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Bioconjugation Market to Hit USD 10.86 Billion by 2029 with 15.6% CAGR | MarketsandMarkets™


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MarketsandMarkets

17 Oct, 2024, 14:01 GMT

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DELRAY BEACH, Fla., Oct. 17, 2024 /PRNewswire/ -- The global bioconjugation market is expected to grow to USD 10.86 billion by 2029, up from USD 5.27 billion in 2024, at a CAGR of 15.6% over the forecast period. The market for bioconjugation is expanding due to factors such as the advancement of bioconjugation technology and the rise in the approval of bioconjugate drugs. The market for bioconjugation is also growing owing to the increasing use of targeted therapies, mainly in oncology applications, and the ongoing growth of the field in diagnostics and drug delivery applications. Advances in technologies of bioconjugation, such as site-specific conjugation and click chemistry, have improved the accuracy and efficiency of products of bioconjugation, Therefore, they are increasingly being integrated into pharmaceutical and biotechnology companies.

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The market for bioconjugation has experienced significant growth also due to increasing investments in biopharmaceutical R&D, and growing demand for outsourcing services. The growing demand for biologics, such as monoclonal antibodies, antibody-drug conjugates (ADCs), and other protein-based drugs, is a major factor contributing to the growth in R&D investments. To ensure the efficacy, safety, and stability of these biologics, advanced production techniques like bioconjugation are needed. Owing to this, biopharmaceutical companies are concentrating more of their research budget on developing new conjugation techniques.

Based on type, the bioconjugation products market is segmented into consumables and instruments. Consumables held the most market share for bioconjugation in 2023. This segment's significant share is primarily due to the growing demand for high-quality reagents to provide reliable and reproducible findings, the recurring nature of consumable purchases, and the expansion of research activities in the biopharmaceutical and academic sectors. The consumables segment is experiencing growth due to several factors, including rising government support, an increase in regulatory approvals of ADCs, and growing investments made by companies to develop products like advanced crosslinkers and other reagents with improved designs.

Based on service, the global bioconjugation services market has been classified into four segments: custom synthesis & conjugation services, analytical & characterization services, scale-up & manufacturing services, and other services which include regulatory consulting, and development services, among others. In the market in 2023, custom synthesis & conjugation services had a dominant market share, that is largely due to the demand for personalized medicines, as well as the demand for specific bioconjugation processes to produce precise therapies. Therefore, the demand for these services has continued to increase.

Based on biomolecule type, the market for bioconjugation products has been divided into segments including antibodies, peptides, proteins, oligonucleotides, and other biomolecules. The antibodies are the most widely used biomolecules in bioconjugation. These are used to conjugate molecules for therapeutic, research, and diagnostic applications. The large share of this segment can be supported by the large number of clinical trials of antibody-based conjugates.

Based on end user, the bioconjugation products market has been categorized into pharmaceutical & biotechnology companies, CROs & CMOs, academic & research institutes, hospitals & diagnostic laboratories. The market for bioconjugation was dominated by pharmaceutical and biotechnology companies in 2023. According to the emerging needs of the market, companies are investing in ADC platforms to develop next-generation biologics. Higher activities of companies in bioconjugates resulted in rising needs for specialized consumables and instruments.

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Danaher Corporation (US), Lonza (Switzerland), Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), AbbVie Inc. (US), Wuxi Biologics (Cayman) Inc. (China)) and Sartorius AG (Germany) are among the top companies in the global bioconjugation industry. To hold onto their positions in the global bioconjugation market, players have employed a range of strategies, such as collaborations, agreements, product/service launches, and geographic expansions.

Danaher Corporation (US):

Danaher Corporation is the leading player in the bioconjugation market. The company has a strong portfolio of bioconjugation solutions. The company observed a rise in sales in its Life Sciences segment owing to the rising demand for bioconjugation products & services in the life sciences research, academic, and applied end-markets. The growth of the bioconjugation market was due to an increase in the core sales of the microscopy, mass spectrometry, and filtration industries. Through its acquisitions of Pall Corporation in August 2015 for USD 13.8 billion and GE Healthcare's Biopharma business (Cytjua) in March 2020 for USD 21 billion, Danaher Corporation expanded its position in the biotechnology industry. To further enhance its bioconjugation service offerings, the company focuses on strategic alliances, expansions, and acquisitions. One such acquisition was of Abcam in 2023.

Lonza (Switzerland):

Lonza has a competitive advantage due to its large-scale manufacturing capability, substantial knowledge in biologics, and reputation in the biopharmaceutical industry. The company is a major service provider in the bioconjugation market because of its extensive global reach, regulatory experience, and ability to deliver comprehensive solutions, ranging from early-phase development to commercial manufacture. The company offers bioconjugation services for developing antibody-drug conjugates (ADCs). Due to an increased investment program for the biologics segment, growth in the outsourcing trend, and an increase in commercial demand, the company reported a rise in HI revenue in its Biologics divisions of approximately 6.5%, reaching USD 1.7 million in 2024 from USD 16 million in 2023.

Thermo Fisher Scientific Inc. (US):

Thermo Fisher Scientific Inc. is a leading global provider of bioconjugation solutions, consumables, and instruments. The company supports innovation through ongoing R&D spending. With a strong worldwide presence and ongoing expansions in existing and developing markets, the company is likely to grow in the bioconjugation market over the forecast period. In 2023 and 2024, the company's analytical instruments and laboratory products segments saw revenue growth, driven by increased demand, particularly in the electron microscopy, clinical research, chromatography, and mass spectrometry businesses, as well as productivity improvements and strategic pricing to combat inflation.

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