December 19, 2018
WELLESLEY, Mass., Dec. 19, 2018 – The global antibiotics market is driven by the growing use of antibiotics in emerging markets, the increasing size of the geriatric population worldwide, and rising demand as the number of infectious diseases increases. According to a new BCC Research forecast, this market will reach $55.8 billion by 2023.
The outlook is positive, with significant growth potential for beta lactams and tetracyclines. Higher disposable incomes, increased spending on healthcare in emerging markets, and the rising number of R&D grants from government agencies are also contributing to growth of the global antibiotics market. From an estimated $38.3 billion in 2018, a 5-year compound annual growth rate of 7.8% is forecast in BCC Research’s report “Antibiotics: Global Markets to 2023.”
The antibiotics market is challenged by restraints such as low return on investment, pricing pressure from regulators, antimicrobial resistance, patent expiry and antibiotic shortages. There is pressure on antibiotic manufacturers to offer drugs that overcome antimicrobial resistance at affordable prices.
“Antibiotic drug manufacturers should consider collaborations and partnerships with other companies or government bodies to accelerate the development of new antibiotic drugs,” the report notes. “Antibiotic drug manufacturers should also consider the adoption of 3D printing technology to reduce manufacturing costs and increase production efficiency.”
Asia-Pacific Will Have Fastest 5-Year Growth
North America accounts for $12.0 billion (31.4%) of the global antibiotics market. Western Europe is the second largest region, accounting for $10.2 billion (26.7%). Asia-Pacific is forecast to rapidly expand at a 13.8% CAGR, which is attributed to increasing incidence of air and water pollution in countries such as China and India. Africa is expected to grow at a 10.6% CAGR.
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Antibiotics: Global Markets to 2023( PHM209A )
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