Press release
industrial microbiology market is expected to expand at a CAGR of 7.1% over the forecast period, 2016-2024
Industrial microbiology deals with screening, exploitation of microorganisms, improvement and management of microorganism for the production of various useful end products on a large scale. It involves processes and products that have major importance in the field of economic, environmental and social importance. Major aspects in industrial microbiology are production of valuable microbial products via fermentation processes i.e. basically beer, cheese and wine. Apart from this microorganisms plays an important role in providing services, such as waste treatment and pollution control, through which they use their abilities to degrade natural and man-made products.
Market Value Forecast
The global industrial microbiology market is estimated to be valued at US$ 8,878.2 Mn by 2016 and is projected to grow at CAGR of 7.1% to reach US$ 16,455.0 by 2026 end.
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Market Dynamics
Consumers switching to lower-cost generics is expected to fuel demand for these products, prompting manufacturers to invest more in R&D for cost-effective drug launches in the market, thus boosting revenue growth of the global industrial microbiology market. Rising discretionary spending is expected to boost revenue growth of the market over the forecast period. Factors such as increasingly changing preference and consumption pattern for pharmaceutical products for instance, consumer switching to personalized health products over prescribed drugs due to self-medication and non-prescribed easily available over the counter (OTC) products is expected to boost revenue growth of the global industrial microbiology market. However, low availability of skilled professionals is expected to hamper revenue growth of the global industrial microbiology market.
Segmentation Product Type
On the basis of product type, FMI has segmented the industrial microbiology market into equipment and systems, reaction consumables, and laboratory supplies. Reaction consumables product type segment is expected to dominate the market through the forecast period and is anticipated to be the most lucrative segment. Due to high usage of media, reagents etc. to conduct various research, this segment is expected to witness high incremental opportunity globally.
Segmentation End User
On the basis of end user, the industrial microbiology market has been segmented into pharmaceutical and biotechnology companies, food and beverage industry, personal care products, agriculture and environment and others. FMI estimates that pharmaceutical companies segment is expected to account for the highest revenue share in end user segment of the global industrial microbiology market and is expected to witness fastest growth over the forecast period. Factors such presence of pharmaceutical companies which manufacture and develop novel drugs is anticipated to boost revenue growth of the industrial microbiology market as the frequency of drug approvals and drug innovation is rising gradually, which in turn is expected to fuel the revenue share of the biopharmaceutical companies segment. Food and beverage segment is also expected to register a significant growth rate during the forecast period due to food and beverages industry is adopting rapid changes in packaging department where shelf life plays and important role, in turn driving growth of the industrial microbiology market.
Key Regions
By region, the global industrial microbiology market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The U.S. is expected to remain dominant market for industrial microbiology in the North America industrial microbiology market as the U.S. is the largest market for biologics, over the counter drugs, and drug research and development. Also, the U.S. is known for favorable reimbursement and patent policy.
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Key Players
Some key market participants included in the report include Merck KGaA, 16.3.1. Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Asiagel Corporation, Eppendorf AG, bioMérieux SA, Novamed., QIAGEN, Sartorius AG, 3M and Danaher Corporation
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