Specialty Chemicals, Reagents and Bio-therapeutics are some of the notable products of Bioprocess Technology. The process is known for creating life sciences jewels, that help in industrial products. Few but notable stages associated with the technology are substrates and media, biocatalysts, volume production and downstream processing. It also includes purification and final processing.
One of the most significant drivers of the bioprocess technology market includes the technology’s use in development of advanced biopharmaceutical products. Besides, it is used in creating oligosaccharides (OS) such as galactooligosaccharides and fructooligosaccharides, which are used as food ingredients and are popular for being healthful owing to presence of prebiotics. These can, thus, be used to treat chronic conditions.
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Advancements made in the technology are also laying a sound foundation for future growth by creating more areas of application – pharmaceutical supplements, antibiotics, enzymes, vaccines and even food and agricultural products. Besides, players are aware of the rising preference for bioprocesses, over the traditional chemical-based variants, and are ready to make the most of the trend. It is important to note here that the market landscape is consolidated and key players include Abbott Laboratories, Philips Healthcare, Becton, Thermo Fisher Scientific Inc., Dickinson and Company, and Alere, Inc.
It is also pertinent to note here that an increase in geriatric population, coupled with rise in chronic diseases will lead to growth in the global bioprocess technology market. Worldwide, it is expected that one in six people will be occupying the age bracket of 65 and above by 20150. And, in North America and Europe, the ratio would be one is to four. This means more and more people will need advanced medical care and drugs. Besides, there is a rise in awareness about biopharmaceuticals and preference for the same, that will drive the global bioprocess technology market onto a higher trajectory.
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