Bioconjugation Market worth $10.86 billion by 2029
The report "Bioconjugation Market by Product (Consumables, Instruments (Chromatography, Spectrometry)), Service (Conjugation, Analytical), Technique (Chemical, Click Chemistry), Biomolecule (Antibodies), Application (Therapeutics (ADC), R&D) - Global Forecast to 2029", is projected to reach USD 10.86 billion by 2029 from an estimated USD 5.27 billion in 2024, at a CAGR of 15.6% during the forecast period.
Browse 1034 market data Tables and 65 Figures spread through 676 Pages and in-depth TOC on "Bioconjugation Market by Product (Consumables, Instruments (Chromatography, Spectrometry)), Service (Conjugation, Analytical), Technique (Chemical, Click Chemistry), Biomolecule (Antibodies), Application (Therapeutics (ADC), R&D) - Global Forecast to 2029"
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The major factors contributing to the growth of the global market include increasing R&D investments & pipeline of conjugated drugs, and a growing focus on technological advancements. However, the high cost of conducting the bioconjugation process is expected to hinder market growth. There is an increase in drug development activities that utilize bioconjugation technologies to develop novel therapeutics that offer improved efficacy and precision. A broad range of bioconjugated drug candidates, including antibody-drug conjugates (ADCs) and other advanced therapeutics, emphasize the important role of bioconjugation in addressing complex and challenging medical conditions with greater specificity. As of 2024, 15 ADC have been approved & approximately 150+ antibody-drug conjugate (ADC) drug candidates in various stages of development across the global pipeline.
The therapeutics segment accounted for the largest share of the application segment in the bioconjugation services market in 2023.
Based on application, the bioconjugation services market is segmented into therapeutics, research & development, and diagnostics. In 2023, the therapeutics segment dominated the market and is also expected to grow at a high CAGR during the forecast period. The largest share of the therapeutics segment is attributed to the strategic partnerships between biopharma companies and bioconjugation service providers, which aim to accelerate drug discovery. In January 2024, Wuxi XDC (a subsidiary of Wuxi Biologics (Cayman) Inc. signed a Memorandum of Understanding (MOU) with IntoCell for a partnership in drug-linker technology and CRDMO services ranging from discovery to commercialization.
The CROs & CMOs segment is estimated to register the highest growth rate during the forecast period in the bioconjugation products market.
Based on end user, the bioconjugation products market is segmented into pharmaceutical & biotechnology companies, CROs & CMOs, academic & research institutes, hospitals and clinical/diagnostic laboratories. The pharmaceutical & biotechnology companies segment is estimated to register the highest growth rate during the forecast period. The increasing demand for outsourcing services and high growth in pharmaceutical & biopharmaceutical industries is anticipated to promote the growth of the CROs & CMOs segment in coming years.
Asia Pacific is estimated to register the highest growth rate during the forecast period in the bioconjugation market
Based on the region, the bioconjugation market is segmented into six major regions: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The Asia Pacific is anticipated to register the fastest growth in the bioconjugation market owing to the increasing prevalence of cancer, significant investments by biopharmaceutical companies, growing funding for R&D, and the booming healthcare sector. Due to their large and growing populations, India and China are expected to be the key growth hotspots in the Asia Pacific market. Over the last decade, CMOs in the Asia Pacific region have impacted the global pharmaceutical manufacturing market. Several small- and medium-scale CMOs set up in the Asia Pacific region have obtained US FDA approval for their operations and completed GMP certifications, thus driving the region’s bioconjugation market.
The report profiles key players in the bioconjugation market such as Danaher Corporation (US); Lonza (Switzerland); Thermo Fisher Scientific Inc. (US); Merck KGaA (Germany); AbbVie Inc. (US); WuXi Biologics (Cayman) Inc. (China); Sartorius AG (Germany).
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