Antibacterial Drugs Market Trends and Growth Prospects 2017-2024
Antibacterial drugs are also termed as antibiotics that can destroy or inhibit the growth of micro-organism such a bacteria. Basically, they are used in prevention and treatment of infectious diseases. The global antibacterial drugs market is likely to grow on the ground of increased prevalence of infectious disease, rising geriatric population along with the growing number of multi-drug resistant bacterial strains.
The global antibacterial drug market
is expected to grow at a CAGR of 1.42 % from USD 45.97 Billion in 2017 and reach USD 50.73 Billion by 2024.
Some of the current growth trends that have been observed in the antibacterial drugs market are growing partnerships/collaboration between companies for new product developments. Basically, the market is dominated by generic drugs manufacturer. In addition, currently, only limited patented drugs are available in antibacterial drugs market which is provoking the manufacturer to produce more antibiotics. Moreover, new formulations and use of monoclonal antibodies (mAbs), combination products are gaining momentum in the market. Furthermore, the appearance and large scale spread of new infections, such as Zika virus and Ebola, are also supporting the development and uptake of antibiotics worldwide.
Increasing incidence of pneumonia, bloodstream infections, and urinary tract infections (UTI) are projected to raise the usage of carbapenems class of antibiotics. At the same time, folic acid inhibitor sulfa drugs are anticipated to grow as they have a wide application scope.
Also, rising initiatives by regulatory bodies and private players associated with the commercialization of therapies for drug-resistant infections are expected to catalyze the growth of the market over the assessment period. Besides, substantial investments in research and development activities by several biotech companies are anticipated to fuel the global antibiotic market growth.
From the geographical perspective, North America is dominating the market and is projected to grow at a promising growth rate in the years to come owing to the constant research and development of antibacterial drugs and the launch of novel formulations in the region. The growth in Asia-Pacific region is mainly attributed to the rising population base, high prevalence of infectious diseases, regulation reforms, and greater use of generic medicines. Latin America, especially Brazil with its strong growth in the pharmaceuticals sector is also projected to exhibit remunerative growth. Additionally, an outbreak of certain viruses such as Ebola in the African region is fueling the demand for antibiotics drugs in the region.
Rising prospective trends such as innovation of some novel compounds with improved efficacy, reduced time for action and fewer side effects are expected to offer a good opportunity for growth of antibacterial drugs market.
On the flip side, a rising number of a patent expiring in several developing and developed nations in the coming years is a major issue which is expected to hinder the growth of the market.
Major players engaged in the antibacterial drugs market include Bayer HealthCare AG, Novartis AG, Pfizer Inc., Astellas Pharma, Inc, Roche, MiddleBrook Pharmaceuticals, Bristol-Myers Squibb Co., Abbott Laboratories, Takeda Pharmaceutical Company, GlaxoSmithKline Plc, Ltd., Daiichi Sankyo Eli Lilly and Co., and Kyorin Pharmaceutical Co., Ltd.
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