The antibiotics market is estimated to be valued at US$ 53803.25 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Antibiotics are drugs that kill or slow down the growth of bacteria. They are used to treat bacterial infections such as pneumonia, urinary tract infections, and tuberculosis. The major classes of antibiotics include penicillins, cephalosporins, fluoroquinolones, macrolides and sulfonamides. They function by either killing the bacteria or suppressing their growth. With rising incidences of infectious diseases and increasing bacterial resistance, antibiotics play a vital role in healthcare. Market key trends: The antibiotics market is expected to witness high growth owing to rising incidences of infectious diseases across the globe. As per World Health Organization (WHO), infectious diseases continue to be a major cause of death worldwide. The accelerating antimicrobial resistance is emerging as a major threat globally. According to a report from the Centers for Disease Control and Prevention, over 2.8 million antibiotic-resistant infections occur in the United States each year, with more than 35,000 deaths directly caused by antibiotic-resistant bacteria or fungi. The increase in multidrug-resistant pathogens is necessitating the development of new classes of antibiotics, thereby supporting the market growth over the forecast period. Porter's Analysis Threat of new entrants: The threat of new entrants in the antibiotics market is moderate. Establishing infrastructure for R&D, manufacturing and supply chain distribution involves high initial costs posing moderate entry barriers. Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers can negotiate for lower prices due to availability of alternatives in antibiotics treatment. However, switching costs and brand loyalty is moderate. Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and contract manufacturing organizations have moderate bargaining power due to availability of alternative suppliers and contractual agreements. Threat of new substitutes: The threat of new substitutes is moderate as alternatives like natural therapy have limited effectiveness. However, new drug discoveries pose a potential threat. Competitive rivalry: High due to presence of many established players and generic manufacturers. Companies compete on price, product differentiation, R&D for new formulations and biosimilars. SWOT Analysis Strengths: Large product portfolio, established brands, extensive distribution network and R&D capabilities. Weaknesses: Rising R&D costs, generic competition eroding sales, pipeline failures and regulatory requirements. Opportunities: Growing middle class in emerging markets, increasing prevalence of infectious diseases and need for combination therapies. Threats: Patent expiries, pricing pressure, stringent regulations and environmental concerns over antibiotic residue. Key Takeaways The Global Antibiotics Market Size is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of infectious diseases and need for effective treatments. The market size for 2023 is estimated at US$ 53803.25 Mn. Regionally, North America dominates the global antibiotics market and is expected to maintain its lead over the forecast period. This is attributed to increasing healthcare expenditure, availability of advanced treatments and growing prevalence of bacterial infections in the region. Asia Pacific is anticipated to be the fastest growing regional market owing to rising patient pool, expanding healthcare infrastructure and growing medical tourism in countries like India and China. Key players operating in the antibiotics market are Roche Holding AG, Abbott Laboratories, Sanofi SA, Novartis AG, AstraZeneca, Pfizer Inc., Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline, and Bayer Healthcare AG, among others. These players are focused on developing new products through R&D and expanding geographically. Read more https://www.ukwebwire.com/antibiotics-market-size-share-growth-outlook-2023/
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