Press release
Human Microbiome Market Expected to Hit US3.2 bn During 2018 - 2024
The leading players are focusing towards product innovations and technological advancements to consolidate their position in the global human microbiome market in the near future. “Mergers and acquisition will be other go-to strategies preferred by market participants in order to expand their business,” says the author of the report.
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The global market for human microbiome is poised to expand at a noteworthy CAGR of 9.80% between 2020 and 2024, reaching a valuation of US$2.2 bn by 2020. By the end of forecast period, the market is expected to cross the mark of US3.2 bn.
North America to Stay at Forefront of Growth until 2024
Therapeutics and diagnostics are the two primary categories of the global human microbiome market. The market for human microbiome therapeutics is estimated to register a higher CAGR of 9.20% during the forecast period. Geographically, North America will continue to account for the lion’s share in the global market until 2024, thanks to the widening base of venture-capital funded startups. The growth of the region can also be attributed to the presence of a state-of-art medical and healthcare sectors and early adoption of technology.
Increasing Clinical Trials for Gut Health-based Diseases to Drive Human Microbiome Market
High unmet needs coupled with the growing investments by venture capital organizations and angel investors in research and development activities in the field of diagnosis and therapeutics of underrated diseases are providing a fillip to the market. With human microbiome being a novel and highly potent realm, drug manufacturers across the globe are increasing their focus on it, which is translating into the greater capital investments. “Human microbiome is used for early detection and diagnosis of diseases. Moreover, it has been accredited as a new target for drug development,” says a TMR analyst. The rising number of clinical trials for gut health-based diseases is also playing a pivotal role in the growth of the global market.
Dearth of Proper Infrastructure and Skilled Personnel for Research to Hamper Growth Prospects
The increasing collaborations between market players and research institutes are shaping the future of the global human microbiome market. However, several factors are acting as dark spots in the landscape. The dearth of personnel with expertise and lack of proper infrastructure for research, especially in developing countries, are impeding the upward climb of the market. Moreover, human microbiome is still in its initial stages and therefore, there are various uncertainties over its performance. Besides this, stringent government regulations for approval are acting as a bottleneck in the development of the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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