Following the emergence of the novel coronavirus SARS-CoV-2 in late 2019, strong social, economic, and environmental impacts have been felt globally. In fact, many countries will continue to face recession challenges well into 2021.
While SARS-CoV-2 infections have adversely impacted nearly all industries and social functions worldwide, the biopharmaceutical and bioprocessing industries are standing out as somewhat of an exception . In May 2020—due to global restrictions—a small decline was projected for the biologics market, from US$269.2 to $239.2 billion, with a dip in the compound annual growth rate (CAGR) of –11.2%. Despite this slowdown, the biologics market is still expected to grow at a CAGR of 15% from 2021 and is projected to reach US$464.7 billion by 2023 . Additionally, in August 2020, Technavio projected a CAGR of 13% for the global cell culture market from 2020 to 2024, with a 12% projected increase in 2020 compared to 2019 . However, these projections can fluctuate due to the nature
and daily changes of the crisis.
Regardless of the virus’s impact on the biologics market, it is not “business as usual” for the global bioprocessing industry. Almost a year into this crisis, trends are beginning to emerge that will likely carry on for years to come.