The worldwide microbial fermentation technology market is anticipated to overshoot a value of $57,974.87 million by 2033, as per a report.
Hence, the projected compound annual growth rate is going to be 5.7% by 2033. In the years that have gone by, the microbial fermentation technology sector has experienced significant growth. Taking this into consideration, the market is expected to reach a value of $32,729.05 million in 2023.
The major drivers of this sector include advancements in bioprocessing, the creation of novel microbial strains used for the production of high-value compounds, and rising demand for biopharmaceutical products like enzymes and antibiotic vaccines.
As of now, one of the major challenges for the sector is a high research and development cost, as well as limited access to raw materials. Besides, a strict regulation on the usage of microbial fermentation technology also hampers the progress of the sector.
Yet, innovative approaches like strategic partnerships can help navigate the challenges, as per the market report.
One of the important trends that is being seen currently is the elevated adoption of single-use bioreactor systems. These happen to be more cost-effective as well as flexible when compared to the traditional bioreactors made of stainless steel.
In totality, the report has gone on to identify a continuing trend when it comes to environmentally friendly production processes, which include higher demand as far as bio-based products are concerned.
Yet another trend that is observed, as per the report, is the increased use of AI and machine learning in terms of the microbial fermentation process. One of the benefits of these technologies is their built-in ability to help lower production costs.
There is an increasing trend when it comes to the production of biologics and biosimilars as well. A higher rate of outsourcing of biologics manufacturing to CROs or CDMOs, in all possibilities is expected to surge the market growth in the forecast period.
All said and done, the biopharmaceutical companies are anticipated to earn a 41% market share in 2023, whereas the recombinant protein segment is expected to have a 33% market share this year.
It is well to note that the US is projected to dominate the microbial fermentation technology segment, with a whopping share of 30% in the forecast period. Germany, on the other hand, is expected to have a market pie of 20% within the same period. Significantly, the trend towards personalised medicine as well as biologics is anticipated to drive the market there. Furthermore, when it comes to China, the market there is expected to grow significantly, with a share of more than 25% during the projected period.