Bioreactor Market will secure 18% growth to exceed $1.9 billion by 2024
OCEAN VIEW, Del., Nov. 7, 2017 /PRNewswire-iReach/ -- Global Market Insights, Inc. forecasts Global Bioreactor Market was valued USD 500 million in 2016 and will register an annual growth rate of more than 18% over the coming seven years.
Escalating occurrence of chronic diseases across the globe is anticipated to stimulate Bioreactors Market. Governments across the globe have been undertaking initiatives to improve healthcare infrastructure for providing better treatment facilities to the patients. Also, the growing availability of improved treatment and diagnostic facilities will boost bioreactors industry size.
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Based on the technology, Bioreactor Market is primarily divided onto single use bubble column, wave induced motion SUB, other SUB, & stirred SUB. Wave induced motion SUB accounted for above 50% of the overall bioreactor industry share in 2016 and will generate considerable revenue by the end of 2024. Subjected to the satisfactory productivity and improved flexibility, the product is extensively used in pilot scale and laboratories. Stirred SUB is another lucrative technology segment of Bioreactors Market.
CMOs, biopharma manufacturers, and R&D organizations are the end use sectors of bioreactor industry. Biopharma manufacturers accounted for over 30% of the end use landscape in 2016 and will register a notable CAGR over the coming seven years. Growing implementation of new technologically enhanced facilities will propel the segment growth. R&D organizations collected a revenue of USD 250 million in 2016 and will exhibit a significant growth rate over the coming timeframe. Most of the manufacturers have been striving to develop an innovative product range, which will enhance the industry growth.
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Mammalian cells dominated the bioreactor industry in 2016 by accounting for more than 75% of the overall share and will witness a highly profitable roadmap over 2017 - 2024. This product is prominently used in the manufacturing of viral vaccines and therapeutic proteins.
Geographically, China Bioreactors Market will collect substantial revenue with an annual growth rate of more than 19% over 2017 to 2024. Growing prevalence of chronic diseases along with rising population across this region will fuel the product demand. The well-established industry giants across the APAC belt are investing heavily in R&D activities to fulfil the unmet healthcare requirements. In addition, the deployment of supportive government policies regarding research activities will enhance the product portfolio.
U.S. Bioreactor Market will surpass a revenue generation of USD 600 million by 2024. Most of the U.S. based companies have been introducing new and effective medicines in the market, which will stimulate the product demand. Industry biggies across the U.S. have also been forming strategic joint ventures with academic institutes and capital firms, which will further impel the market growth.
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