The global demand for advanced sensor technology has been on a steady rise over the last few years, owing to a growing need for biopharmaceuticals brought about by a rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease. Increased demand for biopharmaceuticals has necessitated the manufacturing of sensor products and this is likely to positively impact revenue growth of the global measurement technology in downstream processing market.
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Future Market Insights presents a comprehensive forecast of the global market for measurement technology in downstream processing in a new report titled “Measurement Technology in Downstream Processing Market: Global Industry Analysis (2017 – 2021) & Opportunity Assessment (2022 – 2028).” Besides a historical market valuation for the period 2017 to 2021 and detailed revenue projections for the period 2022 to 2028, the report also provides useful information on the key market dynamics – growth drivers, revenue inhibitors, current and predicted market trends, as well as opportunities for manufacturers – with an objective to provide the report audience with pertinent qualitative and quantitative insights on the market.
According to the forecast presented in the report, valuation of the global measurement technology in downstream processing market is anticipated to increase from an estimated US$ 3,772.4 Mn in 2022 to about US$ 6,827.9 Mn by the end of the forecast period in 2028. This reflects a CAGR of 6.1% in terms of value during the period of study.
Sensors Dominant Product Type in the Global Measurement Technology in Downstream Processing Market
The global measurement technology in downstream processing market is segmented on the basis of product type into Sensors, Transmitters and Controllers, Sensor Housings, Cables and Connectors, and Buffers and Standard Reagents. Sensors are the widely adopted product type with an increased market share throughout the forecast period. Conductivity sensors and cell density sensors are two of the fastest growing sensor types. In 2022, the market volume of the sensors segment was pegged at 4,165.4 (‘000 units) and this is expected to increase to 8,094.9 (‘000 units) by 2028 end.
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Single Use to Remain the Most Preferred Modality in the Global Measurement Technology in Downstream Processing Market
On the basis of modality, the global market is segmented into Single Use and Reusable. The single use segment is the fastest growing modality type with a CAGR of 6.9%.
Biopharmaceutical Companies the Fastest Growing End Users of Measurement Technology in Downstream Processing
The global market for measurement technology in downstream processing is segmented based on end user into Biopharmaceutical Companies, Food & Beverage Companies, Contract Manufacturing Organisations, Contract Research Organisations, Academic and Research Institutes, and Others. Biopharmaceutical companies are the largest end users of measurement technology in downstream processing, and this segment is slated to register a CAGR of 7.2% during the forecast period – the highest among all the end user segments of the global market. Food & beverage companies are the second largest end users of measurement technology in downstream processing, and this segment is expected to reach a market valuation of US$ 2,273.2 Mn by 2027 end.
Western Europe Largest Regional Market for Measurement Technology in Downstream Processing
The report studies the performance of the global measurement technology in downstream processing market across the key geographies of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa. The Western Europe regional market is the largest in terms of revenue, with an estimated market valuation to the tune of US$ 2,677.1 Mn by the end of 2027. However, the Asia Pacific Excluding Japan measurement technology in downstream processing market is projected to witness the fastest growth rate of 8.3% between 2017 and 2027.
70% of the Global Measurement Technology in Downstream Processing Market Comprises Tier 3 Players
The report profiles some of the tier players operating in the global market such as Applikon Biotechnology, Inc., Broadley-James Corporation, Endress+Hauser AG, Thermo Fisher Scientific, Hamilton Company, Mettler-Toledo International, Inc., PendoTECH, PreSens Precision Sensing GmbH, and Sartorius AG. Just about 8% of the global market is represented by Tier 1 players.