by Market Overview:
Bioreactors are equipment used to grow or Cultivate microorganisms and cell cultures with precise environmental control in bioprocessing, usually for carrying out biotransformations of one substrate into another product. It finds wide application in research and development, process development, scale-up production, and clinical/commercial manufacturing in various end-use industries such as biotechnology, pharmaceuticals, biofuel, food and beverage, and others.
Market Dynamics:
Increasing demand for monoclonal antibodies and recombinant proteins- Rapidly increasing demand for monoclonal antibodies and recombinant proteins for therapeutic applications is a key driver bolstering growth of the global bioreactors market. For instance, according to Coherent Market Insights analysis, the overall mAbs market is projected to reach US$ 339.7 Bn by 2028 from US$ 178.5 Bn in 2021, growing at a CAGR of 9.5% during the forecast period. This in turn is creating high demand for large-scale bioreactor production of such biopharmaceutical proteins.
Rising adoption of single-use bioreactors- Growing preference for single-use bioreactors over the traditional stainless-steel bioreactors is fueling market growth. Advantages associated with single-use bioreactors such as lower capital requirement, reduced cleaning and sterilization efforts, improved flexibility and scalability, and rapid implementation are supporting rising adoption among biopharmaceutical manufacturers.
The global Bioreactors Market Share is estimated to be valued at US$ 20.4 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global bioreactors market can be segmented by product into stirred tank bioreactors, wave-induced bioreactors, bubble-columnbioreactors, and others. Among these, the stirred tank bioreactors segment holds the largest market share owing to its high performance capabilities and ability to culture various types of cells.
PEST Analysis
Political: The bioreactors market is significantly influenced by government initiatives and funding for research and development activities. Moreover, stringent regulations are in place for product development and approval processes.
Economic: The strong economic growth in emerging countries is boosting healthcare infrastructure and expenditure. This is fueling demand for bioreactors in biopharmaceutical production.
Social: Rising prevalence of chronic diseases is propelling the demand for affordable biologics and biosimilars. This is driving research activities and clinical trials, which utilizes bioreactors.
Technological: Continuous innovation in control systems, development of single-use bioreactors, new sensor technologies allow for more efficient cell cultivation with real-time data collection. This is positively impacting the bioreactors market.
Key Takeaways
The global bioreactors market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for biologics and growing R&D expenditure in the pharmaceutical and biotechnology industries. The market size for 2023 is US$ 20.4 Bn.
Regional analysis: North America holds the major share of the global bioreactors market owing to significant government funding for research activities in the US. Additionally, presence of key industry players in the region drives market growth. Asia Pacific is expected to exhibit the fastest growth over the forecast period with increasing government support for biopharmaceutical production.
Key players analysis: Key players operating in the bioreactors market are Applikon Biotechnology, Bionet,Cytiva,Eppendorf. These players are focusing on new product launches, especially single-use bioreactors, to strengthen their market position. For instance, Applikon Biotechnology launched the BioXp single-use bioreactors recently with advanced monitoring and control capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
