WELLESLEY, Mass., Aug. 06, 2018 (GLOBE NEWSWIRE) -- Due to an increased desire to produce and invest from the healthcare, energy, agricultural, environmental and manufacturing industries, the global market for microbial products is set to reach new heights, according to a new report from BCC Research.
In 2017, the global market for microbial products was valued at $170.5 billion. BCC Research estimates that it will be worth $186.3 billion and $302.4 billion in 2018 and 2023, respectively, indicating a compound annual growth rate (CAGR) of 10.2%, according to the report Microbial Products: Technologies, Applications and Global Markets .
Genetically engineered microbes are used for the commercial production of non-microbial products such as insulin, interferon, human growth hormones and viral vaccines. Microbes are also used to produce energy (e.g., biodiesel, bioethanol) and to clean up environmental pollutants, such as sewage and oil spills.
Research Highlights
- Microbes (e.g. biofertilizers, biopesticides and probiotics) were worth $8.5 billion in 2017 and are anticipated to reach $12.7 billion by 2023.
- The healthcare microbial products segment was worth $105.6 billion in 2017 and is projected to reach $197.5 billion by 2023.
- Energy applications related to the microbial industry were worth $37.7 billion in 2017 and are projected to reach $40.9 billion by 2023.
“Biopharmaceuticals (i.e., pharmaceutical products produced using microbes) account for more than 99% of the healthcare market,” said BCC Research analyst and report author Andrew McWilliams. “Microbes that are ingested directly, while significant in absolute terms (approximately $446 million in 2014, increasing to $825.2 million by 2020), hold less than 1% of the market share.”
Microbiome-based Drugs Are Rapidly Developing Field
The human microbiome-based drugs and diagnostic sector is a nascent but rapidly developing field. There are no marketed microbiome-based drugs currently on the market, but the first generation of drugs and diagnostics could launch by 2018. The human microbiome-based drugs and diagnostics pipeline is strong, with more than 25 companies active in this space and more than 50 programs in clinical and preclinical development.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com . Follow BCC Research on Twitter at @BCCResearch .
Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.
