Medical probiotics refer to live microorganisms that provide health benefits when consumed. Probiotics help maintain intestinal microbial balance and enhance digestion. They aid in treatment of various gastrointestinal disorders such as Irritable Bowel Syndrome, inflammatory bowel disease, and constipation. Growing prevalence of lifestyle diseases and gastrointestinal issues due to changing dietary patterns has increased demand for medical probiotics supplements globally. The Global Medical Probiotics Market Size is estimated to be valued at US$ 4.43 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to improve gastrointestinal health is expected to drive the growth of the medical probiotics market. According to the report by the World Gastroenterology Organization, gastrointestinal disorders affect 60–70 million people in the US and 8–18% of the adult population worldwide each year. Probiotic supplements help balance the gut microbiota and promote a healthy intestinal environment, thereby aiding in treatment of gastrointestinal issues. They reduce risk of colon cancer, alleviate irritable bowel syndrome symptoms, and relieve constipation. Rising health concerns regarding gastrointestinal health will increase demand for medical probiotics for their multiple gut health benefits over the forecast period.
Porter’s Analysis
Threat of new entrants: The medical probiotics market requires substantial R&D investments and manufacturing capabilities to produce high quality products. This makes it difficult for new companies to enter the market.
Bargaining power of buyers: Individual consumers have low bargaining power as medical probiotics are generally prescribed by doctors for specific medical conditions. However, large healthcare institutions and bulk buyers can negotiate prices.
Bargaining power of suppliers: The market has numerous raw material suppliers and is not dependent on a few major suppliers. This reduces supplier bargaining power.
Threat of new substitutes: No viable alternatives currently exist for the health benefits provided by probiotic supplements in certain medical conditions. The threat from substitutes is low.
Competitive rivalry: The market has numerous global and regional players. Intense competition on factors like product development, pricing and brand positioning is increasing rivalry among existing firms.
SWOT Analysis
Strengths: Probiotics help maintain intestinal microbial balance and support immune function. Clinical trials have demonstrated their efficacy in various gut disorders.
Weaknesses: Standardization of strains and formulation across products. High R&D costs involved in developing new probiotic formulations for specific medical uses.
Opportunities: Growing geriatric population worldwide prone to gut dysbiosis. Increasing adoption of probiotic supplements to complement antibiotic and IBD therapies. Scope for more clinical research on new disease applications.
Threats: Stringent regulatory approval process for new strain/product approvals. Competition from substitute gut health products and microbiome-based therapies in the pipeline.
Key Takeaways
The global medical probiotics market is expected to witness high growth at a CAGR of 19% between 2024 to 2030 driven by factors like rising gut health awareness, growing elderly population and prevalence of chronic digestive diseases.
Regional analysis: North America currently dominates the medical probiotics market led by the US. High healthcare spending, technological advancements and favorable regulatory policies support market growth. Asia Pacific is expected to be the fastest growing region during the forecast period led by countries like China, India and Japan. Rising living standards, large patient pools and growing health supplements industry are fueling medical probiotics demand in Asia.
Key players: Key players operating in the medical probiotics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Major manufacturers are focusing on portfolio expansion through new product launches, acquisitions and partnerships to strengthen their market presence.
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