PUBLISHER: Grand View Research | PRODUCT CODE: 1405878
PUBLISHER: Grand View Research | PRODUCT CODE: 1405878
The global antibiotics market size is expected to reach USD 68.03 billion by 2030, registering a CAGR of 4.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. High demand, increasing focus on antibiotic resistance programs, initiatives undertaken to avoid the misuse of antibiotics, and easy availability of generic drugs are responsible for market growth. The purchasing process of antibiotics is primarily influenced by physicians. The availability of multiple generic products provides buyers with easy switching options. In the case of institutional businesses, price discounts play an important role in the selection procedure. This can further reduce the profit margins of market players. However, buyers do not have these privileges in branded or patented products.
Furthermore, regulatory authorities have issued the guidelines for limited use of fluoroquinolones. Hence, the bargaining power of buyers is anticipated to be low over the forecast period. According to the State of World's Antibiotics report, in 2021, the overall antimicrobial drug usage in India has increased sharply by 30%. Moreover, according to the CDC's Antibiotics Usage in United States report, 2021 update, around 25 million prescriptions were dispensed from U.S. retail pharmacies. Among them, azithromycin was the leading formulation prescribed in 2021. Thus, the rising consumption pattern of antibacterial drugs is likely to fuel the market growth during the projected period. New product approvals and launches are expected to support market growth.
For instance, in June 2020, the U.S. FDA announced the approval of Recarbrio, a combination of cilastatin-imipenem and relebactam, for the treatment of ventilator-associated bacterial pneumonia and hospital-acquired bacterial pneumonia. The product was first approved for intra-abdominal infections and Urinary Tract Infections (UTIs) in July 2019. In the upcoming years, market growth is projected to be driven by governmental measures, such as the Generating Antibiotics Incentives Now Act, Global Research on Antimicrobial Resistance (GRAM) Project, and the Global Antibiotic Research & Development Partnership (GARDP). Moreover, these organizations are expected to propel the process of developing cutting-edge advanced medications and smoothen the approval process of antibiotic drugs.