Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Psychobiotics Market By Psychotropic Agent, By Form, By Application, and by Region - Global Forecast to 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global psychobiotics market size was USD 138.5 million in 2022 and is expected to reach at USD 209.2 million by 2033 with a CAGR of 3.82% during the forecast period 2023 to 2033.
Increasing prevalence of the disease, advancements in medical technology, rising awareness about the disease, favorable reimbursement policies, increasing healthcare expenditure, growing geriatric population, technological advancements in imaging techniques, and increasing research and development activities. However, the high cost of treatment, side effects of treatment, lack of awareness, and limited treatment options will hinder the market growth.
Globally, the frequency of mental health disorders is rising, affecting millions of people with illnesses including anxiety and depression. Psychobiotics are being considered as a possible new therapeutic alternative that might supplement or perhaps take the place of conventional medications. For instance, the World Health Organization (WHO) published a report in September 2021 that highlighted the increasing global burden of mental health illnesses. According to the report, the COVID-19 epidemic has made mental health problems worse, with depression and anxiety being the most prevalent conditions.
Technology developments have resulted in the creation of fresh, effective techniques for locating and isolating particular psychobiotic strains. As a result, more specialised and potent psychobiotic pills and other items have been created. For instance, the pharmaceutical company Sanofi and the microbiome research firm Biocodex established a partnership in July 2021 to create novel psychobiotic therapies for autism spectrum disease.
Competitor Insights
Some of the key players operating in the psychobiotics market are Nestle SA, DuPont de Nemours, Inc., Chr. Hansen Holding A/S, Yakult Honsha Co. Ltd., Lallemand Inc., BioGaia AB, and others.
These companies employ an array of growth strategies to gain an edge over the competition. Strategic alliances, collaborations, and agreements with other companies and research institutions are the main strategies used by corporations in this industry.
For instance, Lallemand Inc. announced the release of ProbioKid in November 2020, a new psychobiotic supplement created especially for kids and teenagers to assist their emotional and cognitive growth.
For instance, a clinical investigation by BioGaia AB in May 2021 revealed that their probiotic strain Lactobacillus reuteri DSM 17938 can lessen the symptoms of depression in people with irritable bowel syndrome (IBS).
This in-depth research study focuses on the size and projections of the global and regional markets for a variety of product categories, including psychotropic agent, dosage form, and end-user, for the period 2023 to 2033.
Segmentation: Psychobiotics Market Report 2022 - 2033
By Psychotropic Agent (Revenue, USD Million), 2022 - 2033
- Streptococcus
- Bifidobacterium
- Lactobacillus
- Clostridium
- Others
By Form (Revenue, USD Million), 2022 - 2033
- Powder
- Liquid/Fluid
- Tablets
- Others
By Application (Revenue, USD Million), 2022 - 2033
- Stress Management
- Mood Health & Mood Upliftment
- Depression
- Anxiety
- Sleep Problems
- Others
By Region (Revenue, USD Million), 2022 - 2033
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value (USD) in 2022 | $138.5 Million |
| Forecasted Market Value (USD) by 2033 | $209.2 Million |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/f3enaf
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