by The global bacteriophage therapy market is estimated to be valued at US$1,148.6 million in 2020 and is expected to exhibit a CAGR of 3.7% over the forecast period 2020-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bacteriophage therapy involves the use of bacteriophages, which are viruses that specifically infect and kill bacteria. These phages are being explored as a potential alternative to antibiotics, especially in the case of antibiotic-resistant infections. The market for bacteriophage therapy is driven by the increasing prevalence of antibiotic resistance, which has led to the need for new treatment options. Bacteriophage therapy offers advantages such as high specificity, minimal side effects, and the ability to target a broad range of bacteria.
Market Dynamics:
Increasing Antibiotic Resistance: The rise in antibiotic-resistant bacteria has become a major concern in healthcare. Bacteriophage therapy offers a promising solution to combat these resistant infections. Phages can specifically target and kill bacteria, even those that are resistant to antibiotics, making them a potential alternative to antibiotics.
Growing Investments in Research and Development: The increasing awareness about bacteriophage therapy and its potential benefits has led to a rise in investments in research and development. Several pharmaceutical companies are investing in the development and commercialization of bacteriophage-based therapies, which is driving the growth of the market.
SWOT Analysis:
- Strength: High specificity and minimal side effects
- Weakness: Limited clinical evidence and regulatory challenges
- Opportunity: Potential use in various applications, such as agriculture and food safety
- Threats: Lack of awareness among healthcare professionals and limited production capabilities
Key Takeaways:
- The global bacteriophage therapy market is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period, due to increasing antibiotic resistance and growing investments in research and development.
- Regional analysis indicates that North America is the fastest-growing and dominating region in the market, owing to the presence of key market players and favorable regulatory environment.
- Key players operating in the global bacteriophage therapy market include Armata Pharmaceuticals, Inc., Eliava Biopreparations Ltd., Pherecydes Pharma, and Intralytix, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
