B-lactam Antibacterial Drugs to Remain Highly Sought After, Clocking a 2% CAGR through 2031: Fact.MR
Published : 21 Sep 2021 Industry: Healthcare
A recently published report by Fact.MR reveals that the global antibacterial drugs market is projected to grow at a modest CAGR of 2.6% during the forecast period (2021-2031), expected to reach a value of US$ 62 Bn. In the short run, the market is poised to expand at a CAGR of 1.5% from 2020-2025 to reach US$ 50 Bn.
Historically, the market experienced sluggish growth, registering a 1% value CAGR from 2016 to 2020. At the end of the said historical period, the market was valued at around US$ 46 Bn. By 2021, it is likely to be valued at US$ 48 Bn. Prospects have dimmed majorly amidst the COVID-19 pandemic, with pharmaceutical companies shifting focus towards developing effective anti-viral vaccinations and drugs. This exercise is bound to consume a major part of their finances, relegating prospects for antibacterial drugs.
At the same time, factors such as an increase in the ageing population, growing demand for efficient and affordable antibacterial drugs, and an increasing number of multi-drug resistant bacterial strains are driving the global antibacterial drugs market.
Key Takeaways from the Market Study
- Demand for β-lactams to expand fastest, registering a 2% value CAGR
- Drug stores and retail pharmacies to account for 2/5th of global sales until 2031
- Patients’ proclivity for enteral drugs is projected to increase, on account of oral therapy and relatively safe use than the parenteral route of administration.
- North America is projected to hold 33% of global antibacterial drugs demand
- Asia to emerge the dominant market, capturing 50% of overall demand for antibacterial drugs
- Europe to capture 35% market share for antibacterial drugs across the forecast period
“Ongoing research & development to discover potential formulations for addressing the ever growing antibiotic resistance amongst patients is expected to keep growth prospects for antibacterial drugs moderate,” says the Fact.MR analyst.
Competition in the global antibacterial drugs market is expected to rise, with players focusing on gaining a competitive advantage and increasing their market foothold. Various players around the world are investing in new R&D projects, making joint ventures, and partnerships for being ahead in the competition among others.
- In September 2021, Myovant Sciences and Pfizer Inc. announced that the U.S. Food and Drug Administration (FDA) accepted for review a supplemental New Drug Application (sNDA) for MYFEMBREE® (relugolix 40 mg, estradiol 1 mg, and norethindrone acetate 0.5 mg) for the management of moderate to severe pain associated with endometriosis.
- In July 2021, AstraZeneca announced that it has entered into a collaboration with Regeneron to research, develop and commercialize small molecule compounds directed against the GPR75 target with the potential to treat obesity and related co-morbidities.
More Insights Available
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global antibacterial drugs market, presenting historical demand data (2016-2020), and forecast statistics for the period of 2021-2031.
The study divulges compelling insights on the antibacterial drugs market on the basis of drug class (β-lactams, quinolones, macrolides, tetracycline, aminoglycosides, sulfonamide, phenicols, and others), route of administration (enteral, parenteral, and others (inhalation, topical, etc.), and distribution channel (hospital pharmacies, drug stores, and retail pharmacies, and online pharmacies), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare