PORTLAND, Oregon and PUNE, India, April 18, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Single-use Bioprocessing Material Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global single-use bioprocessing material market was valued at $2,800.0 million in 2016, and is projected to reach $9,342.1 million by 2023, growing at a CAGR of 18.7% from 2017 to 2023. The plastic segment accounted for five-eighths share of the global market in 2016.
Single-use bioprocessing technology has gained significant traction in the recent years, owing to the rapid adoption of disposable bioprocessing equipment by pharmaceutical manufacturers. This has fueled the manufacturers to integrate different materials in the construction of single-use bioprocessing products. These products have also proved beneficial for the small scale pharmaceutical manufacturers. Hence, most biopharmaceutical companies utilize single-use bioprocessing technology for manufacturing vaccines, monoclonal antibodies, and other pharmaceutical components on commercial scale. This has spurred the demand for high-grade plastic and silicone materials in the development of SUB products.
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The polyethylene segment is the major contributor to the revenue generated by the plastic segment is 2016 and is anticipated to maintain this dominance throughout the forecast period. Variants of polyethylene, such as high-density polyethylene (HDPE), low-density polyethylene (LDPE), and medium-density polyethylene (MDPE) are used to manufacture single-use bioprocessing products. In addition, polyethylene is extensively used in the construction of media bags along with the films used in the bioprocess containers.
Moreover, biopharmaceutical manufacturers segment has dominated the global market in 2016 and is anticipated to maintain this trend throughout the forecast period. The major driving force of the increasing utilization of single-use bioprocessing systems is the collaboration between leading manufacturers and small-scale suppliers of filtration, container or closure systems, mixing systems, fermentation systems, and cell culture systems (bioreactors).
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Key Findings of the Single-use Bioprocessing Material Market:
- The silicone material segment accounted for second largest share in the global market in 2016 and is expected to maintain this trend throughout the forecast period.
- Other plastic material segment is anticipated to grow at the fastest pace from 2017-2023.
- Contract research organization & manufacturers registered highest growth in the global single-use bioprocessing material market during the forecast period.
- North America dominated the single-use bioprocessing material market in 2016 and is anticipated to maintain this trend throughout the forecast period.
- UK is anticipated to grow at the fastest pace in the European single-use bioprocessing market during the forecast period.
Asia-Pacific witnessed highest growth rate for single-use bioprocessing market and is expected to continue this trend throughout the forecast period. This is attributed to the rise in expenditure on healthcare along with the improvement in medical and healthcare infrastructure. In addition, the key market players focus on the opportunities offered by the growing demand for single-use bioprocess systems. Such systems are highly cost-effective, which has gained popularity among end users in this region. Moreover, significant growth of pharmaceutical and the biotechnology industries across the countries of Asia-Pacific region have supplemented the market growth.
The major companies profiled in the report include Thermo Fisher Scientific, Danaher Corporation, GE Healthcare (General Electric Company), Sartorius Stedim Biotech S.A, Merck Millipore (Merck Group), 3M Company, Eppendorf AG, Finesse Solutions, Inc., Applikon Biotechnology B.V., and Cesco Bioengineering Co., Ltd. The other companies profiled in this report include Octane Biotech Inc., PBS Biotech, Inc., Meissner Filtration Products, Inc., Sentinel Process Systems Inc., CMC Biologics (Asahi Glass Co.), Novasep, PendoTECH, and BioPure Technology Ltd.
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SOURCE Allied Market Research