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 that infect and replicate within bacteria. It works by utilizing phages to selectively target and kill specific bacterial strains without causing harm to human cells. Phages infect and lyse specific pathogenic bacterial host cells and in turn help reduce bacterial infection.
Market Dynamics:
Bacteriophage therapy market is driven by the increasing prevalence of antimicrobial resistance and rising adoption of alternative therapeutics for infectious diseases. According to the WHO, antimicrobial resistance is one of the biggest threats to global health posing a serious health and economic threat. The steady decline in efficacy of many mainstream antimicrobial drugs has necessitated the need for alternative treatment options such as phage therapy. Additionally, favorable regulatory environment and ongoing clinical trials evaluating efficacy and safety of phage therapy are also expected to support market growth over the forecast period.
SWOT Analysis
Strength: Bacteriophage therapy offers highly targeted treatment, which leaves beneficial bacteria unaffected. It has shown effectiveness against drug-resistant pathogens. Phage therapy provides an alternative to antibiotics, addressing the growing problem of antimicrobial resistance.
Weakness: Phage therapy is still considered an experimental treatment in many parts of the world. Lack of standardized guidelines and regulations poses challenges in clinical research and development.
Opportunity: Rising antimicrobial resistance and need for novel anti-infective therapies present a major global market opportunity. Increasing awareness and support for phage therapy research can help expand its clinical applications.
Threats: Stringent regulatory approvals and high research costs pose challenges, especially for small phage therapy companies. Established drug developers may view phages as a threat to conventional antibiotics market.
Key Takeaways
The global Bacteriophage Therapy Market Share is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period, due to increasing antimicrobial resistance and need for alternative treatment options. The market was valued at US$ 1,280.9 million in 2023.
Regional analysis: The US region currently dominates the bacteriophage therapy market, accounting for over 35% share in 2023. This is attributed to presence of key players and growing R&D activities. Europe is also a major regional market supported by funding for research. Asia Pacific is expected to witness fastest growth over the forecast period, backed by improving research infrastructure and increasing healthcare investments in countries like India and China.
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. Major players are focused on clinical trials and collaborations to strengthen their product pipelines in phage therapy.
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