Global Microbial Products Market - Highlights
According to a recent published microbial products market report by the Market Research Future analysts, the industry size was valued at USD 1.5 Billion in 2023. The Microbial Products market is projected to grow from USD 1.59 Billion in 2023 to USD 2.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.20% during the forecast period (2023 - 2032).
Microbial products are produced by microbes such as a bacteria, yeast, or fungus. Medicinal microbiology includes production of enzymes, antibiotics, nutrients such as amino acids, vitamins, and organic acids, chemotherapeutic agents, vaccines etc. Some of the applications of microbial products are manufacturing of solvents and reagents such as ethanol, lactic acid, butanol etc. Synthesis of amino acids such as are L-Methionine, L-Lysine, L-Tryptophan, L-Glutamic acid etc. are another use of industrial microbiology for production of microbial products.
On the other hand, there are certain hurdles for the growth of this market. The highly fragmented nature of the industry, pressures on profits due to cutthroat competition, secrecy surrounding the fermentation process, substandard low-quality producers operating from unknown locations are some of the factors that may hinder the growth of the microbial products market soon.
The market for microbial products is driven mainly due to growing prevalence of diseases, rising demand for healthcare nutrients such as vitamins, rising rates of cancers, rising demand for diagnostics microbial products, rise of lifestyles industry recommending many of these products etc.
Global Microbial Products Market - Regional Analysis
European market is second highest revenue generator after North America. Europe microbial products market has benefited by the presence of some major players in this region. Moreover, increasing innovation and changing laboratory practices are driving the growth for Europe microbial products market.
In 2016, North America and Europe were holding more than half market share of global microbial products market. Increasing funding for RD is major driving force for the market growth. The funding for microbiology research in US is one of the highest as compared to other countries. Rapid adoption of advanced products and techniques are driving the growth for North America market. Increasing demand for high quality reagents, and solvents for the use in performing various rapid microbial testing are promoting the research related activities in this region. Independent laboratories are dominating the North America market by adopting new technologies and trends.
Microbiology products have huge and increasing demand not only in developed countries but also in developing countries like India China. The presence of unmet medical needs and the growing industrial demand are the strongest driver for the growth in these markets. Thus, there is larger potential to grow in the developing regions due to less competition. The growing number of biotech firms and the growing demand for high quality solvents to satisfy the industrial base will drive the future market.
The Middle East and Africa microbial products market report is growing gradually with the development in the research. Moreover, developing healthcare infrastructure in some of the countries like UAE, Saudi Arabia, Oman, South Africa have helped the growth of the overall healthcare segment also including the microbial products. However, there are some factors are affecting the microbial products market in this region such as, limited access to the healthcare facilities in underdeveloped parts, lack of knowledge of new microbial products, less market penetration by companies, and limited availability of products etc. Currently Middle East Africa region contributes least to the global microbial products market.
Microbial Products Market - Segmentation
The Microbial Products Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding.
Segmentation By Application : Comprises In Agriculture (Pesticides- Bacteria, Protozoa, Fungi, Nematodes, Fertilizers- Nitrogen bio fertilizers, phosphorus bio fertilizers), In Healthcare (Microbial Biopharmaceuticals, Therapeutics), In Manufacturing (Food Processing, Enzymes, Biopolymers), In Energy (Biofuels, Microbial-Enhanced Oil Recovery, Microbial Fuel Cells, Hydrogen Production), In Environment (Environmental monitoring, Bioremediation, Recycling, Oil Spills Residues Clean-up Wastewater Sewage Treatment)
Segmentation By End Users : Comprises Healthcare, Manufacturing, Agriculture, and Energy, Environment and other and other.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Global Microbial Products Market Players
Some of the top key players listed in the Microbial products market outlook are Amgen Inc., Merck Co., Inc., Valent BioSciences Corp., GlaxoSmithKline plc, Pfizer Inc., bioMérieux SA, Ajinomoto Co.Inc., Sanofi S.A, Novartis AG, NovaDigm Therapeutics, Kyowa Hakko Bio Co., Ltd. and others.
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