Antibiotics Market Estimated To Witness High Growth Owing To Increasing Prevalence Of Infectious Diseases
Antibiotics are group of medicines used to treat bacterial infections. They either kill or stop the growth of bacteria. Some common antibiotics include penicillin, amoxicillin, cephalexin, doxycycline, azithromycin and ciprofloxacin. They are prescribed to treat various infections like urinary tract infections, skin infections, respiratory infections, ear infections, sexually transmitted infections and others.
The global antibiotics market is estimated to be valued at US$ 53803.25 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing prevalence of infectious diseases is one of the major drivers of antibiotics market. Rising incidences of hospital acquired infections such as surgical site infections, pneumonia and bloodstream infections are also fueling the market growth. According to World Health Organization, infectious diseases accounted for approximately 26% of all global deaths in 2017. Moreover, emerging infections and increasing antibiotic resistance is another factor augmenting the demand for new and effective antibiotics. However, stringent regulations for approval of new antibiotics and withdrawn of certain antibiotics from market may restrain the market growth.
SWOT Analysis
Strength: Antibiotics market is expected to grow at a CAGR of 12% during the forecast period due to increasing prevalence of infectious diseases globally. Government initiatives to improve healthcare facilities will further boost market growth. The market leaders are focusing on new product launches which will strengthen their product portfolio.
Weakness: Expiry of patents of major drugs and introduction of generic versions can reduce prices of branded drugs. Long approval timelines and stringent regulations for new drug approvals can hinder market growth.
Opportunity: Emergence of antimicrobial resistance poses a big challenge for effective treatment, thereby increases need for development of novel antibiotics. Growing pharmaceutical industry in developing regions presents lucrative opportunities for market players.
Threats: Low R&D investments and product pipelines can threaten continuous supply of innovative antibiotics. Alternative treatment methods and preventive care can reduce overall demand for antibiotics over the long term.
Key Takeaways
The global antibiotics market size is expected to witness high growth.
Regional analysis: Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising healthcare spending, increasing infections, and expansion of key players in emerging markets. North America dominates the global market due to advanced healthcare infrastructure and high adoption of new drugs.
Key players operating in the antibiotics market are Odoo, SuiteCRM, VTiger, Salesforce, Zoho, HubSpot, Pipedrive, Insightly, Base, Apptivo, Nutshell, Really Simple Systems, Teamgate, Bitrix24, Creatio, vTiger, SugarCRM, Zurmo, FatFree CRM, EspoCRM. The major players are focusing on new product launches and approvals to strengthen their product portfolio and market share.
Get more insights on this topic: https://www.newsstatix.com/antibiotics-market-industry-insights-trends-antibiotics-market-2023-2030
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