Biopharmaceutical processing equipment and consumables are used in many pharmaceutical & biotechnology companies. These products are used in the manufacturing and testing of various products. As the prevalence of various diseases is growing, many pharmaceutical companies are focused on manufacturing medicines that can be used for treating various diseases, such as autoimmune diseases, cancer, diabetes, and rare diseases, among others. Moreover, R&D activities in various research institutes wing investments from the public and private sectors are boosting biopharmaceutical processing equipment and consumables market growth. Moreover, growing technological advancement and launching new products in the market are also among the key factors anticipated to propel the market growth during the forecast period. Furthermore, a growing number of pharmaceutical & biotechnology companies has led to the increasing installation of various advanced devices and is aiding the market growth.
- One major trend Credence Research Inc. is anticipated to see in the biopharmaceutical processing equipment, and consumables market is its increased demand in pharmaceutical companies as the manufacturing of various drugs and vaccines. Rising demand for various drugs, such as biosimilars, is expected to fuel the market growth during the forecast period.
- Another trend that Credence Research Inc. predicts will continue in the biopharmaceutical processing equipment, and consumables market is technological advancements for higher accurate results. Companies in the market are heavily investing in the R&D of new and advanced equipment to help make tasks easier.
Economic Impact Analysis
As the recession and COVID-19 arise, the economy is impacted. The biopharmaceutical processing equipment and consumables market report, 2022-2028, considers the economic downturn’s predicted consequences on the pricing and availability of the products.
According to the Credence Research Inc. market report, the recession will significantly impact the global biopharmaceutical processing equipment and consumables market. As the central banks are increasing the interest rate, it has been anticipated that there might be a recession in 2023. Majorly the recession is impacting developed nations such as the U.S. and European countries. The recession is already affecting various countries, and it also has been noted that there is a shortage in labor. Owing to the same companies, majorly manufacturing companies are suffering. A sluggish growth in the market is anticipated to be noted in 2023 owing to the recession and inflation of the cost of various products.
- Ukraine-Russia War Impact
Russia and Ukraine are anticipated to account for around 30% of world trade. Due to Russia’s invasion of Ukraine, the supply chain was majorly affected. Several manufacturing companies noted that they had a labor shortage and a spike in the prices of various raw materials, especially metals such as copper, steel, and iron. Since these metals are used in manufacturing various pharmaceutical equipment, the increasing cost and shortage of these products affect the final product’s manufacturing cost. Thus, companies are gaining very less profits owing to the same. Countries dependent on Russia and Ukraine for these raw materials suffered major losses.
- China COVID Outburst December 2022
The current situation of COVID-19 in China is anticipated to affect the market adversely in 2023. From the rate of the rising number of cases, researchers have stated that around 1.3 to 2.1 million people in China could die from this Covid-19 wave. China imposed a ‘Zero Covid’ policy to cope with this situation. The manufacturing of various products in China is expected to get heavily affected as the costs of raw materials could rise if there is a shortage of various products. China is the major manufacturer of various bioprocessing equipment. As these requirements are used for manufacturing various products, the growing demand from pharmaceutical industries can lead to increased costs of raw materials and thus affect the market.
In 2022, the greatest revenue share in the biopharmaceutical processing equipment and consumables market was attributed to North America. Companies investing in developing new devices and consumables, growing R&D activities, and growing demand for various drugs are also major market drivers. Moreover, a growing number of pharmaceutical & biotechnology companies and the adoption of technologically advanced instruments in pharma & biotech labs and manufacturing plants is also boosting the biopharmaceutical processing equipment and consumables market growth. Moreover, the Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period owing to the growing number of pharmaceutical & biotechnology companies.
Our client, a key player in biopharmaceutical processing equipment manufacturing, wanted to invest in the R&D of an advanced new bioreactor. They are planning on introducing a new bioreactor that can be used for bioprocessing in various pharmaceutical & biotechnology companies.
The client wanted to understand the demand for bioreactors, especially in pharmaceutical & biotechnology companies. They also wanted to understand the competition in the market for such products before they invested in the product’s manufacturing.
The client got in touch with Credence Research Inc., which assisted the client in understanding the demand for Biopharmaceutical Processing Equipment and Consumables in the market. The report “Global Biopharmaceutical Processing Equipment and Consumables Market, 2023-2030,” published by Credence Research Inc. in 2023, thoroughly analyses the demand for bioreactors for bioprocessing. The report also covered a detailed company profiling of all the major competitors that were manufacturing the product. Top products and the technology used for manufacturing were also mapped as they would help the client in gaining a better idea of the products available in the market.
Credence Research Inc.’s thorough analysis report of the biopharmaceutical processing equipment and consumables market allowed the client to understand the currently available products and the technology and make an informed decision for investing for the development of bioreactor that can be used for bioprocessing in various pharmaceutical & biotechnology companies.