Penicillin Market to grow by US$ 2.82 billion between 2023 and 2028, driven by rising prevalence of infectious diseases- Technavio

• Technavio, a leading global technology research and advisory company, today announced the publication of its latest market report, "penicillin market." The report forecasts the market to grow by by US$ 2.82 billion  during the period 2023 –2028, exhibiting a compounded annual growth rate (CAGR) of 5.4%.
• In the penicillin market, strategic alliances through licensing and collaborative agreements play a pivotal role in the co-development and commercialization of drugs across various geographies. Such partnerships enable the leveraging of each company's unique technical expertise, regulatory experience, and development capabilities. Co-development agreements facilitate the sharing of resources, risks, and costs, ensuring adequate funding and reducing liability for individual companies in case of failures. Mergers and acquisitions (M&A) are also common practices to expand market reach or bolster product portfolios, thereby attracting more venture investments and enhancing the competitive edge in the penicillin market.

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Key Market Insights

Our comprehensive analysis reveals several key findings from the report:

• YoY growth 2023-2024(%): The market is projected to grow by 4.72% during the forecast period.
• Key Growth Drivers: Rising prevalence of infectious diseases, Growing awareness of various diseases and their treatment, Special regulatory designations driving quality of penicillin. Together, these drivers will shape the future trajectory of the market over the forecast period.
• Major Market Challenges: While drivers will fuel market expansion, Increasing use of alternative therapies resulting in decreased purchase of penicillin, Noncompliance with prescribed penicillin antibiotic therapy, Increasing launch of generics are expected to moderate the pace of growth.

Market Segmentation

The report segments the penicillin market by:

• Source

  • Semisynthetic
  • Natural

• Type

  • Oral
  • Parenteral

• Geography

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

Competitive Landscape

The market is characterized by intense competition with several key players. The report provides a detailed analysis of the competitive landscape, highlighting key strategies and market positions of leading vendors, including

• Abbott Laboratories
• AdvaCare Pharma
• Aenova Holding GmbH
• Astellas Pharma Inc.
• Canvax Biotech SL
• Cipla Ltd.
• F. Hoffmann La Roche Ltd.
• Fermenta Biotech Ltd.
• Focus Technology Co. Ltd.
• FUJIFILM Corp.
• GlaxoSmithKline Plc
• Glenmark Pharmaceuticals Ltd.
• Lupin Ltd.
• Merck KGaA
• Novartis AG
• Pfizer Inc.
• Recipharm AB
• Sanofi SA
• Viatris Inc.
• Wellona Pharma

Quote from an Analyst

“Strategic alliances and M and A among penicillin vendors signals strong growth opportunities ahead.” said Senior Analyst at Technavio. This trend is not only creating new opportunities but also reshaping the competitive landscape. Our report provides the strategic insights needed to navigate this dynamic market.

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Research Analysis Overview

• Penicillin is a broad-spectrum antibiotic that has been widely used to treat various bacterial infections, including respiratory tract infections like pneumonia and bacterial infections caused by Neisseria meningitidis, Staphylococcus aureus, Streptococcus pyogenes, and Streptococcus pneumoniae. Two main types of penicillin are available in the market: broad-spectrum penicillin and narrow-spectrum penicillin. Broad-spectrum penicillin, such as ampicillin and amoxicillin, have a wider range of activity against different types of bacteria. In contrast, narrow-spectrum penicillin, like natural penicillin, is effective against specific bacterial strains. Penicillin is derived from natural sources, such as Penicillium chrysogenum, and is also produced synthetically as semisynthetic penicillin. Penicillinase-resistant penicillin, such as amoxicillin, is produced by modifying the natural penicillin structure to resist penicillinase enzymes produced by some bacteria. The penicillin market includes finished products and raw materials.
• Travel restrictions and lockdowns due to the COVID-19 pandemic have disrupted global supply chains, leading to shortages of raw materials and finished penicillin products. This has resulted in increased demand for generic penicillin medication, with many patients turning to brand-name counterparts due to their reliability and consistency. R&D efforts are ongoing to develop new penicillin derivatives to combat antimicrobial resistance (AMR). The global penicillin market is expected to grow significantly due to the increasing prevalence of bacterial infections and the need for effective and affordable antibiotics. Penicillin is available in various forms, including injections, capsules, and tablets.

Market Research Overview

• According to Technavio, the global penicillin market is a segment of the expansive global pharmaceuticals industry, encompassing entities involved in research and development (R&D) or manufacturing of various pharmaceutical offerings, including generic and non-generic drugs, veterinary drugs, and penicillin.
• The global healthcare industry, which includes the pharmaceuticals sector, is projected to expand based on several key drivers. Notably, the aging population is a significant factor, with the number of individuals above 60 years anticipated to rise substantially. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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