Bioreactors and Fermenters market to reach US $4461 million by 2024
The global Bioreactors and Fermenters Market features a largely consolidated vendor landscape and a low to moderate level of competition, says a new report…
The global Bioreactors and Fermenters Market features a largely consolidated vendor landscape and a low to moderate level of competition, with the top five companies accounting for a more than 63% of the overall market in 2015, observes Transparency Market Research (TMR) in a recent report.
These leading vendors, including Thermo Fisher Scientific Inc., Merck KGaA, and Danaher Corporation, dominate the market owing to their diversified product portfolios, expansive presence across the globe, and an eye for high-growth potential emerging markets, such as Asia Pacific, for expansion strategies.
An instance of this would be Merck KGaA’s decision to enter the Asian market by establishing a new pharmaceutical production plant in China. Furthermore, another leading vendor in the global bioreactors and fermenter market, Applikon Biotechnology, started a new production facility in Guangzhou, China, in March 2014. The new facility is expected to be able to provide a broad range of bioreactor systems, help in reducing the lead time, and significantly improve the local technical support for its customers in the China market.
Transparency Market Research states that the global bioreactors and fermenters market, pegged at US$1,779.1 mn in 2016, will reach US$4,461.0 mn by 2024 at a CAGR of 12.2% from 2016 to 2024.
Asia Pacific to present promising growth avenues
On the basis of product type, the market has been segmented into single-use and multi-use. Of these, the segment of multi-use bioreactors presently accounts for the dominant share in the global market. However, the segment of single-use bioreactors is expected to register growth at a more promising pace, nearly 13% CAGR, as compared to the multi-use segment over the forecast period.
Single-use bioreactors are finding increased demand owing to benefits such as quick assembly lower capital expenditure, and smaller footprint, and are expected to gain traction owing to the significant rise in demand from developed countries and new start-up biotech companies.
Rising demand for biologics
From a geographical standpoint, North America is anticipated to be the leading regional market for bioreactors and fermenters in terms of revenue contribution to the global market, chiefly owing to the presence of leading bioprocessing manufacturers and the rising demand for biologics. However, the Asia Pacific market is anticipated to be the leading regional market in terms of growth rate over the forecast period.
The Asia Pacific bioreactors and fermenters market is projected to record a commendable 14.3% CAGR from 2016 to 2024, owing to the emergence of strong local players in countries such as India and China.
Personalised medicines to fuel growth
The leading factors to have boosted the global demand for bioreactors and fermenters in the past few years include the increased adoption of hybrid technologies, which use single-use and stainless steel systems, and the increasing popularity of single-use disposable bioreactors among biopharmaceutical companies and contract manufacturers. The market is also driven due to the rising prevalence of a number of chronic diseases, which has consecutively increased the world’s appetite for biologics, drugs for orphan diseases, and personalised medicines.
These factors are expected to remain at the helm of all major developments expected to be observed in the global market for bioreactors and fermenters in the next few years.
Concerns related to possible reactions could hinder rate of adoption of single-use bioreactors
On the contrary, factors such as the high cost associated with the setting up of bioreactors and fermenters and the several concerns associated with the rising use of single-use bioreactors are expected to hamper the growth prospects of the market over the forecast period.
Although single-use bioreactors play a huge role in mitigating issues such as cross-contamination that are generally associated with multi-use bioreactors, they present concerns such as the possible reaction of biologics with extractables and leachables that can release from the material used to manufacture bioreactors.