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Microbiome market projected to reach $658 million by 2023
A new report estimates that the human microbiome market will expand at a compound annual growth rate of 22.3%, from $294 million in 2019 to $658 million by 2023, a press release said.
The report, published by MarketsandMarkets, segments the microbiome market by:
- application (therapeutics and diagnostics)
- disease (diabetes, obesity, autoimmune, cancer, diarrhea and mental disorders)
- product (probiotics, prebiotics, food, medical food, supplements, devices and drugs)
- geography
Projections call for the therapeutics subsegment to account for the greatest market share in the human microbiome sector from 2019 through the forecast. Acute diarrhea is projected to be the fastest growing disease segment in 2019, accounting for the largest share, followed by obesity.
Probiotics is considered as the strongest market share within the product segment, growing at 25.2% from 2019 through 2023. Europe is projected to have the highest share of the geographic market in 2019, with double-digit annual growth, followed by Asia. The researchers expect North America’s growth to slow due to lack of awareness of microbiome product benefits, the release said.
The major reported drivers of this market growth, the release said, include technological advancements such as microbiome sequencing, increased incidence of lifestyle diseases and an aging population.
Enterome Bioscience (France), Yakult (Japan), and US-based companies DuPont, Metabiomics, ViThera Pharmaceuticals, Second Genome, Microbiome Therapeutics, Vedanta BioSciences, Osel and Merck are the major players in this market, the release said.