ALBANY, N.Y., March 9, 2021 /PRNewswire/ --Bioprocess technologies are increasingly being harnessed by biopharmaceutical manufacturers to develop wide range of drugs and vaccines especially for human health. The strides in the bioprocess technology have been viewed by numerous countries to increase their competitiveness in the biopharmaceutical sector. The advent of new bioprocess engineering methods and technologies has enabled the industry players to develop new protein-based therapeutics and modify the existing ones. Rapid advances have been made in consumables and accessories, paving way to the commercialization of numerous biotech-derived products, including biologics. Advancement in technologies have also led to the production of commercial useful products in industrial microbiology.
The growing approval of new therapeutic biological products by the U.S. FDA in recent years is a key trend that underscores the vast revenue potential.
The market is brimming with opportunities, and analysts project the global valuation to climb to US$ 47.2 Bn by the end of 2027. From 2019 to 2027, this amounts to a CAGR of more than 7.9%.
Key Findings of Bioprocess Technology Market Study
Research in Recombinant Protein Gains Momentum
Growing number of modified therapeutic proteins is a key trend shaping the bioprocess technology market landscape in developed regions of the world, such as in North America and Europe. Growing development of recombinant therapeutic proteins for cancers, immune disorders, and infections is a key aspect for the expansion of research avenues in the market. Recombinant proteins occupy a sizable proportion of sales in biologics. Hence, biologics manufacturers are harnessing cutting-edge bioprocess technologies. Moreover, antibody therapeutics is expected to attract industry players. Growth of biologics with the help of mammalian cells is also a promising trend.
Biopharmaceutical Companies Continue to Spend to Develop Novel Products
Cutting-edge bioprocess technologies are being pursued by biotech and biopharma companies to develop novel drug and vaccine candidates. The growing burden of chronic diseases and infectious diseases has spurred research interest for developing and commercializing novel antibodies and novel targets, such as protein biologics. A case in point is the pressing need for novel drugs for cancer. Increasing support by the governments of developing economies in this regard is enriching the market landscape.
New Technologies to Reduce Development Time
Advances being made in bioprocessing equipment have allowed end users to reduce their manufacturing cycle time, optimize CAPEX and OPEX, and reduce the time-to-market. These developments are increasingly shaping the growth dynamics of the bioprocess technology market. In the light of growing complexity of biological systems, cutting-edge technologies are the need of the hour to develop more effacious protein therapeutics.
Key players are adopting a mix of strategies comprising rapid regulatory approvals, launch of novel products, and collaborative agreements with their peers to consolidate their position in the bioprocess technology market. A growing number of healthcare and medtech companies are leveraging new bioprocessing technologies for vaccine development. A case in point is the growing worldwide interest among biotech and pharmaceutical companies in leveraging next-gen bioprocess technology for developing SARS-CoV-2 vaccines.
Some of the key industry players whose strategies will shape the future market's contours are Lonza Group AG, Thermo Fisher Scientific, Inc., Sartorius AG, Danaher Corporation, Nova Biomedical, Siemens Healthneers, and Becton, Dickinson and Company.
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