A London-based technology research and advisory company published a report Jan. 12 that shows 41% of the microbial products market will start in North America.
According to a Technavio press release published on the website PR Newswire, while the United States and Canada are the key markets for microbial products in North America, the market growth rate in the region will be slower than the growth of the market in the European and Asian regions.
"The market is driven by factors such as the high demand for microbial products in the pharmaceutical industry, advances in the discovery, therapeutics, and diagnostics of microbes, and the changes in the lifestyles of human beings and the environment," the report stated. “However, challenges related to manufacturing and formulation are hindering the market growth."
The release stated the industry is projected to grow by $18.41 billion by 2026.
The report focused on companies such as bioMerieux SA, GlaxoSmithKline Plc, Kyowa Hakko Bio Co. Ltd., Merck KGaA, NovaMedica, Novartis AG, Pfizer Inc., Sanofi SA, Thermo Fisher Scientific Inc., and Valent BioSciences LLC, according to the release.
“The competitive scenario provided in the microbial products market report analyzes, evaluates, and positions companies based on various performance indicators,” the release stated. “Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share.”
Technavio boasts over 500 specialized analysts and more than 17,000 reports that cover 800 technologies in 50 countries.
It also has a diverse client base that includes more than 100 Fortune 500 companies, according to the release.