The Asian market is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing government support and growing number of agreements & collaborations between foreign pharmaceutical companies and local research laboratories in the region. Factors such as rapid growth in pharmaceutical and biotechnology industries, growth in the number of new drug launches, strong trend of R&D in life sciences research, and high prevalence of chronic diseases are driving the growth of this regional segment.
Emerging economies such as China and India are the most preferred destination for major pharmaceutical giants due to their low production and labor costs and less-stringent regulations, as compared to developed nations. Various pharmaceutical giants are actively investing in these markets; Asian governments are also undertaking initiatives to ensure industrial growth. Large R&D investments and the growing demand for biopharmaceutical drugs are the major factors driving the growth of the top 10 bioprocess technologies market in Japan. Moreover, growing public-sector investments in medical research in Japan are expected to aid market growth in the forecast period.
In 2016, North America is expected to account for the largest share of the market. However, the Asia market is expected to grow at the highest rate during the forecast period and represents new revenue pockets for the market. The Asia region comprises countries such as China, India, Japan, Australia, New Zealand, and other countries including Malaysia, Taiwan, Singapore, and South Korea. Government support in the form of grants and conferences related to bioprocess is expected to be one of the major factors driving the demand for top 10 bioprocess technologies in the Asia region.