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Bioreactors Market Growth Forecast Shows $4,811.5 Million Revenue by 2027

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Bioreactors Market Growth Forecast Shows $4,811.5 Million Revenue by 2027

July 11
20:22 2019
Bioreactors Market Growth Forecast Shows $4,811.5 Million Revenue by 2027

Bioreactors Market
According to a new market research study titled ‘Bioreactors Market – Global Analysis and Forecasts By Product Class, Application, Process, the global bioreactors market is expected to reach US$ 4,811.5 Mn in 2027 from US$ 2,850.2 Mn in 2018. The market is estimated to grow with a CAGR of 6.3% from 2019-2027.

The bioreactors market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the bioreactors market are present globally and have wide distribution and sales network through partnerships or authorized dealers.

Market leaders are involved in extensive research for the development of new products and offerings with advanced technology. For instance, in 2017 Millipore Sigma along with Avid Bioservices announced that Avid Bioservices is likely to upgrade its Myford clinical and commercial manufacturing facility with multiple Mobius 2000-L single-use bioreactors of MilliporeSigma. Similarly, in 2017 Merck announced that BioInvent International AB is looking forward to upgrade and expand its drug manufacturing facility with the use of Merck’s Mobius single-use bioreactors.

The most notable market participants are Thermo Fisher Scientific Inc., Applikon Biotechnology BV, Merck KGaA, Sartorius AG, Eppendorf, General Electric, Bioengineering AG, Solaris Biotechnology Srl, Danaher (Pall Corporation), and Praj Industries occupying a considerable share of the market owing to their offerings to the market.

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Rapid growth of pharmaceutical and biotechnology industry is expected to boost the market growth over the years

In the recent years, pharmaceutical industry has been developing at an unusually rapid pace. Manufacturers along with their alliance with the contract research organizations (CROs) are confronting to the enormous healthcare challenges through new medicines, therapy forms, progressing digitalization and constantly changing the regulations. According to the World Health Organization, the global population is increasing by 1.24% per annum leading to rise in number of people in the geriatric class. The WHO also suggests that the proportion of people aged 65 to 80 will rise to 28% in 2030, compared to 22% in 2000. Additionally, increasing urbanization as well as rising number of middle income population is resulting into drug makers producing inexpensive and affordable medications leading to the market growth. These formulations are brought into the market that are passed through stringent regulatory guidelines to ensure patient safety. This is expected to increase the demand of the pharmaceutical and biotechnology companies to increase the demand of the bioreactors process to eliminate the virus in order to achieve the product with high quality and efficacy.

Technological Advancements in Bioreactors

Advancement in the field of bioreactors and biotechnology has enhanced the market. Many industry players have come up with innovative types of bioreactors in last few years. The advancement in the bioreactors has led to the faster and easier production of the bio products, and reduced the cost of production. In addition, the investments from public and private investors are rising for the bioreactors. For instance, in July 2017, Pall Corporation (subsidiary of Danaher) launched the mPath bioreactor control system to the biopharmaceutical market. The mPath benchtop bioreactor control system delivers accurate measurement and control of single-use process development-scale bioprocesses. Thus, technological advancements are expected to bring about innovative methods in the market thereby driving the global bioreactors market growth over the forecast years.

Strategic Insights

Geographic expansion and strategic agreements were observed as the most adopted strategy in global bioreactors industry. Few of the recent product launch and collaboration are listed below:

2018: In June 2018, Bioengineering opened its new branch-office in South Korea. This has helped the company to have a strong presence in the Asian countries

2017: In September 2017, Solaris Biotech launched its presence in the USA in the San Francisco Bay Area. The expansion is aimed to provide better service and customer support and to address the rising demand in the US market.

2017: In April 2017, Applikon Biotechnology has established an agreement with Sanyo Trading Scientific Instruments. (Japan). This helped Applikon to expand and establish a strong foothold in the Japanese market.

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