Bacteriophage therapy involves the use of bacteriophages that are viruses, which kill or destroys bacteria. It is emerging as an alternative to conventional antibiotics which are losing effectiveness against bacterial infections due to growing antibiotic resistance. Bacteriophage therapy helps target specific bacteria without harming beneficial bacteria in the body. It offers significant advantages over antibiotics such as negligible toxic effects, self-replication at the site of infection, and ability to combat antibiotic-resistant bacterial strains. The growing incidences of drug-resistant infections and limited new antibiotics in the pipeline are propelling the demand for alternative treatment options like bacteriophage therapy.
The global Bacteriophage Therapy Market is estimated to be valued at US$ 50.24 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Bacteriophage Therapy are General Dynamics, Airbus, Nordam, Saint-Gobain, Meggitt, Starwin Industries, Kitsap Composites, Orbital ATK, Jenoptik, Harris, Vermont Composites, Pacific Radomes, Royal Engineered Composites, AVIC, ATK, Kelvin Hughes, Raytheon, Leonardo, Ducommun, CPI. Key players are focusing on research and development activities to discover new bacteriophages and expand the therapeutic applications of this technology.
The growing incidences of infectious diseases caused by antibiotic-resistant bacteria are driving the demand for alternative treatment modalities like bacteriophage therapy. According to the WHO, antibiotic resistance is one of the biggest threats to global health, food security, and development today. The limited pipeline of new antibiotics also necessitates the need for novel anti-bacterial solutions.
Bacteriophage Therapy Market Growth is expanding globally with rising investments in R&D by companies, research institutes, and government organizations. Several clinical trials are currently underway to validate the safety and efficacy of bacteriophage in treating various infections. Countries like France, India, Poland, Russia, and Georgia have historically used bacteriophage therapy and are now strengthening their phage therapy initiatives. Other regions are also gradually recognizing the therapeutic potential of bacteriophages.
Market Key Trends
Growing antibiotic resistance is a key market trend fueling the adoption of bacteriophage therapy. Excessive and inappropriate use of antibiotics has led to the emergence and spread of drug-resistant bacteria. According to the WHO, antibiotic resistance results in more than 1 million excess deaths globally every year. Bacteriophages are considered upcoming alternatives as they help target drug-resistant infectious bacteria. Phage therapy eliminates the existing infectious bacteria and also acts prophylactically by hindering further bacterial colonization at the infection site. This gives it an advantage over conventional antibiotics facing increasing levels of resistance. The exploration of therapeutic potential of bacteriophages against multi-drug resistant infections is expected to define future trends in this market.
Porter’s Analysis
Threat of new entrants: New players entering the Bacteriophage therapy market face high costs of research and development for bacteriophages and clinical trials.
Bargaining power of buyers: Individual buyers have low bargaining power as they have little influence over pricing. However, larger pharmaceutical companies and hospitals have higher bargaining power.
Bargaining power of suppliers: Suppliers of bacteriophages and other raw materials have relatively low bargaining power due to fragmented and competitive nature of suppliers.
Threat of new substitutes: Alternatives like antibiotics pose significant threat, though bacteriophages have advantages of being harmless and self-replicating.
Competitive rivalry: Intense rivalry exists among existing players to gain market share through innovation and strong distribution networks.
North America accounts for the largest share of the global Bacteriophage therapy market. The presence of major phage therapy companies and ongoing clinical trials to evaluate the efficacy and safety of phage therapy drive market growth. Asia Pacific is poised to grow at the fastest pace during the forecast period. Rising healthcare expenditure, increasing research on alternative treatments, and growing patient awareness are factors supporting regional market expansion.
Geographical Regions The Asia Pacific region is projected to witness the highest growth in the Bacteriophage Therapy market during the forecast period. Growing investments towards research on alternative treatments, rising disposable incomes, increasing prevalence of drug resistance bacterial infections are major factors driving higher adoption. Countries like India and China are expected to be lucrative markets.