The global microbial technology product market is expected to grow with the CAGR of 6.0% for the period 2016-2022. The total revenue size of the global microbial technology product market was $950.0 million in the year 2015. The global microbial technology product market is segmented on the basis by the product, by the application, and by the end- users. On the basis of the products it is further segmented into microbial fertilizers, microbial pesticides, microbial fuel cells, biofuels, biopolymers, biopharmaceuticals, enzymes, food processing, animal feeding etc. on the basis of the application microbial technology product market is further segmented into pharmaceuticals market, food and beverages, and diagnosis. On the basis of the end-user’s market is divided into agriculture, health care, energy, food production and processing.
The global microbial technology product market has been driven by the factors such as increasing demand of the bio fuel in the market, the increasing demand of the organic product market, ability to cure the infectious diseases, and continuous technological advancement in the market. Microbial technology has been used in the procurement of anticancer cytotoxic, anti-infectious diseases and treatment of hormonal disorder. Increasing awareness of people toward health in the developing countries is also driving the growth of the microbial technological product in the market. However, there are several other factors which are hindering the growth of the global microbial technology product market such as infectious diseases caused by the microbes, high cost of technology, increasing awareness towards environment etc. In spite of these obstacles global market is expected to grow with increasing CAGR over the forecasted period.
On the basis of the geography, the global market of the microbial technology product is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Asia. North America is the leading region which is driving the growth of the global microbial market. Europe is also considered as one of the major players which are driving the growth of the market.
The global microbial technology product market is driven by the existence of some the prominent player in the market such as Algae bioscience corporation, Algenol, Amgen Inc, Biohydrogen ltd, Certisusallc, durectcorp, Novozymes a/s, Novo Nordisk a/s, Genomatica, Environmental biochemicalsinc, Lesaffre ET compagnie, Metabolic explorer s.a., Bioorganicsinc, Valent bioscience corporation, Specialty enzymes and biochemical co. Acquisitions, mergers, expansions, joint ventures and product development are the key strategies adopted by the market players to sustain in the market. for example in February 2015, Bio control Systems introduced Non-O157 Shiga Toxigenic E.coli (STEC) test. This test advances the techniques of food microbiology and molecular technology.