by Bacteriophage therapy involves the use of viruses that target and kill specific bacterial infections as an alternative to conventional antibiotics. It works by utilizing bacteriophages or viruses that are natural predators of bacteria to treat pathogenic bacterial infections. Bacteriophages infect, replicate within, and ultimately destroy targeted bacteria without disturbing other “helpful” bacteria in the body. As antibiotic resistance poses a grave threat to public health, bacteriophage therapy is garnering interest as a potential natural and environment-friendly approach to address this issue. The increasing awareness about its advantages over antibiotics like narrow host spectrum and self-replicating ability is further driving its demand.
The global Bacteriophage Therapy Market is estimated to be valued at US$ 1280.9 million in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the bacteriophage therapy market is the increasing focus on research and development activities. Several universities and research institutes are collaborating with pharma companies to intensify R&D for developing effective phage-based formulations. For instance, the U.S. Defense Advanced Research Projects Agency invested US$ 20 million in April 2022 to support R&D programs developing phage therapies for antibiotic-resistant infections. In another instance, the U.S. National Institutes of Health awarded a grant of US$ 4.25 million to University of California in 2021 for developing rapid bacteriophage diagnostic tools. Such investments are expected to augment the pipeline of bacteriophage therapies and accelerate clinical approvals over the next few years.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in terms of simplicity of operations. However, capital requirements for R&D keep threat low.
Bargaining power of buyers: Limited number of suppliers gives buyers moderate bargaining power to negotiate prices. Buyers can also explore alternative therapies as substitutes.
Bargaining power of suppliers: Suppliers have moderate power due to their specialized know-how and proprietary phage libraries. Suppliers can sustain margins and endure short-term volatility.
Threat of new substitutes: Emerging drug R&D represents a long-term substitute threat. Other alternative antibiotic or antiviral therapies pose a near-term threat.
Competitive rivalry: High competition exists among major global players in the race to commercialize new pipeline candidates. Regional players compete on price.
Key Takeaways
The global Bacteriophage Therapy Market Growth is expected to witness high . The global Bacteriophage Therapy Market is estimated to be valued at US$ 1280.9 million in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period owing to rising incidence of antibiotic resistant diseases and presence of key market players in the region. Europe is expected to grow at a significant pace during the forecast period due to increasing support from regulatory bodies for phage therapy research activities in the region. Asia Pacific is projected to experience the fastest growth during the forecast period. This is attributed to rising healthcare expenditure in emerging economies such as China and India, growing medical tourism industry, and increasing government focus on reducing antibiotic resistance in the region.
Key players operating in the Bacteriophage Therapy Market include Agrana Group, Archer Daniels Midland Company, Bunge Ltd., Cargill Incorporated, Commodity Specialists Company, Grain Processing Corporation, Ingredion Incorporated, Tate & Lyle Plc., Tereos Syral, and The Roquette Group.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
