The China Bioprocess Instruments Market is expected to reach USD 3.06 billion by 2024 owing to the improving
economy, rising aging population and increasing prevalence of chronic diseases.
Moreover, increasing demand for single-use instruments in disposable
applications is anticipated to augment the growth over the projected period.
China was the second largest pharmaceutical
market in the world, expected to grow USD 173 billion by 2024, growing at a
CAGR of 9.1% owing to the requirement of medication & drugs to cure deadly
diseases. Huge investment in biotechnology will primarily drive the growth of
the market, as pharma companies deal in innovations for developing medicines
and drugs in line with the increasing prevalence of diseases.
With the patents of numerous
biopharmaceutical products expiring by 2016, the market is anticipated to
provide a lucrative opportunity for contract manufacturers operating in the
region. Approval of the trail plan for new drug marketing authorization holder
(MAH) in 2016 to produce, conduct clinical trials, and market the products is
expected to provide an impetus to the growth of the industry over the next few
years.
Browse
Details of Report @ https://www.hexaresearch.com/research-report/china-bioprocess-instruments-market
Increasing demand for bioprocess instruments
in the pharmaceutical, research & development, industrial and medical
laboratories coupled with the increasing number of these facilities is expected
to result in the growth of the market. Change in lifestyle & food consuming
habits, and growing levels of air & water pollution have led to increasing
occurrence of disease including obesity which has resulted in a rising number
of patients diagnosed with cancer, heart disease, diabetes and other chronic
conditions. Thus, the healthcare sector is anticipated to create demand for
treatment and laboratory services, which will result in the growth of
bioprocess instruments market over the forecast period.
Stringent regulatory policies and the high
cost of instruments are likely to restrain the bioprocess instruments market in
China. The government has been focusing on reducing the fragmentation in the
industry by consolidating manufacturers that lack standards in production with
larger companies. This move will help in preventing the quality risks and
sub-par manufacturers entering the market. Shortage of skilled labor is another
challenge in the growth of bioprocessing industry.
Koninklijke Philips N.V., Thermo Fisher
Scientific Inc. and Becton, Dickinson and Company were the top three companies
in the market in China in 2016. Companies are extensively investing in R&D
for innovation and new product development. In addition, companies are adopting
the strategy of merger and acquisition to expand their product portfolio.
Related
Category Market Reports @
Doxorubicin Market -Doxorubicin is an anti-cancer chemotherapy drug. It is an intravenous
injection through a central or peripheral venous line. No pill form of this
drug is available in the market.
Antidiabetic Drug Market - Global antidiabetic drug market is expected to witness substantial
growth over the forecast period on account of increasing occurrence of diabetes
No comments:
Post a Comment