Antibiotics Market is Estimated to Witness High Growth Owing to...

Antibiotics Market is Estimated to Witness High Growth Owing to Rising Incidences of Bacterial Infections

Posted 2024-02-02 06:31:43

Antibiotics are medicines used to prevent and treat bacterial infections. They come in various forms including pills, liquids, injections and topical ointments. Some commonly used antibiotics include penicillin, cephalosporins, fluoroquinolones and macrolides. They work by either killing or preventing the growth of bacteria. Antibiotics are commonly prescribed to treat infections like urinary tract infections, skin infections, respiratory infections and others. However, their overuse and misuse has led to increasing antibiotic resistance globally.

The global antibiotics Market is estimated to be valued at US$ 61981.35 Bn or Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising incidences of bacterial infections owing to factors like increasing pollution levels, changing lifestyle and lack of sanitation in developing countries is a key driver fueling growth of the antibiotics market. According to the World Health Organization (WHO), bacterial infections are among the top 10 causes of death worldwide. Growing adoption of antibiotics to treat community acquired and hospital acquired infections is also boosting demand. Moreover, increasing R&D efforts by players for development of new drugs to overcome antimicrobial resistance is anticipated to offer lucrative growth opportunities for antibiotics manufacturers over the forecast period.

SWOT Analysis
Strength: The antibiotics market has strong growth potential over the forecast period due to rising antibiotic resistant infections globally. Several new antibiotic drug approvals and launches will boost revenue generation. Furthermore, government support for antibiotic R&D drives the development of novel drugs.

Weakness: High capital requirements for antibiotic drug development limits entry of small players. Adverse drug reactions associated with certain antibiotics hampers market growth to some extent.

Opportunity:Untapped developing regions present lucrative opportunities for market players. Increasing incidence of infectious diseases in these areas will spur demand for antibiotics. Growing resistance to existing drugs necessitates novel therapies, opening new avenues.

Threats: Patent expirations of major drugs pose threat to large players.Stringent regulatory norms for approval delays market launch of new drugs.

Key Takeaways
The Global Antibiotics Market Size is expected to witness high growth over the forecast period. In 2024, the market was valued at US$ 61981.35 billion and is projected to reach US$ 78975.12 billion by 2031, registering a CAGR of 12%.

Regional analysis: North America currently dominates the global antibiotics market, with the US being the major revenue generator. However, Asia Pacific region is poised to witness highest growth owing to rising healthcare expenditures and increasing initiative to improve access to antibiotics.

Key players related content comprises: 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. Large players are focusing on expanding their product portfolios through acquisitions and partnerships. Small players are involved in developing and launching affordable generic drugs to gain market share.