Bio-process Technology Market Size (2024 - 2029)

Bio-Process Technology Market Analysis

The Bio-process Technology Market size is estimated at USD 33.60 billion in 2024, and is expected to reach USD 65.96 billion by 2029, growing at a CAGR of 14.44% during the forecast period (2024-2029).

• The COVID-19 pandemic has substantially impacted various markets. The bioprocess technology market faced tremendous disruptions in the initial phase, and its growth was affected. For instance, in August 2022, an article published in the American Pharmaceutical Review stated that the biopharmaceutical manufacturing industry experienced a huge strain on its supply chains. Some of the more significant challenges have occurred in consumable manufacturing goods. Specifically, membrane filters used for sterilization and several other purposes throughout manufacturing bioprocesses were in critically short supply. In addition, single-use systems, separation columns, tubing, raw materials, and components were not readily available. However, this market is expected to gain traction due to the powerful urge to develop vaccines and other biological products. For instance, according to an article published by Poznan University of Economics and Business, biopharma companies undertook new partnerships to discover and deliver vaccines against COVID-19. The pandemic has also enabled the development of several innovative projects related to the COVID-19 vaccine and drug development. Bioprocess technology is highly adopted for vaccine and other biopharmaceutical production.
• The factors driving the growth of the studied market are expansion in the biopharmaceutical industry and increasing investments in research and development by biotechnology and pharmaceutical companies. The biopharmaceutical sector has deepened its roots across the medical and pharmaceutical industries on account of the transformation of pharmaceutical companies toward biotechnology, creating growth opportunities. For instance, an article published in the Biotechnology Report in July 2022 stated that growing technological developments in biopharmaceutical and pharmaceutical sectors like 3D bioprinting, biosensors, and gene editing, as well as the incorporation of cutting-edge artificial intelligence and virtual and augmented reality, are expected to open growth opportunities by increasing and speeding the production through bioprocessing. Thus, the increasing demand for bio-process technology is driving the growth of the market.
• Similarly, in October 2022, Oculis SA and European Biotech Acquisition Corp. reported they had entered into a definitive business combination agreement. This agreement is to accelerate the development of Oculis' differentiated ophthalmology pipeline. This product addresses areas of significant medical need, including diabetic macular edema (DME), dry eye disease (DED), and neuro-retina indications, such as glaucoma, affecting growing patient populations. Such agreements and partnerships between different biopharmaceutical companies for developing innovative products are propelling the growth of the market.
• The increasing research and development are also contributing to the growth of the studied market. For instance, according to the report published by the International Federation of Pharmaceutical Manufacturers & Associations, the annual spending by the biopharmaceutical industry is 8.1 times greater than that of the aerospace and defense industries, 7.2 times more than that of the chemicals industry, and 1.2 times more than that of the software and computer services industry. Of all industrial sectors, the biopharmaceutical industry has consistently invested the most in R&D, even in times of economic turmoil and financial crisis. Similarly, Thermo Fisher Scientific's 2021 annual report reported that the company registered a research and development cost of USD 1,406.00 million in 2021. The R&D expenses grew by 19.05% in 2021. The growing research and development expenses of biopharmaceutical companies are contributing to the development of innovative biopharma products, thereby driving the growth of this market.
• Thus, the bio-process technology market is expected to witness significant growth over the forecast period due to the expansion in the biopharmaceutical industry and increasing investments in research and development by biotechnology and pharmaceutical companies. However, the high cost of instruments and strict regulations may slow down the growth over the studied period.

Bio-Process Technology Industry Segmentation

As per the scope of the report, bio-process is a specific process that uses complete living cells or their components to obtain desired products.

The bio-process technology market is segmented by product (instruments (bioprocess analyzers, osmometers, bioreactors, incubators, and other instruments), consumables, and accessories (culture media, reagents, and other consumables and accessories), application (recombinant proteins, monoclonal antibodies, antibiotics, and other applications), end-user (biopharmaceutical companies, contract manufacturing organizations, academic research institutes, and other end-users) and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.