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The review is aimed at presenting the advances in the field of probiotics based on information gleaned from the patents filed internationally in last 15 years. The review explains the concept of probiotics and discusses the established microbes like lactobacilli and bifidobacteria and some emerging new candidates. The global market trend for probiotics is presented with related aspect of business how patents can be leveraged as business tool to create monopoly and secure future business. Patents related to GIT are discussed at length. The scope has expanded considerably now and patents related to important findings as judged from claims from such patents are explained in depth. Further, more patents that are studied pertain to novel applications related to fat metabolism, obesity, weight management, oral health, anticancer treatments, cardiovascular disorders, diabetes, etc. Few other patents foraying in to the area of immunomodulation, allergies and antioxidant activity are taken into consideration. Other patents are also included that address the challenges related to dreadful viral diseases including AIDS and rare but serious inborn errors of metabolism. The review also enlists salient features of patents dealing with therapeutic effects with existing gut probiotics but with increased viability, use of unconventional bacterial probiotic strains capable of surviving in hostile gut conditions, innovative compositions to increase acceptability and novel methods to deliver the same. New research pertaining to probiotics having role in cosmetics & skin care and veterinary applications is also taken into account. The review is concluded by throwing some light on the trend in the ongoing research as well as some speculation on the future trend. It can be envisaged that the rapid advances in the field certainly hold a huge promise to mankind as it has tremendous scope to deliver a plethora of health advantages.