(PharmaNewsWire.Com, October 12, 2022 ) According to Precision Business Insights (PBI), the latest report bacteriophage market size was valued at around USD 1,242.0 million in 2021, at a CAGR of 3.5% during the forecast period 2022-2028. Bacteriophages are very likely to target the human gut. Bacteriophages can readily alter the composition of the gut microbiota, which in turn affects how microbes release their genes. Consuming phage probiotics, therefore, encourages the growth of good bacteria over harmful bacteria, maintains a good balance, and encourages people to lead healthy lives.
Antimicrobial-resistant infections in individuals have become more common in recent years. Bacteria including Mycobacterium tuberculosis, Salmonella typhi, Pseudomonas aeruginosa, and others are responsible for these illnesses that are resistant to antibiotics. Such antimicrobial-resistant diseases are becoming more common, which has increased healthcare costs for their treatment as well as the number of fatalities they cause. The market for bacteriophage therapy is anticipated to increase rapidly in the near future due to the existence of key players. Market participants are more concerned with implementing inorganic growth strategies, such as partnerships and collaborations, in order to expand their pipeline of potential phage therapy candidates and to improve their capacity for research and development.
The Bacteriophage Market Restraining factors
The majority of bacterial illnesses are treatable with antibacterial medications, and immunizations can also prevent them. In addition, a growing number of medications are being introduced to the market to treat illnesses caused by antibiotic resistance.
The global Bacteriophage Therapy Market on the basis of Type is bifurcated into Lytic, and Lysogenic. On basis of Application, the market is categorized into Diagnostic, Antimicrobial Drug Discovery, Veterinary Medicines, and Others. On the basis of End-User, the market is divided into Hospitals & Clinics, Academic Research Organizations & Institutes, and Others.
North America now dominates the market for bacteriophage therapy in terms of revenue and market share, and it will continue to do so during the projection period. This is because bacteriophage has a rapid healing and therapeutic effect, and increased healthcare spending would speed up market growth in this area. A strong desire to lessen the burden of antibiotic-resistant infections, a very well research infrastructure, and the existence of a potential pipeline for phage therapy are the important attributes of the North American market.
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