The global bioreactors market accounted to US$ 2,850.2 Mn in 2018 and is expected to grow at a CAGR of 6.3% during the forecast period 2019 - 2027, to account to US$ 4,811.5 Mn by 2027.
The market for bioreactors is expected to grow due to rapid growth of biotechnology & pharmaceutical industry, technological advancements and increasing investments in R&D and others activities. In addition, growth of pharmaceutical and medical device outsourcing as well as high potential of emerging nations are likely to have a positive impact on the growth of the bioreactors market in the coming years.
The report highlights the trends prevalent in the global bioreactors market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to due to increasing healthcare expenditures research and development as well as outsourcing services, however, the availability of alternative virus clearance methods is hindering the market.
Global bioreactors market, based on the application was segmented into microbial application and cell culture. In 2017, microbial segment held the largest share of the market, by application. Moreover, the microbial segment is expected to grow at the fastest rate during the coming years as microbial cultures are being used on a large scale for research purposes as well as industrial applications. Growth in the number of biotechnology companies and rise in research funding offered by government bodies are considered to be the factors driving the growth of the segment during the forecast period.
Some of the major primary and secondary sources for bioreactors included in the report are World Health Organization (WHO), International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), National Research Foundation (NRF), Biotechnology Industry Research Assistance Council (BIRAC), Canadian Institutes of Health Research (CIHR) and others.
Geographic expansion and strategic agreements were observed as the most adopted strategy in global bioreactors industry. Few of the recent product launch and collaboration are listed below:
2018: In June 2018, Bioengineering opened its new branch-office in South Korea. This has helped the company to have a strong presence in the Asian countries
2017: In September 2017, Solaris Biotech launched its presence in the USA in the San Francisco Bay Area. The expansion is aimed to provide better service and customer support and to address the rising demand in the US market.
2017: In April 2017, Applikon Biotechnology has established an agreement with Sanyo Trading Scientific Instruments. (Japan). This helped Applikon to expand and establish a strong foothold in the Japanese market.
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