high demand for microbiology products in pharmaceutical industry is driving the Microbial Products Market
Technavio analyzes that the Microbial Products Market is expected to grow at a CAGR of 11.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 17686.9 million.There are various factors that contribute to the growth of the market. The pharmaceutical industry holds a significant demand for microbiological products due to their essential role in drug discovery, development, and production. These products, including microorganisms, media, and diagnostic tools, facilitate the identification, cultivation, and characterization of microbes used in various therapeutic applications. The increasing focus on biotherapeutics and personalized medicine further boosts the market growth for microbiological solutions.
The microbial products market encompasses a range of applications, including food additives, alcoholic and non-alcoholic beverages, biofuels, metabolites, biofertilizers, chemicals, enzymes, and bioactive molecules. In the pharmaceutical sector, the market is experiencing significant growth due to the increasing prevalence of rare diseases and the subsequent demand for novel drugs. According to the Centers for Disease Control and Prevention (CDC), approximately 25 million people in the US and 400 million people worldwide were affected by rare diseases as of 2019. The expansion of the pharmaceutical industry is primarily driven by market growth in developing countries, where labor and manufacturing costs are lower. The development of new drugs necessitates substantial capital investments, technological expertise, and human resources.
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Microbial Products Market Segmentation
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Microorganisms, including algae, bacteria, fungi, protozoa, and viruses, play a crucial role in various biological systems on Planet Earth. They inhabit soil, water, air, the body, animals, and plants, contributing to industrial processes through microbiology and biotechnology. Applications include food additives, alcoholic and non-alcoholic beverages, biofuels, metabolites, biofertilizers, chemicals, enzymes, bioactive molecules, vaccines, and antibiotics, often produced via the fermentation process.
The global life sciences tools and services market encompasses businesses and solutions involved in the research and development (R&D) of various product categories, including capital equipment, instruments, accessories, and consumables. These tools are utilized in the production of pharmaceuticals, biotechnology products, and laboratory diagnosis of various diseases. Additionally, this market includes life sciences-related services such as contract research, manufacturing, and sales. According to Technavio, the healthcare industry's total revenue is determined by the combined earnings of equipment, supply, pharmaceutical, biotechnology, and life sciences tools and services manufacturers. The expansion of the global life sciences tools and services market is anticipated to be fueled by several factors, including the increasing aging population and the subsequent rise in healthcare demands.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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