Next-Generation Biomanufacturing Market Trends

Growth Drivers

• Increased Technological Advancements - Biomanufacturing is a perfect fit for the pharmaceutical and medical industries. In response, the industry has developed a wide range of uses, including the manufacturing of antibacterial, regulated, on-demand molecules, medications, and vaccines. The most interesting aspect may be the possibility of creating customized, ideal suits for individual patients with "3D printed drugs" including, tissues and even organs on demand. Promising opportunities are expected for next-generation biomanufacturing market participants providing bioprocessing 4.0 services, driven by innovations including real-time operational access and growing interest in paperless manufacturing among innovators. It is anticipated that this will contribute to the development of a standardized procedure, which can lessen the variation in quality across batches.
• Increased Government Initiatives for the Advancement of Biomanufacturing - Governments globally are launching various programs and initiatives for the advancements of biomanufacturing, which is accelerating the next-generation biomanufacturing market growth. For instance, an executive order on "Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy" was signed by the US government on September 12, 2022. The government outlined its vision for a comprehensive strategy to advance biotechnology and biomanufacturing in the E.O. by outlining the fundamental and application-driven research needs that will result in ground-breaking solutions in the areas of health, energy, agriculture, food security, supply chain resilience, and national and economic security.
• Growing Demand for Drugs and Therapies – With the growing demand and spending on drugs and therapies, many biopharmaceutical companies prefer adopting next-generation biomanufacturing services to balance the process design, performance, and efficiency with time and cost. As per a report, the total amount spent on pharmaceutical purchases from manufacturers is predicted to reach USD 1.9 trillion by 2027, growing at a rate of 3-6% annually. This development is estimated to propel the growth of the next-generation biomanufacturing market over the forecast period. In addition to this, increased collaboration between the government and key players for the development of biomanufacturing is also accelerating the growth of the market. For instance, with project partners the governments of Canada and Prince Edward Island, BIOVECTRA celebrates the completion of its USD 90 million plus biologics expansion at the company's new state-of-the-art Biomanufacturing Center.

Challenges

• High Cost of Biologic Therapies and Complexity in Manufacturing These Drugs - Biologics are strong medications that can be difficult to produce. They can target dangerous things, like some cancer cells, with exceptional accuracy since they often resemble proteins and other chemicals found in living organisms. Many of the most promising new treatments for cancer and other disorders belong to this family. Compared to medications made by chemical reactions, biologics are often larger, more complex molecules, which increase the difficulties in synthesis and increase their cost. Certain biological medicines can cost USD 10,000 for a single dose. Therefore, this factor may hamper the growth of the next-generation biomanufacturing market.
• Lack of Skilled Professionals may Hinder the Market Growth
• Regulatory Compliance and Standardization may Hamper the Market Growth