Microbial Products Market Overview
As per the reports by MRFR, the global microbial products market is projected to cross the size of over USD 250.3 billion by 2023 while registering a healthy CAGR of 8.7% during the assessment period.
Microbes refer to microscopic living organisms such as yeast, fungus, or bacteria. Microbial products are obtained from microbes, and the branch of biotechnology, industrial microbiology, deals with this field. The global microbial products market has witnessed enormous growth over recent years owing to the factors such as the rising pervasiveness of diseases, the increasing demand for healthcare nutrients, the increasing lifestyle industry, and the rising number of cancer patients. However, the market growth is likely to be restricted by the lengthy and dynamic production and low-quality products.
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Microbial Products Market Segment Analysis
The global market for microbial products has been divided into several segments based on type, source, application, end-user, and region.
Based on type, the global microbial products market is divided into nutrients (organic acids, vitamins, nucleotides, amino acids, and others), vaccines, antibiotics, chemotherapeutic agents, enzymes, polysaccharides, and others.
The microbial products market is split into fungi, viral, bacteria, and others by source.
The global microbial products market is split into biotechnology, diagnostic, pharmaceutical, and others. based on application
Based on end-users, the global microbial products market is divided into research & academics, diagnostic labs, hospitals & clinics, pharmaceutical and biotechnological industries, and others.
Microbial Products Market Regional Analysis
The global microbial products market is studied across five major regions: South America, North America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the research reports by MRFR, the North American region is likely to dominate the global microbial products market over the assessment timeframe. The regional market’s growth is being driven by the massive expenditure on healthcare, excellent reimbursement policies, and good insurance penetration. Furthermore, the high per capita consumption of microbial products is owing to the high per capita income across the region, which will boost the growth of the regional market.
The European regional market is likely to secure the second position globally. The regional market’s growth is being driven by the large disposable income and high consumption patterns.
The Asia-Pacific regional market is projected to record substantial growth over the review timeframe, with India and China being the major growth contributors.
Due to the poor economic and political conditions, the microbial products market for the Middle East & African region is projected to witness moderate growth during the forecasted era.
Competitive Analysis of Microbial Products Market
The global microbial products market has an intensely competitive landscape. The players in the market worldwide are adopting several new strategies to grow their business and strengthen the market position. The list of leading players in the global microbial products market includes Amgen Inc., Kyowa Hakko Bio Co., Ltd., Novartis AG, Ajinomoto Co. Inc., Pfizer Inc., VALENT Biosciences Corp., NOVADIGM Therapeutics, BIOMÉRIEUX SA, Merck & Co. Inc., GlaxoSmithKline plc., SANOFI S.A, and several others.
December 2021 – a life sciences tool provider and developer of digitally simplified bioprocessing products, Scientific Industries, Inc., announced Scientific Bioprocessing, Inc. (SBI) had signed an exclusive collaboration with BioMADE to bring transformational learning experiences and state-of-the-art equipment to college students across the United States. BioMADE is the latest Manufacturing Innovation Institute devoted to developing bio-industrial manufacturing across the nation. Scientific Bioprocessing is a prominent developer of intelligent shake flasks developed to offer a step-change in the cost and time to produce the latest products with both microbial and mammalian cell culture.
December 2021- a Chicago startup, Aqua Cultured Foods, plans to introduce the first whole-muscle seafood alternatives. The startup founded last year by Anne Palermo and Brittany Chibe utilizes microbial fermentation to produce “seafood” from fungi.
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