. Moreover, significant growth of pharmaceutical and the biotechnology industries supplements the market growth.

The key players operating in the single-use bioprocessing market have adopted product launch as their key developmental strategy and focus on launching innovative products to cater to the consumer requirements and strengthen their market share. The major companies profiled in the report include Thermo Fisher Scientific, Danaher Corporation, GE Healthcare (General Electric Company), Sartorius Stedim Biotech S.A, Merck Millipore (Merck Group), 3M Company, Eppendorf AG, Finesse Solutions, Inc., Applikon Biotechnology B.V., and Cesco Bioengineering Co., Ltd.