It was Alexander Fleming who first discovered penicillin, a type of antibiotic, in the year 1928. Antibiotics are type of medicine that stops infections that are caused by any bacteria by killing or inhibiting the growth of the microbes. The literal meaning of antibiotic is ‘against life’, thus this medicine aids in killing all harmful bacteria in the body. In addition, only bacterial infections can be cured with the help of antibiotics but these are ineffective against viral infections such as bronchitis or common cold. A doctor may prescribe antiviral drugs for viral diseases. Some of the diseases that are treated effectively by antibiotics are skin infections, strep throat, meningitis, whooping cough, bacterial pneumonias, kidney infections, and other bacterial diseases.
Forecast Analysis of Antibiotics Market
The antibiotics market is expected to enhance at a massive rate in the upcoming years due to new product inventions for treating crucial bacterial infections. For instance, in September 2020, Shionogi, a pharmaceutical company, has launched Fetcroja drug in the United Kingdom. This drug is first of its kind that provides protection against all Gram-Negative pathogens. Another reason for the market growth is the rising prevalence of infectious diseases such as HIV/AIDS, pneumonia, and tuberculosis. For example, in 2017, WHO (World Health Organization) conducted a survey in which it was noted that around 15% of children died due to pneumonia. Apart from this, heavy investments in research & development by the biotech companies and rise in the expenditure in the healthcare sector are predicted to open up lucrative opportunities for the global market in the recent years.
Beyond this, implementation of computing technology such as artificial intelligence and machine learning in discovering novel and innovative antibiotics is anticipated to increase the global market growth. However, development of resistance against the antibiotics by pathogens is predicted to hamper the market growth in the upcoming years. As per a report published by Research Dive, the global antibiotics market [ca1] is estimated to reach $58,798.1 million by 2027. Furthermore, the market of the Asia-Pacific region is likely to gain significant growth due to government support for developing antibiotics.
Newest Developments of the Antibiotics Market
The leading players of the global antibiotics market are opting for unique strategies such as mergers & acquisitions, new product announcements, building product portfolios, fund raising for projects, and investments in research & development projects. These strategies are helping the companies in gaining edge in the global market.
In January 2020, Wockhardt, a pharmaceutical company based in Mumbai, India, has received approval by the drug regulator to launch two new antibiotics. The DCGI (Drug Controller General of India) has approved Emrok O (oral) and Emrok (injectable) which will be developed by Wockhardt.
In November 2020, MSD (Merck & Co), has launched a new antibiotic Recarbrio in the United Kingdom after gaining the approval by the European Commission.
In July 2020, AMR (Antimicrobial Resistance Research) Action Fund has been set up by 20 pharmaceutical companies such as Almirall, Bayer, and Chugai to name a few, in order to invest $1 billion in biotech companies for developing antibiotics against resistant bacteria.
Covid-19 Impact on Antibiotics Market
The global antibiotics market is estimated to surge significantly during the Covid-19 pandemic due to rise in the consumption of antibiotics at an astonishing rate. People prefer antibiotics to avoid long-term illness and prolonged hospital stays during the coronavirus outbreak. For example, in a data published by World Dental Federation in November 2020, a rise in antibiotics prescription was noted in England during the Covid-19 mayhem. This indicates that the antibiotics market is likely to face positive growth during the pandemic phase.
Future Scope of the Market
Antibiotics play a vital role in our lives as they help in fighting off infectious pathogens that otherwise may lead to death. Therefore, the antibiotics market seems to be where one can bet on the right horse and expect full filled returns as well. Apart from this, the global epidemic of the novel coronavirus disease has made it evident for pharmaceutical companies to finance heavily in the field of medicine, thus opening opportunities in the global market in the upcoming years.