The Bioreactors Market Is Estimated To Witness High Growth Owing To Increased R&D Spending In Biotechnology

Market Overview:

Bioreactors are vessels used to carry out controlled biological reactions which are widely used in biological research and large-scale commercial production of vaccines, gene therapy, recombinant proteins, monoclonal antibodies and more. Bioreactors help optimize bio industrial processes such as fermentation. They provide ideal conditions for cell growth which promote high yield and quality of products. Market advantages include controlled environment, monitoring, flexibility and scalability.

Market key trends:

Increased research and development spending in biotechnology sector is a key trend driving growth of bioreactors market. Global spending on research in biotechnology has increased significantly over the past few years. According to data, global R&D spending in biotechnology doubled from 2010 to 2020 reaching over US$100 billion. Increased funding has allowed biopharma players to pursue advanced research using bioreactors. This has resulted in growing demand for high capacity single use bioreactors as well as modular and digital bioreactors with real time monitoring system. Adoption of single use technologies is another major trend with players increasingly preferring disposable bioreactors to reduce cleaning and validation costs. Single use systems provide more flexibility and faster implementation of processes.

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.

Porter’s Analysis

Threat of new entrants: Low capital requirement for laboratory bioreactors and availability of used equipment from university labs pose low threat of new entrants in the market.

Bargaining power of buyers: Large biopharmaceutical companies have significant bargaining power over bioreactor suppliers due to their high purchase volumes.

Bargaining power of suppliers: Key bioreactor manufacturers like Applikon, Cytiva and Eppendorf shape a major chunk of the market. This gives them a strong supplier bargaining power.

Threat of new substitutes: Alternative incubation methods like shake flask culture systems offer limited substitution threat due to inferior process capability compared to bioreactors.

Competitive rivalry: Intense competition between major global players and growing number of regional suppliers have increased competitive rivalry in the bioreactors market.

SWOT Analysis
Strength: Bioreactors enable control and optimization of cell culture parameters essential for industrial scale production of biologics.

Weakness: High costs associated with single-use and control system upgrades limit adoption of advanced bioreactors by small industry players.

Opportunity: Rising demand for biologics due to growing disease incidence and developing biopharmaceutical industry in Asian markets offer lucrative opportunities.

Threats: Stringent regulatory changes and supply issues during the COVID-19 pandemic posed short term threats to the 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 monoclonal antibodies and fusion proteins. Asia Pacific dominated more than 35% of the market share in 2023 owing to presence of many contract manufacturing organizations and biopharmaceutical developers in China, India and South Korea.

Regional analysis Bioreactors finds largest application in production of therapeutic proteins, vaccines and stem cells. North America accounted for the second largest share of over 30% of the global market in 2023 due to substantial research funding and presence of leading pharmaceutical companies in the US.

Key players operating in the Bioreactors market are Applikon Biotechnology, Bionet Cytiva, and Eppendorf. Applikon Biotechnology is a pioneer in benchtop and industrial bioreactors with over 40% market share. Meanwhile, Cytiva and Eppendorf have strengthened their product portfolio through acquisitions and focus on single-use bioreactor systems ideal for cell therapy manufacturing.

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