The bio process technology has become the most significant in the entire healthcare market. Owing to the extensive uses of this technology in the food processing alongside the pollution & global warming controlling processes.
Simultaneously, the bio-process technology finds its applications in various research activities such as medicine testing, treatment of disease etc. and in the thermal designing of biomedical devices as well.
As a result, the bio process technology market is growing pervasively at a rapid pace. Moreover, factors such as technological advancements in recent years along with the increased research and development activities escalate the market on the global platform.
Acknowledging the exponential accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, asserts that the global Bio Process Technology Market Size will reach colossal heights by 2022, registering a staggering CAGR throughout the forecast period (from 2017 to 2022).
In-addition to the burgeoning industries such as food processing, sustainable resource management, and wastewater management, other industries that support the market growth of bio-process technology include commercial biotechnology, Vaccinations development sector and Petroleum sector.
Additional factors fostering the market growth include the widened uptake of bio-processing technology and the increasing research and development activities led by the substantial investments.
On the other hand, factors such as the regulatory process that often delays the productional procedure and the high capital investments required for the bioprocessing obstruct the market growth. Nevertheless, the multifarious application of this technology and the government grants and initiatives, such factors will support the market growth, increasing the R&D activities.
Key players leading the global bio process technology market include Thermo Fisher Scientific, Inc. (U.S.), Merck Millipore (Germany), Becton, Dickinson and Company (U.S.), Lonza Group AG (Switzerland), Danaher Corporation (U.S.), Sartorius Stedim Biotech S.A (France), Bio-Rad Laboratories (U.S.), Charles River Laboratories (U.S.), and Corning, Inc. (U.S.) among others.
Bio Process Technology Market - Segmentation
MRFR has segmented the report into four key dynamics for an easy grasp;
By Type : Flow Cytometry, Cell Culture, Cell Expansion, Cell Line Development, and Virus Infiltration among others.
By Application: Biopharmaceuticals, Specialty Products, Industrial Chemicals, and Environmental Management Aid among others.
By End-users: Hospitals, Research Centers, and Medical Institutions among others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Bio Process Technology Market - Regional Analysis
Globally, the North American region accounts for the dominating market for the bio process technology. This market led by the rapid research and development initiatives will create a larger revenue pocket over the forecast period. Factors substantiating the market growth include substantial investments in R&D activities in the field of diagnosis, prognostic treatments, and drug formulation.
Moreover, well-developed manufacturing facilities and research laboratories in countries such as the U.S. and Canada are positively impacting the market growth in the region. Furthermore, the increasing number of academic researches and extensive sales of biopharmaceutical products are contributing to the growth of this market in the region.
Europe accounts for the second-largest market for bio process technology. Factors propelling the market growth in the region include favorable governmental support and initiatives for the academic researches for the development of biopharmaceutical products. The proliferating healthcare sector heading with the resurging economy is fostering the market growth brilliantly.
Whereas, the Asia Pacific bio process technology market is proliferating, emerging as one of the promising markets, globally. Factors such as the rising population and the integration of advanced technologies in the healthcare sector are fostering the market growth in the region.
Asian countries especially, India and China provide immense growth opportunities for the bio process technology market, accounting for the huge investments in R&D activities in the field of academic, prognostic treatments, and drug formulation.
Bio Process Technology Market - Competitive Analysis
The highly competitive, bio process technology market appears to be widely expanded and fragmented characterized by the several small and large-scale companies operating the market. Well-established players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and product launch to gain a competitive edge and to maintain their positions in the market. Major players are focusing on optimizing situational awareness towards customers to ensure their mission success.
To maximize efficiency in bioprocess operations, key players are focusing on the integration of cell- cultivation hardware with the specific medium targeting the cell line. For this they are using their experience of building platforms for cell, viral, and bacterial production systems.