Perfusion Bioreactors Market is expected to exhibit a CAGR of around 7.5% over the forecast period (2021 - 2031) - Persistence Market Research
NEW YORK, June 14, 2021 /PRNewswire/ -- For medical research cell culture media is required, which makes in-vito biological testing possible due to cell culture. This create demand for perfusion bioreactors. Increasing sources of R&D spending on this include government funding, private funding, and funding by commercial organizations.
Applied and basic research is the main focus of academic research institutes, where governments and industrial organizations prefer cost-effective ways for production and development. Investments in R&D are expected to increase in all countries across the globe over the coming years, especially in China, India, and Brazil, which will drive demand for perfusion bioreactors.
The global perfusion bioreactors market was valued around US$ 300 Mn in 2020, and is expected to exhibit a CAGR of around 7.5% over the forecast period (2021 - 2031).
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Key Takeaways from Market Study
- Small scale bioreactors (< or = 1,000 liters) hold around 64.4% value share, globally, due to technological advancements in bioreactors.
- Increase in awareness about good manufacturing practices and R&D funding is giving a push to the market.
- In terms of end user, biopharmaceutical companies contribute a large share to the market due to their high production of cell culture-based products.
- The region of North America is dominant in the global market for perfusion bioreactors, and will continue to remain the most lucrative market over the forecast period.
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"Biopharmaceutical companies are witnessing growth in emerging economies as well as in developed countries due to effective production, high research activities, and rising awareness about good manufacturing practices," says an analyst of Persistence Market Research.
COVID-19 Impact
The impact of COVID-19 can be easily viewed in the financials of all companies. In the U.S., cases of COVID-19 have reached 7 million with over 1 million deaths. Due to this unprecedented pandemic scenario, the healthcare sector across the world has been the central point of focus.
However, the global perfusion bioreactors market can be said to be minimally affected. New installations were impacted due to hampered import activities and supply chain crises.
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New Product Launches - Strategy by Key Players
Key manufacturers of perfusion bioreactors use the strategy of introducing new and innovative products according to patients' needs. This factor has led to intense competition among market players.
- For instance, in March 2021, Getinge launched a new, holistic system approach for the preparation of multi-use bioreactors from Applikon.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the perfusion bioreactors market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031.
The research study is based on scale (small scale bioreactors and large scale bioreactors), application (R&D and GMP), and end user (biopharmaceutical companies, academic and research institutes, contract research organizations (CROs), and contract manufacturing organizations (CMOs)), across seven key regions of the world.
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