Market Trends of Global Industrial Microbiology Industry
This section covers the major market trends shaping the Industrial Microbiology Market according to our research experts:
Pharmaceutical and Biotechnology Industry Segment is Expected to Have a Significant Share in the Industrial Microbiology Market During Forecast Period
The pharmaceutical and biotechnology industry segment is expected to register significant growth in the market over the forecast period owing to the factors such as increasing research and development activities, and the manufacturing of life-saving drugs and therapies for various indications, especially in the manufacturing of antibiotics or antimicrobials. With the increasing demand for drugs and therapies around the world, the role of microbiology is also expected to increase in the pharmaceutical and biotechnology industry, which is expected to fuel growth in the studied segment.
The increasing research and development expenditure by the pharmaceutical and biotechnology companies around the world is expected to be the major driving factor for the growth in the pharmaceutical and biotechnology industry in the studied market over the forecast period of the study. For instance, according to the data published by the Congressional Budget Office, in June 2021, it has been observed that pharmaceutical industries have spent nearly USD 200 billion on research and development globally compared to USD 83 million in 2019. Additionally, Becton, Dickinson, and Company spent USD 1,339 million on its research and development activities in FY2021 compared to USD 1,096 million in FY2020. Similarly, Thermo Fisher Scientific Inc. spent USD 1,406 million on its research and development activities in FY2021 compared to USD 1,181 million in FY2020. Thus, with the increasing research and development expenditure, the pharmaceutical and biotechnology industry is expected to hold a significant share in the studied market over the forecast period.
Furthermore, in July 2020, over 20 leading biopharmaceutical companies joined forces to form the Antimicrobial Resistance (AMR) Action Fund, which is a ground-breaking partnership that aims to bring 2 to 4 new antibiotics to patients by 2030, with an investment of about USD 1 billion to fund and support clinical research of innovative new antibiotics that target the most resistant bacteria and fatal infections. This is expected to contribute to the growth of the market over the forecast period.
Therefore, owing to the above-mentioned factors, the pharmaceutical and biotechnology industry is expected to hold a major share in the industrial microbiology market over the forecast period of the study.
North America Dominates the Market and Expects to do Same in the Forecast Period
North America is expected to dominate the market with a significant share over the forecast period owing to a significant investment by the pharmaceutical, biotechnology, and food industry in the research and development of new products, along with growing demand for nutraceuticals and fermented products in the region and increasing product launches in the region. For instance, according to the May 2021 report of Statistics Canada, between USD 1.5 and USD 4.0 billion was spent on research and development by the Canadian pharmaceutical sector in 2019, of which USD 2 billion was spent on in-house research and USD 950 million spent on outsourcing research and development work, both domestically and outside Canada. Thus, due to these mentioned factors, the North American region is expected to hold a significant share in the studied market over the forecast period of the study.
In the North American region, the United States is expected to occupy a major share in the studied market due to the factors such as the presence of large-scale pharmaceutical and food companies, and the launch of new products along with the opening and expansion of new testing facilities in the country by key market players in the region. For instance, in June 2022, SGS launched a Biosafety Level-2 microbiology lab in Phoenix, Arizona. With this launch, the company can offer more localized specialist testing for companies operating in the region. Additionally, in May 2021, Becton, Dickinson, and Company launched Urine Culture Application for use with the BD Kiestra lab automation incubation and imaging system in the United States. Thus, increasing launches in the region are expected to boost the market growth.
Furthermore, the rising adoption of various business strategies such as partnerships and agreements by the pharmaceutical and biotechnology companies are also expected to increase the market growth over the forecast period. For instance, in July 2020, Baxter International Inc. signed an agreement with VIPUN Medical to commercialize the VIPUN Gastric Monitoring System. Using a smart enteral feeding tube designed to measure stomach motility, clinicians in the intensive care unit (ICU) and other settings can more accurately identify enteral feeding resistance and make decisions about nutrition therapy.
Hence, owing to the above-mentioned factors, the industrial microbiology market is expected to grow significantly over the forecast period in the region.
