The Bacteriophage Therapy Market is estimated to be valued at US$ 1,280.9 million 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 Overview:
Bacteriophage therapy involves the use of bacteriophages or bacterial viruses to treat pathogenic bacterial infections. It utilizes bacteriophages that are specific to infect and lyse bacterial pathogens while leaving other members of the microbiota unharmed.
Market Dynamics:
The growth of the bacteriophage therapy market is driven by factors such as rising cases of antimicrobial resistance, growing need for alternative treatment options, and favorable research funding from regulatory agencies. Antimicrobial resistance has emerged as a major public health threat with WHO projecting that antimicrobial-resistant pathogens could cause 10 million deaths each year by 2050 if no action is taken. This has escalated the need to explore new treatment modalities like bacteriophage therapy.
Market key trends:
One of the key trends in the bacteriophage therapy market is the rise in antibiotic resistance. There is an increasing number of bacteria that have become resistant to antibiotics which were previously effective in treating bacterial infections. This has created an urgent need to develop alternative treatment options. Bacteriophages offer potential to target antibiotic-resistant bacterial strains and confer therapeutic benefits. Another key trend is the focus on development of phage cocktails or broad-range phages that can treat multiple bacterial infections. Phage banks and therapeutic phage libraries are being established to enable effective treatment of multi-drug resistant infections.
SWOT Analysis
Strengths: High specificity for target bacteria without harming human cells; Natural selection process helps adapt to antibiotic resistance.
Weaknesses: Regulatory hurdles for their clinical use; Limited host range of individual phages.
Opportunities: Potential to treat antibiotic-resistant bacterial infections; Growing R&D for therapeutic applications of phages.
Threats: Time consuming and costly development; Phage resistance in bacteria.
Key Takeaways
The global Bacteriophage Therapy Market Share size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period of 2023-2030, due to rising antibiotic resistance. The market was valued at US$ 1,280.9 million in 2023.
Regional analysis: The US region currently dominates the market owing to ongoing clinical research on bacteriophage therapy. Europe is also emerging as a major market supported by several companies conducting clinical trials of phage therapeutics in countries like UK and France.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it