Bacteriophage therapy utilizes bacteriophages or bacterial viruses to treat pathogenic bacterial infections. It represents an attractive alternative to conventional antibiotics as antibiotic resistance is becoming a major global health issue. Bacteriophage therapy helps target specific bacteria without disrupting the normal microbiome.
The global Bacteriophage Therapy Market is estimated to be valued at US$ 1,280.9 Mn 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 key trends:
Increasing antibiotic resistance continues to propel research into alternative treatment options like bacteriophage therapy. According to the WHO, antibiotic resistance is one of the biggest threats to global health today and could lead to 10 million annual deaths by 2050 if no action is taken. The growing prevalence of superbugs resistant to frontline antibiotics has refocused attention on bacteriophage therapy. Research studies show bacteriophages are able to kill many antibiotic-resistant bacteria. This has accelerated clinical research into bacteriophage therapies and evaluation of their potential to treat various indications including Staphylococcus aureus, Pseudomonas aeruginosa, Escherichia coli and others. As antibiotic efficacy wanes, bacteriophage therapy is positioned for stronger market uptake.
SWOT Analysis
Strength: Global Bacteriophage Therapy Market Size is a natural and targeted treatment method that specifically targets harmful bacteria without harming the normal microbiota of the body. It is considered a safe alternative to conventional antibiotics.
Weakness: There is limited clinical data available to support the efficacy and safety of bacteriophage therapy in humans. Regulatory approval for its therapeutic use remains a challenge.
Opportunity: Growing antimicrobial resistance and the need for alternative treatment methods present a major market opportunity. Increasing R&D investments are boosting product pipeline development.
Threats: Stringent regulatory norms and the complexity of product development could delay market adoption. Dependence on a small number of product developers is a potential threat.
Key Takeaways
The global bacteriophage therapy market is expected to witness high growth over the forecast period. The global Bacteriophage Therapy Market is estimated to be valued at US$ 1,280.9 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
The United States currently dominates the market owing to favorable regulatory policies and significant R&D investments in this field. America is expected to remain the largest and fastest growing regional market over the forecast period due to the concentration of key players and growing R&D activities in the United States. The Asia Pacific region is anticipated to exhibit the highest growth rate during the analysis period owing to increasing prevalence of infections and growing healthcare expenditure in the region.
Key players: 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. These companies are focusing on new product launches, partnerships, and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it