Global industrial bioprocessing market has been witnessing strong growth over the past few years on account of increasing demand for bio-based products. Industrial bioprocessing includes the manufacturing of food, pharmaceuticals, nutraceuticals, chemicals, and polymers. The advantages associated with bio-based products include non-toxicity and environmental friendliness. The shift in trend towards developing industrial bio-based products such as specialty chemicals, pharmaceuticals, fuels, and chemical feedstock through biological sources is expected to have a positive impact on the global industrial bioprocessing market over the next seven years. Bioprocessing helps in producing value-added products from renewable sources such as vegetable oils and fatty acids Volatile prices of petroleum resulted in industries shifting their demand towards bio-based products. This trend is expected to complement the market growth over the forecast period.
The major application of industrial bioprocessing includes the production of vaccines, bio-pharmaceuticals, tissue engineering, biosensors, bioelectronics, therapeutic monoclonal antibodies (mAbs) bio-arrays, and bio-technology. Other applications of bioprocessing technology include bio-fabrication for the production of bio-fluidics and other biomaterials. Bioprocessing products are used as critical components in the production of the most widely used drugs and vaccines. Bioprocessing technology for mAbs production has developed over the past decade. Increasing demand for mAbs from the pharmaceutical industry is further expected to drive the market over the forecast period. Bioprocessing has found major applications in the production of single-use systems such as disposable bags, columns, and bioreactors. Single-use systems address growing demand and produce more amount of biological products rather than producing in bulk which requires large, expensive, and permanent facilities. Growing demand for these single-use systems is anticipated to augment market growth over the next seven years.
The pharmaceutical industry was the major end-use for the industrial bioprocessing market over the past few years and the trend is expected to continue over the forecast period. Increasing demand for single-use products such as disposable bags, gloves, medical syringes, and bioreactors have been driving market growth. Owing to the volatile prices of petroleum, the chemical industry has been witnessing a significant demand for industrial bioprocessing over the past few years. Increasing environmental concerns and growing demand for bio-based chemicals is further expected to drive the industrial bioprocessing market.
Major companies in the industrial bioprocessing market are actively involved in R&D to develop high-quality products through biotechnology. Growing initiatives towards R&D by major market players are expected to drive market competitiveness. In order to improve their R&D, companies have further affiliated with research institutes such as the Center for the Queensland University of Technology, Bioprocess Engineering Research, and KGI Amgen Bioprocessing Center. Mergers and acquisitions are common in the market along with technology sharing and marketing & sales agreements. These strategies are employed by companies to strengthen their market share and gain competitive advantage. Major companies operating in the global industrial processing market include BD Biosciences, BioPharm International, and GE Healthcare Lifesciences.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.