The Global Bioprocess 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.
The Global Bio process Technology Market has been valued at 29 billion in 2015 and is expected to increase to 71 billion by the end of forecasted 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.
Market Research Future (MRFR) recognizes the following companies as the key players in Bio process Technology Market: There are plenty of large and small market players which operate in this market all over the globe.
The the major key players of this market 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.), and others.
The Bioprocess Technology Market is majorly segmented on the basis of type, application and end users. Based on the type, the market is segmented into cell culture, cell expansion, flow cytometry, cell line development and virus infiltration. Further on the basis of application the market is classified into biopharmaceuticals, specialty products and industrial chemicals and environment management aid. Similarly, on the basis of end users the market is again classified into hospitals, research labs and centers, medical institutions and others. Cell culture and flow cytometry are the most used process worldwide and contributes the largest market share together of the total bio-process technology.
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.
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