The Glucose Analysis Tubes Market to keep up the digitized momentum
The global Glucose Analysis Tubes Market is on the verge of witnessing a drastic In Upcoming Years. The digital renaissance is dictating the terms for the industry. AI-powered data core is being used for delivering insights. Also, the virtual workforce is being developed with a transfer of digital skills, that too, from a plethora of innovative ecosystems and industries. Conversational AI is being deployed for helping the end-users with timely feedback. This trend is bound to take the overall industry at a greater stride in the upcoming period.
The Glucose Analysis Tubes Market is stated to place itself in good stead In Upcoming Years. With the breakneck pace being witnessed regarding digital technologies, organizations across the globe are putting their best foot forward for serving their customers at ease. With over 40% of the IT budget being allocated to digitization, more than 70% of the workplaces have either resorted to it or are into the adoption mode herein. This trend is likely to change the entire industry scenario, with no room for mediocrity, as every solution would be tailor-made.
Pharmaceuticals and biotechnology companies are outsourcing specific services from the early stages of drug development to biological contract manufacturing organizations to reduce drug manufacturing costs. Outsourcing increases drug manufacturing efficiency and facilitates flexible operational capabilities, which is expected to immensely boost biologics contract manufacturing demand.
The rising prevalence of chronic and lifestyle diseases is also anticipated to propel biologics contract manufacturing demand. Besides, continuous focus by manufacturers toward adopting technologically advanced systems to manufacture novel biologics is also expected to accelerate the demand for biologics contract manufacturing over the forecast period.
Global biologics contract manufacturing demand is expected to reach at 8 Mn liters (MnL) in 2030, exhibiting an impressive CAGR of over 17% during the forecast period (2020 – 2030).
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Key Takeaways from Biologics Contract Manufacturing Demand Study
Leading global CDMOs are focusing on expansion of their manufacturing capabilities with high flexibility and rapid operation capacity as biologics contract manufacturing demand is high. With the help of advanced single-use technologies, companies are able to cut batch manufacturing and cleaning time from 7 days to 1 day. This trend is expected to provide a competitive-edge to companies in terms of capacity, cost, convenience, and operational efficacy.
For instance, in Oct 2018, Thermo Fisher Scientific Inc. announced a US$ 50 million (€44 million) expansion at a CDMO plant in St Louis, Missouri, U.S., to add 16,000 L of single-use capacity due to extremely strong growth in demand for commercial biologic manufacturing. As per the company, the facility will be the largest outsourced single-use biologics site in North America.
With advancements in contract solutions, leading CDMOs are focusing on the expansion of their integrated capabilities from molecule-to-finished product. This trend is significant as the acceleration of development and speed to market is becoming more crucial for biopharmaceutical therapeutic developers.
For example, in July 2020, Avid Bioservices and Argonaut Manufacturing Services entered into an agreement to offer biotechnology and pharmaceutical clients integrated process development, drug substance manufacturing, and drug product parenteral manufacturing, to accelerate the development and commercialization of biopharmaceutical therapeutics.
Viral vector and vaccines contract development and manufacturing services are expected to gain significant traction due to the COVID-19 pandemic breakout and subsequent vaccine development programs.
For instance, in June 2020, AGC Biologics expanded its development capacities for pDNA services at the Heidelberg site, Germany, to meet the growing need for process development and manufacturing for plasmid DNA (pDNA).
Europe is expected to be the most lucrative region and with a revenue share of around one-third in global biologics contract manufacturing demand in 2020, owing to the presence of leading CDMO facilities in the region.
“Technological advancements to improve the manufacturing efficiency of biologics at low cost is expected to flourish market growth opportunities and provide a competitive advantage to market players in terms of innovation,” says a PMR analyst.
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Doubling Industry Capacity by 2022-2023 amid COVID-19 Pandemic
The COVID-19 pandemic is becoming an industry changing milestone by providing opportunities to global CDMOs – small as well big CDMO companies. Local government and industry funds are being targeted toward rapid expansion of industry capacity in order to meet the unmet demand for vaccine development and commercialization amid the COVID-19 crisis.
For instance, in June 2020, Fujifilm Diosynth Biotechnologies announced the investment of 100 billion Yen (US$ 928 Million) to expand its large-scale biologics production facility in Denmark.
Expansion of Manufacturing Capacity – Imperative Strategy for Market Players
Key players involved in biologics contract manufacturing are looking forward to expand their manufacturing capacities to meet global demand. Leading companies are expanding their production capabilities and capacities to become the preferred choice for innovative biopharmaceutical companies and hold on to a strong position in the market.
For instance, in January 2019, Boehringer Ingelheim Biopharmaceuticals China expanded its commercial manufacturing capacities. The company installed an additional bioreactor, all needed utility, and infrastructure for GMP operations.
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