Originally Published on: technavio |Antimicrobial Therapeutics Market by Application, End-user, and Geography - Forecast and Analysis 2023-2027
The market for antimicrobial therapeutics is expected to grow at a compound annual growth rate (CAGR) of 5.63% between 2023 and 2027, with a projected market size increase of USD 51.4 billion. This growth can be attributed to several factors, including recent drug approvals, a robust pipeline of new medications, government initiatives within the pharmaceutical industry, and increasing awareness of microbial diseases.
This comprehensive report delves into market segmentation, covering various aspects of antimicrobial therapeutics, including applications (antiviral, antibacterial, antifungal, and antiparasitic), end-users (pharmacies, hospitals and clinics, research and academic institutes), and geography (North America, Europe, Asia, and Rest of the World). It also includes an in-depth analysis of key drivers, trends, challenges, and historical market data from 2017 to 2021.
Key Drivers, Trends, Challenges, and Customer Landscape:
Initiatives from Government Agencies: Government initiatives within the pharmaceutical industry are significant drivers of the antimicrobial therapeutics market. These initiatives include government insurance programs for medicines that aid in treating patients with microbial infections in developed countries. Additionally, organizations like the Bill and Melinda Gates Foundation are providing substantial funding for the development of vaccines and treatments for infectious diseases, further fueling the market.
Disease Diagnostic Modalities: A new trend in the market is the increased availability of sophisticated disease diagnostic modalities and point-of-care (POC) diagnostic tests, thanks to advancements in technology. These diagnostics, along with biomarkers, play a crucial role in disease detection and monitoring. The development of laboratory-based viral load technologies and simple POC tests is expected to drive market growth during the forecast period.
Increased Availability of Generic Drugs: While the market is poised for growth, the increased availability of generic drugs is a major challenge. Due to patent expirations, pharmaceutical companies are focusing on producing more cost-effective generic alternatives, which can reduce the sales of branded medications. This trend is particularly evident in diseases like HIV, where generic versions of drugs are readily available at a significantly lower cost.
Major Market Vendors:
Several pharmaceutical companies are actively contributing to the antimicrobial therapeutics market. Notable vendors in this space include AbbVie Inc., Astellas Pharma Inc., Bristol Myers Squibb Co., Gilead Sciences Inc., GlaxoSmithKline Plc, and Merck & Co. Inc., among others.
Fastest-Growing Segment:
The antiviral segment is expected to experience significant growth during the forecast period. Viral infections, including influenza, hepatitis, COVID-19, and HIV/AIDS, are becoming more prevalent. The emergence of pandemic diseases, like COVID-19, has led to an increased demand for antiviral drugs. This segment has grown significantly and is driven by a robust pipeline of antiviral drugs with innovative targets and mechanisms of action.
Key Regions for Market Growth:
North America is expected to contribute 38% to the growth of the global antimicrobial therapeutics market during the forecast period. The region's strong reimbursement schemes for treating microbial diseases are projected to drive the market. For example, in the United States, programs like the Vaccines for Children (VFC) offer free vaccines to uninsured and underinsured children, thus promoting the use of antimicrobial treatments.
This report offers a comprehensive overview of the antimicrobial therapeutics market, covering key factors influencing its growth, trends, challenges, and regional dynamics. The insights provided can help stakeholders and businesses navigate this market effectively.
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