Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Bio-Manufacturing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Global Bio-Manufacturing Market achieved a valuation of USD 19.08 Billion in 2022 and is poised for robust growth throughout the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 7.72% and expected to reach USD 29.67 Billion through 2028.
The bio-manufacturing market pertains to the biotechnology and pharmaceutical sector, encompassing the production of biological products such as biopharmaceuticals, cell therapies, gene therapies, vaccines, and other biologically derived products. This market covers the entire spectrum of activities, from design and development to scaling up and large-scale production, to cater to the needs of patients, healthcare systems, and research endeavors. Bio-manufacturing is a pivotal component of the biotechnology and pharmaceutical industry, contributing to the creation of life-saving and life-enhancing products. As technology and scientific knowledge continue to advance, the field of bio-manufacturing is expected to evolve, ushering in new therapies, improved production processes, and enhanced capabilities to meet the growing requirements of healthcare and patient needs.
Key Market Drivers
Adoption of Advanced Technology and Innovation: The increasing geriatric population and prevalence of chronic respiratory disorders are projected to drive ventilator demand. The rise in awareness about lung cancer symptoms and the growing number of patients in medical facilities contribute to substantial growth in the ventilator market. However, it's important to consider potential risks associated with mechanical ventilation, such as increased infection risk and lung damage. Advanced technologies like automation, robotics, and process control systems can streamline biomanufacturing processes, reduce human errors, and enhance overall production efficiency. This can lead to faster turnaround times and increased production capacity, addressing the growing demand for biologics. Innovations in bioreactor design, single-use technologies, and flexible manufacturing platforms allow easier scalability of production. With increasing demand for bio-manufactured products, the ability to rapidly scale up production becomes essential. Continuous manufacturing approaches, as opposed to traditional batch processes, can lead to consistent product quality, reduced waste, and improved resource utilization. These advantages can drive demand for bio-manufactured products.
Rising Environmental Concerns: The global biomanufacturing market is set to grow due to mounting concerns about environmental issues, pollution, water scarcity, and seamless medication manufacturing services. Additionally, the implementation of next-generation biomanufacturing in plants will contribute to increased market demand. Furthermore, the adoption of a single-use product strategy will facilitate cost reduction, minimize product contamination, and enhance flexibility, driving demand for next-generation biomanufacturing. Heightened environmental awareness and worries about pollution have prompted industries, including biomanufacturing, to adopt more sustainable and environmentally friendly practices. This includes reducing waste generation, optimizing resource usage, and implementing cleaner manufacturing processes. As biomanufacturing aims to minimize its environmental footprint, the demand for eco-friendly biomanufacturing processes and products is expected to rise. Water scarcity is a pressing global issue that affects various industries, including biomanufacturing. Implementing water-efficient manufacturing processes and recycling technologies can help alleviate water scarcity concerns while maintaining the production of biopharmaceuticals and other biologically derived products.
A selection of companies mentioned in this report includes, but is not limited to:
- Illumina Inc.
- Thermo Fischer Scientific Inc.
- Oxford Nanopore Technologies plc
- Agilent Technologies, Inc.
- BGI
- PerkinElmer Inc.
- QIAGEN
- Eurofins Scientific
- F. Hoffmann-La Roche Ltd
- Takara Bio Inc.
For more information about this report visit https://www.researchandmarkets.com/r/s7gs5j
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