According to the research report titled ‘Global Bioprocess Technology Market Size study, By Product (Instruments, Consumables & Accessories), By End-Users (Biotech & Biopharmaceutical Companies, Contract Research Organization, Research & Academic Institutes, Others), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global bioprocess technology market accounted for USD 27.51 billion in 2021 and is estimated to reach USD 46.85 billion through 2028, recording a 7.9% CAGR during the analysis timeframe.

The growing biopharmaceutical sector, surging demand for vaccines, the rising prevalence of HIV and cancer, an increasing number of new drug launches, and technological breakthroughs are some of the primary factors that are driving the growth of global bioprocess technology market.

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For those unaware, a biological source of raw material is used in the manufacturing of a wide range of commodities, including pharmaceuticals, chemicals, food, and nutraceuticals, among others, using bioprocess technology. Engineering, biology, and mathematics are involved during bioprocessing, which includes tasks like building bioreactors and biocatalysts to produce biopharmaceutical and biosimilar products.

Apart from this, the rising pharmaceutical outsourcing activities and increasing opportunities in emerging economies are estimated to act as a catalyzing factor for the overall market growth. However, the increasing requirement for high capital investments to develop new products and stringent regulatory frameworks are likely to hinder the market expansion over the forecast period.

Based on the product landscape, global bioprocess technology market is fragmented into consumables & accessories, and instruments. Moving on to the end-user spectrum, the industry is bifurcated into research & academic institutes, contract research organization, biotech & biopharmaceutical companies, and others.

Geographically, North America is expected to capture the largest market share in the ensuing years, owing to the increasing investments in R&D activities and growing demand for high-quality biologics.

Meanwhile, Asia-Pacific bioprocess technology industry share is estimated to exhibit a decent CAGR over the forecast timeline, attributable to the increasing applications of bioprocess technologies in the pharmaceutical and biopharmaceutical sector as well as the improving economic conditions in India and China.

The leading players influencing global bioprocess technology market are Lonza Group, Becton Dickinson and Company, Siemens Healthineers AG, Advanced Instruments LLC, Nova Biomedical Corporation, Danaher Corporation, General Electric Healthcare, F. Hoffmann-La Roche AG, Sartorius AG, and Thermo Fisher Scientific Inc.