The global “Antibiotics“ market size is expected to reach USD 39.06 billion in 2027 at a CAGR of 2.1% during the forecast period. The increasing R&D for the development of antimicrobials in multidrug-resistant bacteria is expected to have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Antibiotics Market Size, Share & Industry Analysis, By Drug Class (Cephalosporin, Penicillins, Fluoroquinolones, Macrolides, and Others), By Route of Administration (Oral and Parenteral) By End User (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.” The market size stood at USD 43.30 billion in 2019.
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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
The report on the antibiotics market discloses:
- Eminent insights into the industry
- Important data with in-depth research
- Factors exhibiting market growth
- Comprehensive study about main regions
- COVID-19 impact on the market
- Prime developments in the industry
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Increasing Cases of Bacterial Infections to Boost Market
The increasing cases of bacterial infections will spur demand for antimicrobials, which, in turn, will augur well for the market. The rising incidence of tuberculosis, malaria, pneumonia, bacterial skin infections, urinary tract infections (UTI), and others will bolster the market’s healthy growth during the forecast period. As per the estimates of WHO, the worldwide prevalence of tuberculosis was 10 million in 2019. According to the Centers for Disease Control and Prevention, 1.7 million HAIs occur every year in the U.S., 32% of which are hospital-acquired UTIs. The increasing government efforts to prevent hospital-acquired infections (HAI), catheter, and ventilator-associated infections will create lucrative opportunities for the market in the forthcoming years.
Adoption of Digital Health Technologies to Promote Growth Amid Coronavirus
The declined patient volume in standalone clinics and hospitals has forced doctors to adopt digital health technologies to sustain their business. Pharmaceuticals and medical devices companies have incurred huge losses due to the economic crisis caused by the pandemic. Moreover, dopped sales observed by key manufacturers can simultaneously dampen the growth of the market. For instance, nine months of Pfizer’s Zithromax sales decreased by 14.2% in 2020 compared to 2019. Similarly, Cubicin, manufactured by Merck & Co., Inc., witnessed a decline of 44.0% in sale during nine months of 2020 as compared to the previous year
Substantial R&D Investments by Major Companies to Consolidate Business
Prominent companies such as Merck & Co., Inc, Sandoz, Taisho Pharmaceutical Holdings, Daiichi Sankyo Company, Limited are investing in R&D to strengthen their position in the industry. Moreover, the increasing approvals for innovative therapies by the FDA can spur lucrative opportunities for the market. For instance, in August 2019, TB Alliance, a non-profit organization, received FDA approval for Pretomanid, as part of combination therapy with linezolid and bedaquiline to treat TB.
Heavy Demand for Antibiotics to Contribute Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest share during the forecast period due to the high consumption of antibiotics. According to an article published in the journal Proceedings of the National Academy of Sciences of the United States of America (PNAS), China, India, and Pakistan witnessed a rise of 103%, 79%, and 69%, respectively, in antibiotic consumption during 2000-2015. The growing prevalence of bacterial infections coupled with the high use of antimicrobials will spur lucrative opportunities for the Asia Pacific market.
January 2020: Wockhardt announced that it had received approval from The Drug Controller General of India (DCGI) for Emrok (injectable) and Emrok O (oral) in acute bacterial skin and skin structure infections, including diabetic foot infections.