Portland, OR, July 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Penicillin Drug Market by Source (Natural Penicillin, Semisynthetic Penicillin), by Route of Administration (Oral, Parenteral), by Spectrum of Activity (Narrow spectrum penicillin, Broad spectrum penicillin, Extended spectrum penicillin), by Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". The global penicillin drug market was valued at $8.4 billion in 2022, and is projected to reach $12.1 billion by 2032, registering a CAGR of 3.7% from 2023 to 2032.
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Prime determinants of growth
The global penicillin drug market is being driven by multiple factors, including an increase in awareness and adoption of combination medications, a rise in the prevalence of bacterial infections, and the availability of generic medications. The growing recognition and utilization of combination medications, where penicillin drugs are used in combination with other compounds, are also contributing to the market's expansion. In addition, the rising incidences of bacterial infections worldwide are creating a higher demand for effective penicillin treatments. However, side effects associated with penicillin are restraining the market growth.
Report coverage and details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $8.4 billion |
| Market Size in 2032 | $12.1 billion |
| CAGR | 3.7% |
| No. of Pages in Report | 313 |
| Segments covered | Source, Route of Administration, Spectrum of Activity, Distribution Channel, and Region |
| Drivers | Surge in awareness and adoption of combination medication Rise in incidences of bacterial infections Availability of generic medications |
| Opportunities | Rise in investments in R&D activities |
| Restraints | Side effects associated with penicillin Increase in Resistance to Anti-microbials |
Covid-19 Scenario
- The COVID-19 pandemic had a slight positive impact on the penicillin drug market. This was mainly due to the surge in adoption of antibiotics during the pandemic.
- During the COVID-19 pandemic, there was an increase in self-medication of antimicrobials, including penicillin-based drugs, according to an article by the National Center for Biotechnology Information (NCBI). People resorted to self-medication with antibiotics, vitamins, and immune boosters during the pandemic.
- The use of amoxicillin and clavulanate, a penicillin-based antibiotic, specifically increased during the first peak of COVID-19 until March 2020.
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The semisynthetic penicillin segment to maintain its leadership status throughout the forecast period
Based on source, the semisynthetic penicillin segment held the highest market share in 2022, accounting for more than two-thirds of the global penicillin drug market revenue and is estimated to be the fastest growing segment during the forecast period. The same segment is projected to manifest the highest CAGR of 4.0% from 2023 to 2032. This growth of the semisynthetic penicillin segment is mainly attributed to the advantages that are offered by them. Semisynthetic penicillin has an extended-spectrum of activity compared to natural penicillin. They are effective against a wider range of bacteria, including both gram-positive and gram-negative organisms.
The parenteral segment to maintain its lead position during the forecast period
Based on route of administration, the parenteral segment accounted for the largest share in 2022, accounting for nearly three-fifths of the global penicillin drug market revenue and is projected to maintain its lead position during the forecast period. This growth is attributed to the fast absorption of injectable drug into the bloodstream, leading to targeted treatment and faster resolution of the bacterial infection. On the other hand, the oral segment is anticipated to grow at a fastest CAGR of 4.0% during the forecast period. This is attributed to the availability of various oral forms of penicillin medications which allows for flexible dosing and ease of administration, making it more convenient for patients to take the prescribed medication and effectively treat bacterial infections.
The spectrum of activity segment to maintain its lead position during the forecast period
Based on spectrum of activity, the broad-spectrum penicillin segment accounted for the largest share in 2022, accounting for nearly two-fifths of the global penicillin drug market revenue. The growth is mainly attributed to the surge in adoption of amoxicillin and ampicillin drug medications around the globe. On the other hand, the extended-spectrum penicillin segment is anticipated to grow a fastest rate CAGR of 4.5% during the forecast period, which is mainly due to the advantages offered by the extended-spectrum penicillins over the natural penicillin such as wider spectrum of activity against both gram-positive and gram-negative bacteria.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global penicillin drug market revenue. The same segment is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. The growth is attributed to the large population base in countries such as China and India, high prevalence of bacterial infections, rising healthcare expenditure, and developing healthcare infrastructure.
Leading Market Players: -
- GlaxoSmithKline Plc
- Pfizer Inc.
- Novartis AG
- Lupin
- Abbott Laboratories
- Cipla Ltd
- Takeda Pharmaceutical Company Ltd
- Alkem Laboratories Ltd.
- Teva Pharmaceutical Industries Limited
- Sun Pharmaceutical Industries Limited
The report provides a detailed analysis of these key players in the global penicillin drug market. These players have adopted different strategies such agreement, geographical expansion, investment and spin off to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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