The global Bioprocess Technology Market is expected to witness a healthy rate of growth over the coming years. According to a recently published report by Transparency Market Research (TMR), the market for bioprocess technology is expected to see a large number of market participants invest in the research and development in this field, to achieve and utilize the latest innovations in their product and distinguish their product portfolio. Some prominent vendors operating in the global bioprocess technology market are Corning Incorporated, Danaher Corporation, General Electric Company, Thermo Fisher Scientific Inc., Repligen Corporation, and Sartorius Aktiengesellschaft, among others.
TMR’s report on the bioprocess market predicts that over the forecast duration (2017 to 2022), the market valuation is expected to reach US$22,000 mn. Based on product, the segment of cellular culture media is expected to generate US$2,000 mn by end of forecast period.
Developing requirement for sustainable agriculture has prompted an upsurge in reception of bioprocessing technology in this sector. Reception of bioprocess technology enhances crop protection against insects as well. Additionally, producers are seen to receive this innovation as it improves the tolerance of herbicides in crops. On account of these factors, the bioprocess technology is slated to witness critical demand in the overall agriculture sector.
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The surge in interest in technological progress of the worldwide technology market is expected to contribute towards the improvement of the worldwide market. Expanding support by the administration across the globe concerning biofuel products is additionally anticipated to positively affect the rise of the market. Moreover, bioprocess technology is anticipated to encounter significant demand from the pharmaceutical industry attributable to the growing prevalence of diseases and infections.
The producers in the pharmaceutical industry incline toward utilizing disposables keeping in mind the end goal to diminish the risks related with contaminating these products. Bioprocess technology is likewise foreseen to witness substantial demand in the petrochemical segment ascribed to the strict guidelines and directions by the governments with respect to biofuel products. On account of these factors, the manufacturers in the petrochemical segment are anticipated to have a sound interest for the worldwide bioprocess technology market over the globe.