Antimicrobial Therapeutics Market Estimated To Witness High Growth...

Antimicrobial Therapeutics Market Estimated To Witness High Growth Owing To Rising Prevalence of Infectious Diseases

Posted 2023-11-29 12:57:26

Market Overview:
The antimicrobial therapeutics market consists of products used for treatment of microbial infections. The key products in the market include antibacterial drugs that treat bacterial infections, antifungal drugs for fungal infections, antiviral drugs for viral infections, and antiparasitic drugs for parasitic infections. These products are available in various forms such as capsules, tablets, suspensions, ointments, etc. for effective treatment of infectious microbial diseases.

Market Dynamics:
The antimicrobial therapeutics market is primarily driven by the rising prevalence of infectious diseases globally. As per the World Health Organization (WHO), infectious diseases account for approximately 26% of deaths worldwide every year. Furthermore, around 450 million people worldwide currently suffer from bacterial infections. increasing antimicrobial resistance is also boosting demand for new and more effective antimicrobial drugs. However, high R&D costs and stringent regulatory framework for drug approval are some of the factors hindering growth of the antimicrobial therapeutics market.

The global Antimicrobial Therapeutics Market Analysis is estimated to be valued at US$ 219.80 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Antimicrobial Therapeutics Market has several therapeutics and treatment options available for various diseases. The growing prevalence of infectious diseases and increasing investment in R&D of novel antimicrobial drugs are driving the growth of this market.

Weakness: High costs associated with drug development and stringent regulatory procedures for approval of new drugs are major challenges in this market. Resistance developed by microbes against existing antimicrobial drugs is another key weakness.

Opportunity: Rising antimicrobial resistance and increasing number of multi-drug resistant pathogens present significant opportunities for development of novel drugs classes. Growing demand for cost-effective generic drugs in developing nations also provides opportunities.

Threats: Presence of alternative treatment options like vaccines and stringent regulations around the use of antimicrobials are major threats. Economic slowdowns can negatively impact the growth of this market.

Key Takeaways

The global Antimicrobial Therapeutics Market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing prevalence of infectious diseases worldwide. Growing resistance to existing antimicrobial drugs and emergence of novel pathogens are major drivers boosting the demand.

Regional analysis: North America dominated the global market in 2023 with a share of over 35%, owing to high healthcare spending and presence of key market players in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising incidence of infectious diseases, increasing healthcare expenditures and growing generics market in the region.

Key players: Key players operating in the Antimicrobial Therapeutics market are Pfizer Inc., Johnson & Johnson, GlaxoSmithKline plc, Merck & Co., Â Inc., Novartis AG, Roche Holding AG, AstraZeneca plc, Sanofi SA, Bayer AG, Bristol Myers Squibb Company, Eli Lilly and Company, Gilead Sciences, Â Inc., AbbVie Inc., Allergan plc, Mylan N.V. These players are focused on developing novel drugs through extensive R&D activities and strategic collaborations.