Global Microbiome Market To Have Whopping Growth Rate Of 75% Through 2023
The global microbiome market is expected to decline from $41.21 million in 2019 to $40.09 million in 2020 at a compound annual growth rate (CAGR) of -2.70%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $217.22 million in 2023 at a CAGR of 75.63%. The increasing prevalence of inflammatory bowel disease (IBD) is a key factor driving the growth of the microbiome market. However, the high cost of microbial therapy is a key factor hampering the growth of the market.
The microbiome market consists of sales of microbiomes drugs and related services. Microbiome therapy aims at restoring balanced gut microbiota and is expected to decrease the risk of infection recurrence and greatly increase the quality of life of patients.
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The global microbiome market is further segmented based on type and geography.
By Type: Fecal Microbiota Transplantation (FMT), Microbiome Drugs
Application: Inflammatory Bowel Disease, Diabetes, Multiple Sclerosis, Rheumatoid Arthritis, Others.
By Geography: The global microbiome market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American microbiome market accounts for the largest share in the global microbiome market.
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Trends In The Microbiome Market
The growing technological improvement is a major trend gaining popularity in the microbiome market. Major companies in the microbiome sector are focusing on developing advanced technology solutions for microbiomes.
Microbiome Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides microbiome market overviews, analyzes and forecasts microbiome market size and growth for the global microbiome market, microbiome market share, microbiome market players, microbiome market size, microbiome market segments and geographies, microbiome market trends, microbiome market drivers and microbiome market restraints, microbiome market’s leading competitors’ revenues, profiles and market shares. The microbiome market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.