Product ID: SQMIG35H2128
Report ID:
SQMIG35H2128 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
121 |
Figures:
77
North America had the highest revenue share (almost 40.0%) in 2022. Regional growth has been aided by the expansion of bioprocessing facilities to fulfill the demand for biotherapeutics, the rise in the prevalence of chronic diseases & genetic conditions, growing public knowledge of the safety of medical interventions, and the development of healthcare environments. In addition, having a helpful government promotes development. For instance, the budget for 2021 from the Government of Canada included around USD 0.7 billion (CAD 1 billion) in funding for the growth of life sciences and biomanufacturing companies. This financing is provided for a period of more than seven years through the Strategic Innovation Fund. In order to increase domestic demand for medicines and vaccines in Canada, Biovectra, a CDMO, upgraded its Nova Scotia biologics facility & constructed a new facility in Prince Edward Island.
Asia Pacific (APAC) is expected to see the fastest rate of growth during the forecast period. One of the main factors driving the industry's growth is the creation of CMOs in emerging economies like China, Japan, & South Korea, as well as the growing need for pharmaceuticals & biologics and the large inflow of investments from foreign and domestic companies. The rise of the TFF market in APAC will also be aided by the advancement of the healthcare system, the demand for reasonably priced medications, and the focus on modernizing therapies.
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Product ID: SQMIG35H2128