Global Bacteriophage Industry to Witness 4.2% CAGR, Expected to Reach US$68 Million by 2033 | Reports FMI
In a ground-breaking development, the Global Bacteriophage Industry is making waves with a current valuation of US$ 45.07 million in 2023, according to the latest industry insights. Projected to surge to a remarkable US$ 68 million by 2033, the market is poised for substantial growth with an anticipated Compound Annual Growth Rate (CAGR) of 4.2% throughout the forecast period
increasing demand for phage probiotics due to its several advantages over traditional probiotics is propelling the growth in the market. Phage probiotics stimulate the growth of good gut bacteria over bad gut bacteria and help maintain a healthy gut. Additionally, a growing development of new treatment options for anti-bacterial-resistant infections is improving the growth in the market. Rising awareness regarding the use of bacteriophage probiotics for patients with bowel difficulties, and immune-mediated digestive issues will also boost the market.
Surging demand for phage probiotics has encouraged the key players in the market to up their game by increasing investment in research and development (R&D) for new bacteriophages. In comparison to antibiotics, bacteriophages possess high host specificity, exhibit good benefits with single-hit kinetics, are self-replicating, and also possess anti-biofilm properties.
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As per FMI, gastroenterology is the most sought-after application of phage probiotics, as phage probiotics are administered by doctors since phage therapeutics do not get early clearance from regulatory authorities in many developing regions.
Bacteriophage probiotics are mostly administered via the oral route since it is non-invasive, show immediate release, and are cost-effective. These probiotics are widely available in retail pharmacies, thereby, boosting sales in developing nations.
Key Takeaways from the Global Bacteriophage Industry Study
- Phage probiotics are expected to hold over 95% market value share in 2021 and are expected to display a CAGR growth of 4.2% over the forecast period.
- The oral