June 16, 2024

Antibiotics Market is expected to be Flourished by High Demand for Broad Spectrum Antibiotics

 Antibiotics are usually prescribed to treat illnesses caused by bacteria such as strep throat, skin infections, pneumonia, urinary tract infections (UTI), and some sexually transmitted infections (STIs). Antibiotics work by either killing or stopping the growth of bacteria. Different types of antibiotics work in different ways such as inhibiting bacterial cell wall synthesis, protein synthesis, or nucleic acid synthesis.

The global antibiotics market is estimated to be valued at US$ 61981.35 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the major drivers fueling the growth of this market is the high demand for broad spectrum antibiotics. Broad spectrum antibiotics are effective against a wide range of bacteria and are commonly prescribed when the specific organism or pathogens are unknown. They are preferred due to their ability to treat a wide variety of bacterial infections. However, the overuse of broad spectrum antibiotics has contributed to the growing threat of antibiotic resistance globally. According to the Centers for Disease Control and Prevention in the U.S., nearly 3 million people get antibiotic-resistant infections annually and more than 35,000 people die as a result. Another driver promoting market growth is the increasing prevalence of infectious diseases worldwide due to factors such as climate change, global travel, aging population, and rising incidence of chronic diseases. Various infectious diseases like tuberculosis, COVID-19, pneumonia, diarrhea, and others require antibiotic use for treatment which is spurring demand.

Segment Analysis
The global antibiotics market can be segmented based on drug class, distribution channel and geography. Based on drug class, the β-lactam and β-lactamase inhibitors segment currently dominates the market accounting for around 40% share. This segment is also expected to witness highest growth during the forecast period owing to their wide usage and strong efficacy against bacterial infections.

PEST Analysis
Political: The market is impacted by government regulation and healthcare policies related to antibiotic usage and resistance. Various governments are promoting prudent use of antibiotics to prevent further resistance.
Economic: Rising income levels and expanding healthcare spending is promoting higher antibiotics consumption globally. However, cost pressures due to cheap generics may impact major players.
Social: Rising awareness about antibiotic resistance and prudent usage is impacting consumption patterns. People are now more cautious in using antibiotics for viral infections and adopting alternate treatment options if possible.
Technological: Continuous R&D is improving existing drugs and introducing novel class of antibiotics to combat resistance. However, high development costs and regulatory hurdles impact the commercial success of new molecules.

Key Takeaways
The Global Antibiotics Market Size is expected to witness high growth supported by increasing prevalence of infectious diseases and expanding healthcare access globally.

Regionally, Asia Pacific is expected to witness fastest growth during the forecast period due to large patient pool, growing healthcare spending and increasing focus of global players.

Key players operating in the antibiotics market are Odoo, SuiteCRM, VTiger, Salesforce, Zoho, HubSpot, Pipedrive, Insightly, Base, Apptivo, Nutshell, Really Simple Systems, Teamgate, Bitrix24, Creatio, vTiger, SugarCRM, Zurmo, FatFree CRM, EspoCRM. Key players are focused on expanding their product portfolio through acquisitions and licensing agreements. They are also investing in R&D to develop novel drugs with improved efficacy and new mechanisms of action to counter antibiotic resistance.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it