Microbial Products Market Snapshot
Microbial products Market could be valued at USD 250.3 billion by the end of 2023, suggests Market Research Future (MRFR). It also stands to achieve a CAGR of 8.7 % during the forecast period (2017-2023).
Microbial Products Market Growth Drivers and Key Restraints
Microbial products come from microbes like yeast, bacteria, or fungus. Medicinal microbiology includes antibiotics, production of enzymes, nutrients like vitamins, organic acids, amino acids, vaccines, chemotherapeutic agents among others. Microbial products are also used in the manufacturing of solvents and reagents like lactic acid, ethanol, butanol etc.
The microbial products market is set to reach new height on the back of rising desire to produce and invest in the energy, healthcare, environmental, manufacturing, and agricultural industries. On top of that, the surging prevalence of diseases, boost in demand for healthcare nutrients favor the market as well. Some additional growth factors could be the hike in the rates of cancers, increasing demand for diagnostics microbial products and the growth of lifestyles industry that encourage the use of these products.
The market also benefits from the massive demand for high quality drugs along with the rising application of DNA technology that raise the demand for high quality ultra-pure solvents. The latter factor helps with the market growth of microbial products. The accelerated demand for high sensitivity and selectivity diagnostic tests could be another reason for the market’s excellent performance.
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Microbial Products Market Segmentation
The worldwide market for microbial products has been segmented with respect to types, source, applications and end users.
With context to types, the market caters to polysaccharides, enzymes, chemotherapeutic agents, nutrients (amino acids, nucleotides, vitamins, and organic acids, others), vaccines, antibiotics, and others.
Source-wise, the market includes bacterial, viral, fungi and others.
The various applications of microbial products include pharmaceutical, diagnostic, biotechnology, and others.
The end users covered by the report are pharmaceutical and biotechnological industries, hospitals and clinics, diagnostic labs, research and academics, and others.
Microbial Products Market Regional Aspect
The main markets for microbial products are Europe, Middle East, and Africa, North America, and Asia Pacific.
In North America, the United States (US) generates maximum revenue as there is favorable insurance penetration along with excellent reimbursement scenario. The high expenditure on healthcare also works wonders for the market. The increase in consumption of microbial products is the result of high per capita income and the quick uptake of new technology in the region is expected to boost the market position in the following years.
Europe holds a considerable portion of the worldwide market, with Germany, the United Kingdom (UK), France and Italy being the leading contributors. Established healthcare and agriculture industries in the region and the vast consumption of microbial products inspire market growth.
Asia Pacific holds immense potential to have lucrative growth in the future, with India and China spearheading the said growth. The region is turning out to be a strong market for microbial products with most of the countries heavily dependent on the agriculture and microbial industries.
Middle East & Africa market is primarily controlled by Gulf nations, especially Saudi Arabia and the UAE. Africa could witness a moderate growth owing to poor economic and political conditions along with low healthcare penetration.
Microbial Products Market Significant Players
Kyowa Hakko Bio Co., GlaxoSmithKline plc, NovaDigm Therapeutics, Sanofi S.A, Novartis AG, Merck & Co. Inc., Valent BioSciences Corp., Amgen Inc., Pfizer Inc., Ltd, bioMérieux SA, Ajinomoto Co. Inc., are some of the significant companies that are part of the worldwide microbial products market.
Microbial Products Industry Recent Updates
DMC has managed to raise Series A equity financing backed by the support of Sofinnova Partners. The former will be using its technology to bring down biological complexity and also accelerate the speed of development. This will lead to low cost and fermentation-based manufacturing platform with the capability of generating a wide range of microbial products.
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