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.
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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.