Bacteriophage market is gaining pace owing to the rising demand for treatment of antibacterial-resistant infections
Fact.MR, Dubai: The global bacteriophage market has witnessed impressive growth with revenue surpassing US$ 39 million in 2019. As per a study by Fact.MR, the bacteriophage market is estimated to register a CAGR of over 4% throughout the forecast period of 2021 to 2031.
According to the Centers for Disease Control and Prevention (CDC), over 2.8 million people were diagnosed with antibiotic-resistant bacterial infections in the U.S, and out of which around 35,000 people died. The rising incidence of antibiotic resistance is projected to generate significant demand for bacteriophages therapy.
Due to stringent regulatory policies and lack of approvals by major healthcare organizations such as USFDA and ANSM for novel therapeutic bacteriophage, growth in the market is restrained.
Nonetheless, increasing government funding and investment in innovative techniques to treat antibiotic-resistant bacterial infections are spurring the growth of the bacteriophages market
Europe and North America collectively account for over two-third of the global market share, on the back of increasing research & development activities and technological advancements across the regions.
“Increasing government funding to assist leading manufacturers in the development of novel phage therapies and innovative techniques to curb the cases of antimicrobial-resistant infection is expected to boost growth,” says a Fact.MR analyst.
Key Takeaways
- In North America, the U.S. is leading the bacteriophages market and is estimated to showcase a CAGR of 3% through the forecast period.
- Russia is anticipated to lead the bacteriophages market in Europe, owing to the increasing prevalence of antibiotic-resistant bacterial infections.
- Rapid shift towards bacteriophages therapy due to increasing failures of antibiotic treatment is fueling the market growth in Georgia.
- With more than 95%, phage probiotics account for the largest market share in the year 2020.
- Based on application, gastroenterology is emerging as a lucrative segment in the bacteriophages market.
Key Drivers
- Increasing incidence of antibiotic-resistant bacterial infections will boost the demand for bacteriophages.
- Growing demand for probiotic supplements utilizing phage probiotics is expected to spur the growth of the bacteriophages market.
- Emergence of e-Commerce is expected to soar the growth for bacteriophages market.
- Rising demand for a replacement of antibiotics will drive the market growth for bacteriophages across the globe.
Key Restraints
- Lack of safety and clinical data of phage therapy is hampering the growth of the bacteriophages market.
- Strict regulatory approval policies are posing a challenge for market growth.
- Dearth of awareness about bacteriophages therapy is restraining the demand for bacteriophages
- Source: Biospace
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