The global 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 used to treat bacterial infections. Different types of antibiotics are used to treat different bacterial infections. Some common antibiotics include Penicillin, Amoxicillin, Fluoroquinolones, Sulfonamides, etc. Antibiotics help kill or slow down the growth of bacteria causing infections. They are widely used for treating many bacterial infections like pneumonia, tuberculosis, gonorrhea, Lyme disease, etc. Rise in foodborne illnesses and increase in prevalence of infectious diseases has resulted in high demand for antibiotics globally.
Market key trends:
One of the major trends in the antibiotics market growth is rising consumer awareness regarding healthcare and well-being. Increasing urbanization and economic development in developing regions has boosted healthcare expenditure. Consumers are increasingly concerned about health issues and understand the importance of treatment of diseases and infections. This has resulted in high demand for various healthcare products and services including antibiotics. Rise in affordability of antibiotics due to presence of generic drugs as an alternative to branded drugs has also supported market growth. However, issues pertaining to antibiotic resistance remain a key challenge.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the antibiotics market requires high R&D investments and capital to develop new drugs. It also needs approval by regulatory bodies which increases barriers.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established as well as generic antibiotic manufacturers. Buyers can easily switch between branded and generic drugs based on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials for antibiotics are commodity chemicals whose supply is consolidated among few players globally.
Threat of new substitutes: The threat of new substitutes is low as antibiotics drugs do not have substitutes to treat bacterial infections even though resistance is increasing. Some alternatives include preventive vaccines, probiotics etc but can not replace antibiotics.
Competitive rivalry: is high among established players.
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 & chronic diseases. The market size for 2023 is estimated to be US$ 53803.25 Mn.
Regional analysis includes – North America dominates the global antibiotics market owing to increasing government funding for R&D of novel drugs and initiatives to prevent antimicrobial resistance. Asia Pacific is expected to be the fastest growing market attributed to large population base, improving healthcare infrastructure and rising disposable income.
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. Key players are focusing on mergers, acquisitions and partnership agreements to expand their product portfolio and geographical presence across the world.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it