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Market Research Future predicted that the global microbial products market is set to reach USD 250.3 billion at CAGR of 8.7% during the forecast period 2017-2023.
The microbial products market size is influenced by factors such as increased disease prevalence, increased demand for health nutrients such as vitamins, increasing amounts of cancer, increased demand for microbial diagnostic products, increased recommended industrial lifestyle for many of these products. The pressure on profit due to fierce competition, the secrets of the fermentation process, low-quality producers operating in unfamiliar places are also some of the factors driving. Emerging demand for high-quality drugs and the growing application of DNA technology stimulates the growth of high-quality ultra-pure solvents, which in turn stimulate the microbial market. Growing demand for diagnostic tests with high sensitivity and selectivity is another cause of the growing market for microbial products.
The global market is also expected to progress owing to growing collaboration among the major players and their emphasis on product development that can be applied in every condition.
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Competitive Players
The industry giants that are backing the operation of global microbial products are Amgen Inc., Merck & Co., Inc., Valent BioSciences Corp., Ajinomoto Co.Inc., Kyowa Hakko Bio Co., GlaxoSmithKline plc, Pfizer Inc., bioMérieux SA, Novartis AG, NovaDigm Therapeutics, Sanofi S.A, Ltd and others. Growing inclination mergers and acquisitions to increase the competitiveness in the global market is one of key trends adopted by the industry players to remain in the race.
Market Segmentation
The global microbial products market is segmented by type, source, application, and end-user.
Based on the types, the market is segmented into polysaccharides enzymes, nutrients such as amino acids, nucleotides, vitamins and organic acids, others, chemotherapy, antibiotics, vaccines, and so on.
Based on the source, the market is divided into bacteria, viruses, fungi, and others.
Based on applications, the market is classified in the pharmaceutical, diagnostic, biotechnology, and other fields.
Based on end-users, the market is bifurcated into the pharmaceutical and biotechnology industry, hospitals and clinics, diagnostic, research and academic laboratories, and so on.
Regional Insights
The US holds the major market share due to favorable insurance penetration, an excellent reimbursement scenario, and higher healthcare spending. High per capita consumption of microbial products as a result of high per capita income is also the driving force of the market. Faster acceptance of new technologies by the US market is also a major driver of the global microbial market. Europe, following the US, is the second-largest market owing to its large disposable income and growing consumer habits.
The Asia Pacific region is expected to offer the maximum potential for the future. India and China would lead to this initiative. The market in the Middle East and Africa is led by the Gulf states such as Saudi Arabia and the United Arab Emirates. African regions are expected to experience moderate growth due to poor economic and political conditions and low penetration of health services.
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