According to the research study, the worldwide human microbiome market will be US$2.2 bn in 2020, is anticipated to expand at a healthy CAGR of 9.80% during the period from 2020 to 2024 and attain an amount worth US$3.2 bn in revenues by the end of the forecast period. Diagnostics and therapeutics are the two main component of the worldwide human microbiome market. Rising at a CAGR of 9.20% between 2020 and 2024, the human microbiome therapeutics market is expected to register significant growth over the next few years. Similarly, the human microbiome diagnostics market is anticipated to rise at an impressive CAGR of 8.60% from 2018 to 2024.
Since the global human microbiome market is in a nascent stage, a large number of players are entering into this market on a regular interval, which resultantly, is expected to intensify the competition within this market over the forthcoming years, finds a new research study by Transparency Market Research (TMR).
The leading companies are concentrating on technological advancements and product innovations in order to strengthen their position in the global market in the near future. Mergers and acquisitions will also be a preferred strategy among participants looking for further expansion, reports the market study.
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Increasing Pool of Venture-cap Funded Startups to Ensure North America’s Lead
The research study further presents an exhaustive report on the geographical analysis of the worldwide human microbiome market. North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America have been considered as the prime geographical segments of this market in this report. North America has emerged as the leading regional market for human microbiome, thanks to the early adoption of technology and the presence of a state-of-art medical and healthcare industry.
This North American market is expected to remain on top over the forecast period on the ground of the increasing pool of venture-capital funded startups and the escalating investments by leading players for research and development of drugs in this region. The North America human microbiome therapeutics market is projected to rise at a CAGR of 9.10% between 2020 and 2024, whereas, the market for human microbiome diagnostics in North America will proliferate at a CAGR of 8.80% from 2018 to 2024, notes the study. The Europe market for human microbiome is projected to retain its second position over the next few years, thanks to the high investments by companies in this domain France.
Rise in Clinical Trials for Gut Health-based Diseases to Boost Market
“The global human microbiome market is mainly driven by the rise in clinical trials for gut health-based diseases and the rising investments by angel investors and venture capital firms/individual venture capitalists in the research and development of human microbiome-based therapies,” states the author of the study. With human microbiome being a relatively new and highly potent domain, drugmakers across the world have put a keen eye for it, which is materializing into increased capital investments. This, as a result, is likely to boost the worldwide market for human microbiome over the next few years.
Although the opportunities in this market look rewarding, the current lack of certainty over the performance of these drugs in the long run over different individuals and the regulatory hurdles for approval are likely to create obstacles in the growth trajectory of this market in the near future, states the research report.
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