New York, USA, Jan. 19, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global antibiotics market is expected to garner a revenue of $58,798.1 million and exhibit a CAGR of 4.0% by 2027, increasing from $43,298.5 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics and Opportunities
The global antibiotics industry is mainly driven by the product innovations for the treatment of severe bacterial infections. Another factor enhancing the growth of the industry is the growing prevalence of infectious diseases such as pneumonia, HIV/AIDS, tuberculosis, malaria etc.
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Development of antibiotic resistance, particularly in the case of bacterial infections, is one of the major restraining factor that is expected to hamper the market growth during the forecast period.
Huge investments in R&D activities by biotech companies, availability and adoption of generic medicines, discovery of advanced molecules, and increasing expenditure in healthcare facilities are expected to create great opportunities for the global antibiotics market.
Impact of Covid-19 on Antibiotics Market
The COVID-19 outbreak has brought positive growth to the global antibiotics market. In 2020, the consumption of antibiotics was increased immensely as it was used in a heavy amount to avoid prolonged illnesses and longer hospital stays while the pandemic was spreading havoc. For instance, as per data published by the FDI (Fédération Dentaire Internationale) World Dental Federation in November 2020, there is an extensive surge in antibiotics prescribed to dental patients in England, amid the COVID-19 outbreak.
Key Segments of the Market
The report has categorized the market into different segments based on drug class, spectrum, and region.
Fluoroquinolones Segment to be the Most Lucrative
As per the report, the fluoroquinolones drug class is projected to grow at a notable CAGR of 5.2% and is expected to register a revenue of $10,143.1 million by 2027, increasing from $6,823.1 million in 2019. Fluoroquinolones are extremely effective antibiotics with multiple beneficial pharmacokinetic properties such as large volume of distribution and broad-spectrum antimicrobial activity. Furthermore, novel product innovations and their government approvals is a key factor estimated to fuel the market growth of the sub-segment.
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Broad-Spectrum Segment will have the Most Significant Market Share
The broad-spectrum antibiotics sub-segment is expected to surpass $52,366.7 million by 2027. The rising prevalence of infectious diseases, major development of innovative antibiotics, and extensively increasing healthcare expenditure in the countries like India, Brazil, and Singapore are some of the primary factors fueling the growth of the sub-segment, in the forecast period.
North America will Lead with the Highest Market Share
North America market for antibiotics facilities accounted for $15,132.8 million in 2019 and it is estimated to generate a revenue of $19,950.2 million by the end of 2027. Higher extent of prescribed antibiotics along with strict government & industry regulations for business processes are some of the factors estimated to propel the antibiotics market growth in the region.
Top 10 Key Players and Strategies
According to the report, the leading players of the global antibiotics market include -
- Abbott
- Sanofi
- Merck KGaA
- Bristol-Myers Squibb Company
- Janssen Global Services, LLC
- GlaxoSmithKline plc.
- Novartis AG
- Bayer AG
- Eli Lilly and Company
- Astellas Pharma Inc.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships and collaborations to sustain the growth of the market.
For instance, in January 2018, Melinta Therapeutics, an American company, launched Baxdela (delafloxacin), which is an oral antibiotic for the treatment of bacterial infection skin structure infections and acute bacterial skin and skin structure infection (ABSSSI).
Quick Download Top Companies Development Strategies Summary Report
Apart from this, the market report also summarizes various features of all the prominent players functioning in the market such as financial performance, developments, recent strategic moves, product portfolio, and SWOT scrutiny.
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