As per a report by Future Market Insights (FMI), the global Bioprocess Technology Market is projected to witness growth at 15.2% CAGR through 2031. Driven by the increasing application of bioprocess technology within the biopharmaceutical industry, the market is projected to generate revenue of US$ 81.2 Bn during the forecast period of 2021 and 2031.
With the unprecedented outbreak of COVID-19 across the globe, the market witnessed prolific growth on the back of growing demand for vaccines and drugs. To curb the spread of the disease, governments increasingly participated in research and development activities for the development of novel vaccines, improving the adoption of bioprocess technology.
Moreover, the high prevalence of cancer and human immunodeficiency virus (HIV) across the globe has led to increased research activities for advanced drugs and diagnostic instruments. Alongside this, the advent of advanced computing technology and the integration of artificial intelligence has enabled the key players to expand their scope of research activities.
On the back of increasing research activities for the development of suitable treatment and efficient manufacturing processes, the market is expected to register staggering growth during the forecast period. Increasing adoption of bioprocess technology, especially within biopharmaceutical companies and contract research organizations will broaden future growth prospects.
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Source: Prnewswire
