by The Bacteriophage Therapy Market is estimated to be valued at US$ 1,280.9 million in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bacteriophage therapy involves the use of bacteriophages, or bacterial viruses, to treat pathogenic bacterial infections. Bacteriophages are naturally occurring viruses that infect and destroy only specific types of bacteria and not human or animal cells. They have shown significant therapeutic potential in treating bacterial infections that have become antibiotic-resistant. The therapy utilizes a patient’s natural bacteriophages to eliminate harmful, antibiotic-resistant bacteria causing illness.
Market Dynamics:
The growth of the bacteriophage therapy market is driven by the growing prevalence of antibiotic-resistant bacterial infections and multi-drug resistance globally. According to the World Health Organization (WHO), antibiotic resistance is one of the biggest threats to global health, food security, and development today. The overuse and misuse of antibiotics have led to more and more bacteria developing resistance to available antibiotics. This has necessitated the need for alternative treatments like bacteriophage therapy. Furthermore, increasing R&D investments by pharmaceutical companies and government funding for the development of novel phage therapies is also contributing to the market growth. For instance, the U.S. Department of Defense has awarded funding of over US$ 25 million for phage therapy research since 2018. Players operating in the bacteriophage therapy market are focused on developing innovative phage-based formulations and drug discovery programs for various pathogenic bacteria.
Segment Analysis
The global bacteriophage therapy market is dominated by the antibiotics alternative sub-segment, which held around 60% share of the overall market in 2023. The sub-segment is dominating as bacteriophage are considered as one of the most effective and low-cost alternatives to conventional antibiotics, especially for drug-resistant infections. Bacteriophages are able to selectively target and kill harmful or undesirable bacteria without disturbing the natural balance of other bacteria.
PEST Analysis
Political: The governments across major countries are supporting the research and development of bacteriophage therapy as an alternative to conventional antibiotics due to increasing anti-microbial resistance.
Economic: The global Bacteriophage Therapy Market Share size was valued at US$ 1,280.9 million in 2023 and is expected to reach US$ 2,234.4 million by 2030, expanding at a CAGR of 3.7% during 2023-2030. Widening applications of bacteriophage therapy is supporting the market growth.
Social: Increasing awareness about antimicrobial resistance and benefits of bacteriophage therapy as a natural process is propelling the demand for bacteriophage therapy among consumers.
Technological: Advancements in phage identification, isolation and amplification techniques are supporting manufactures to develop more targeted and effective phage cocktails. Continuous research is also exploring new application areas.
Key Takeaways
The global bacteriophage therapy market is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing prevalence of drug-resistant bacterial infections. The United States is expected to remain the largest and fastest growing regional market during the forecast period. The region dominates with over 35% market share in 2023 due to efforts by major players such as Armata Pharmaceuticals, Inc., Eliava Biopreparations Ltd., Pherecydes Pharma, and Intralytix, Inc. in the region. Some of the key players operating in the bacteriophage therapy market are Armata Pharmaceuticals, Inc., Eliava Biopreparations Ltd., Pherecydes Pharma, Intralytix, Inc., Phagelux, Inc., Nextbiotics, InnoPhage, Ltd, Locus Biosciences, Inc., TechnoPhage, Eligo Bioscience SA, Phagomed Biopharma GmbH., PhagePro, Inc., Adaptive Phage Therapeutics, Enbiotix, Inc., Intodeworld, Inc., BiomX Ltd., Phi Therapeutics, Fixed-phage Ltd., Micreos BV, ContraFect Corporation, OPTIPHARM Co., Ltd. The key players are involved in various strategic initiatives such as new product launches, geographical expansions, partnerships and collaborations to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
