Industrial Microbiology Market Set to Record Exponential Growth by 2024 End

The global industrial microbiology market is expected to witness a y-o-y growth of 6.7% in 2016 over 2015 and reach US$ 9.46 Bn in revenues. North America will continue to be the most lucrative market, accounting for over 25% of the market share.

Apart from applications in fermentation of wine, beer, and cheese, the use of industrial microorganisms in syrup formulation is also gaining traction. Other influential trends include use in bioremediation processes, manufacturing of empty capsules, and preparation of genetically modified food products.

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Manufacturing of sterile products specifically demands higher costs in order to maintain aseptic conditions, which remains an abiding challenge for the market. Growing demand for advanced technology is also expected to hamper market growth.

On the basis of product type, the global industrial microbiology market is segmented into reaction consumables, equipment & systems, and laboratory supply. While the reaction consumables segment is expected to dominate the market with over 60% of the total market share in 2016, equipment and systems segment’s revenue share will be over 25%. By test type, sterility testing and microbial limit testing are projected to collectively contribute around 60% to the total market share.

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The pharmaceuticals & biotechnology segment will remain the largest end-use segment in the industrial microbiology segment, owing to rising novel drug development practices.

America will remain the largest and fastest growing market due to easier product approval processes. The U.S., a leading market for pharmaceuticals, will continue to dominate the North American market, accounting for over three-fourths revenue shares in 2016. Europe will maintain its position as the second largest market for industrial microbiology.

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In addition to increase in food consumption, rising emphasis on industrial food safety is predicted to fuel market growth. Wide-ranging applications of industrial microbiology and biotechnology in various verticals, including agriculture, pharmaceuticals, and food & beverages are also expected to play a key role in driving the growth of the market. Consumer preference towards nutraceuticals, increasing automation, and strategic partnerships across the healthcare value chain are other key drivers for industrial microbiology market.

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This release was published on openPR.