by The global Bacteriophage Therapy Market is estimated to be valued at US$ 1,280.9 million in 2023 and is expected to exhibit a 3.7% CAGR 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 as an alternative to antibiotics for treating pathogenic bacterial infections. It offers advantages over antibiotics such as self-replication within the host bacteria, target specific mechanism of action towards bacterial pathogens, and minimum development of resistance. The therapy is gaining significance due to growing antibacterial resistance. An increasing number of infectious diseases are becoming untreatable by conventional antibiotics, driving research and funding for bacteriophage therapy as an alternative approach.
Market key trends:
One of the major trends in the bacteriophage therapy market is increasing research funding and developmental activities. Government organizations and private foundations are financing research to develop bacteriophage therapy as an antimicrobial alternative. For instance, the U.S. Department of Defense has invested US$ 25 million between 2018 to 2023 in phage therapy research. Several companies such as Eliava Biopreparations, PhagePro, and Adaptive Phage Therapeutics are conducting clinical trials for phage therapy to treat various multidrug-resistant infections. Furthermore, various research institutes are exploring the applications of phages for treating biofilm, chronic wound infections, and enhancing food safety. These initiatives are expected to aid the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The bacteriophage therapy market requires considerable R&D investments and regulatory approvals to enter, creating high entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for effective antibacterial alternatives is increasing.
Bargaining power of suppliers: A few companies dominate the market, giving them significant bargaining power over suppliers of raw materials and services.
Threat of new substitutes: Alternatives like antibiotics and biologics pose a threat, though bacteriophage therapy has fewer side effects.
Competitive rivalry: The market features intense competition due to increasing product pipelines.
Key Takeaways
The global Bacteriophage Therapy Market Share is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period 2023-2030, due to increasing antibiotic resistance. The market was valued at US$ 1,280.9 million in 2023.
North America dominated the bacteriophage therapy market in 2023 with the highest revenue share of over 35%, owing to rising R&D funding and new product approvals in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period due to the growing efforts by countries to develop new antibacterial alternatives.
Key players operating in the bacteriophage therapy market include 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, and OPTIPHARM Co., Ltd. These players are focusing on strengthening their product pipelines through collaborations and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
