Microbial Therapeutic Products Market is poised to expand robustly at a value CAGR worth 7% across the 2020-2030
Future Market Insights’ (FMI) global microbial therapeutic products report provides an exhaustive yet unbiased analysis of future growth projections, taking into account the aforementioned developments to provide a bird’s eye view of the landscape. According to the study, demand for microbial therapeutic products is likely to grow at a steady clip, driven chiefly by growing incidence of antimicrobial resistance.
Over the years, the burden of antimicrobial resistance (AMR) has been escalating tremendously, besides prevalence of chronic conditions. The World Health Organization observes high resistance rates have been observed against antimicrobials used for treating urinary tract infections and certain types of diarrhea. For example, the rate of resistance to ciprofloxacin ranged anywhere between 8.4% and 93% across 33 countries. It is apprehended that this burden is compounding further due to the COVID-19 pandemic. Hence, efforts are underway to accelerate research for discovering breakthroughs in microbial therapeutics.
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- By product, anti-cancer agents to capture nearly 30% revenue by 2020-end, owing to prolific research breakthroughs
- By route of administration, injection pens to account for 2 out of 5 sales, attributed to patient hygiene concerns
- By source, bacteria based microbial therapeutic products to remain preferred
- Oncology to remain primary microbial therapeutic products application area, expanding at Y-o-Y rate exceeding 5% through 2020
- Hospitals emerge as the primary microbial therapeutic end-users, attributed to availability of adequate infrastructure
- North America to remain the market hegemon, East Asia to be fastest growing market
COVID-19 Impact Analysis
The COVID-19 pandemic has adversely impact global economic outlook, with a prolonged recession on the cards across numerous industries. However, the microbial therapeutic products market has only stood to benefit from the pandemic crisis, as the global healthcare community accelerates efforts to find a potential cure for this deadly virus.
With inoculation procedures already being initiated across the U.K., it is only a matter of time before the anti-COVID-19 vaccine is available on a global scale. Despite this availability, healthcare providers will have a long road ahead with respect to discovering an orally administered drug formulation.
Therefore, governments are lending unconditional support to the global healthcare fraternity in terms of policy relaxation and disbursement of financial grants to aid in the research and development process, catapulting growth prospects.
Prominent players operating in the global microbial therapeutic products market are emphasizing on acquiring regulatory approvals, forging partnerships and collaborations with competent authorities and biosimilars develop to capture substantial revenue shares across key regions.
Some reputed players operating within the global microbial therapeutic products landscape include Dr. Reddy’s Laboratories, Pfizer Inc., Sanofi SA, Merck & Co. Inc., Novartis AG, Novo Nordisk A/S, Abbott Laboratories and Amgen Inc. to name a few.
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