The antibiotics market is estimated to be valued at US$ 53803.25 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antibiotics are antimicrobial drugs used in the treatment and prevention of bacterial infections. The major classes of antibiotics include penicillins, cephalosporins, aminoglycosides, carbapenems and others. They are available in various forms such as tablets, capsules, oral suspensions, creams and ointments. Antibiotics are widely used across healthcare sectors including hospitals, clinics, long term care facilities and home healthcare for treatment of infectious diseases like pneumonia, meningitis, endocarditis, skin infection among others.
Market Dynamics:
The antibiotics market is primarily driven by the rising prevalence of infectious diseases globally. As per the WHO, infectious diseases are one of the leading causes of death worldwide, responsible for approximately 17 million deaths in 2017. The trend is attributed to factors such as antimicrobial resistance, rising pollution and environmental change leading to outbreak of epidemics. Additionally, growing geriatric population also vulnerable to infectious diseases is expected to boost demand for antibiotics over the forecast period. However, stringent regulatory policies and lowering antibiotic efficacy due to antibiotic resistance pose challenge to market growth. Growing research and development investments by key players for development of novel antibiotics is expected to present lucrative opportunities for market expansion.
SWOT Analysis
Strength: Antibiotics Market has strong R&D focus on developing new drugs. Presence of many large players ensure constant innovation. Wide usage in healthcare sector provides steady demand.
Weakness: Long regulatory approvals and presence of generic drugs impact profits of major players. Overuse and misuse can lead to antimicrobial resistance reducing effectiveness over time.
Opportunity: Untapped growth opportunities in developing countries due to improving access to healthcare. Developing new drugs to combat antimicrobial resistance presents major scope.
Threats: Stringent regulatory norms increases cost of new drug development. Impact of COVID-19 led economic uncertainties on overall healthcare spending. Emergence of alternative treatment methods threat to antibiotics market share.
Key Takeaways
The Global Antibiotics Market Size is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing prevalence of infectious diseases and growing need for newer drugs to overcome antimicrobial resistance. The market size for 2023 is US$ 53803.25 Mn.
Regional analysis
North America dominates currently due to high healthcare spending and dominance of leading players. However, Asia Pacific is expected to grow at fastest pace due to improving access to healthcare in major economies like India and China. The large patient pool will drive strong demand for antibiotics in the region.
Key players
Key players operating in the antibiotics market are Roche Holding AG, Abbott Laboratories, Sanofi SA, Novartis AG, AstraZeneca, Pfizer Inc., Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline, and Bayer Healthcare AG, among others. These companies invest heavily in R&D to develop novel drugs through collaborations and acquisitions to strengthen their product pipelines.
Read more
https://www.rapidwebwire.com/antibiotics-market-size-share-growth-outlook-2023/
