Albany, NY -- (SBWire) -- 11/28/2017 --The TMR report has foreseen the Asia Pacific single-use bioprocessing systems market to earn a valuation of US$1.4 bn by the end of 2024 from US$0.4 bn in 2015 at a decent CAGR of 12.50% for the forecast period 2016–2024. The pharmaceutical industry could top the market on the basis of end use, considering its 34.5% share in 2015 and several factors fueling growth. With a 33.0% share achieved in the same year, China has been prophesied to be another opportunity to cash in on until the concluding forecast year.
The Asia Pacific single-use bioprocessing systems market has been expected to gain a significant demand among prime end users such as academic and research institutes, contract research organizations (CROs) and contract manufacturing organizations (CMOs), biotechnology, and pharmaceutical. This could be because of the decidedly cost-effective nature of single-use bioprocessing systems. The capital cost of retrofitting and building biopharmaceutical manufacturing facilities could be decreased with the employment of single-use bioprocessing systems. Compared to stainless steel products, single-use bioprocessing equipment could be deployed with a low initial capital investment.
Other factors that have been envisaged to set the tone for a constant growth in the Asia Pacific single-use bioprocessing systems market include the reduced time consumed by clean-in-place (CIP) and sterilize-in-place (SIP) processes.
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Despite the aforementioned driving factors projected to be prevalent in the Asia Pacific single-use bioprocessing systems market, industry players could be challenged with environmental concerns associated with the engagement of disposables and certain technical difficulties. Moreover, lack of awareness about innovative disposable applications in bioproduction and rigorous government regulations related to the deployment of disposable systems and issues linked to the employment of plastic-based disposable products have been forecasted to be other restraining factors of the Asia Pacific single-use bioprocessing systems market.
However, technological advancement, initiatives to inform end users about various benefits of using single-use bioprocessing systems, and appropriate training programs could help the market to rise above its challenges. Besides this, mushrooming geriatric population, improving healthcare and medical infrastructure, increasing healthcare expenditure, and continuing occurrence of cancer have been envisioned to offer profit-making prospects in the Asia Pacific single-use bioprocessing systems market.
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Key markets such as China could augment the demand in the market on the back of advancing biotechnology and pharmaceutical sectors, rising emergence of new products, and snowballing need for preassembled and cost-efficient modular bioprocessing plants.
The Asia Pacific single-use bioprocessing systems market has been anticipated in an intelligence report by Transparency Market Research (TMR) to roll out a highly competitive vendor landscape in the foreseeable future. This could be on account of a substantial pool of regional as well as multinational companies. As a result, the market has been prognosticated to render an exceedingly dynamic characteristic. However, product differentiation could moderately water down the level of competition in the market.
In 2015, an estimated eight companies had secured a whopping 95.0% share in the Asia Pacific single-use bioprocessing systems market, viz. Sartorius AG, Thermo Fisher Scientific, Merck KGaA, GE Healthcare, Danaher Corp., Saint Gobain, Corning, Inc., and Parker Hannifin Corp.
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Global Single Use Bioprocessing Systems Market: APAC Region Is Expected to Increase at a CAGR of 12.50% Between 2016 and 2024