Increase in the prevalence of infectious diseases, rise in R&D activities for development of combination drugs, and surge in funding for the development of antibiotics fuel the growth of the global cephalosporin market
PORTLAND, Ore., Nov. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Cephalosporin Market by Generation (First-generation, Second-generation, Third-Generation, Fourth-Generation, and Fifth-Generation), Type (Branded and Generic), Route of Drug Administration (Intravenous and Oral), and Application (Respiratory Tract Infection, Skin Infection, Ear Infection, Urinary Tract Infection, and Sexually Transmitted Infection): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global cephalosporin market size was estimated at $13.69 billion in 2019, and is anticipated to hit $16.87 billion by 2027, registering a CAGR of 2.6% from 2019 to 2027.
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Drivers, restraints, and opportunities-
Increase in the prevalence of infectious diseases, rise in R&D activities for development of combination drugs, and surge in funding for the development of antibiotics fuel the growth of the global cephalosporin market. On the other hand, side effects associated with cephalosporin and antibiotic resistance to cephalosporin restrain the growth to some extent. However, lucrative opportunities in emerging economies are expected to be highly beneficial for the market in the coming years.
In vitro and In vivo studies are going on to assess the potential of cephalosporin for COVID-19, thereby boosting the market growth to a significant extent.
Also, increase in demand for drugs that prevent infections has impacted the global market for cephalosporin positively.
The branded segment to dominate by 2027-
Based on type, the branded segment contributed to more than three-fifths of the global cephalosporin market share in 2019 and is expected to rule the roost by the end of 2027. Branded drugs assure quality and effectiveness over generic drug, which makes them high in demand among doctors. This factor drives the growth of the segment. The generic segment, on the other hand, would register the fastest CAGR of 3.1 throughout the forecast period. This is because these drugs are available at a much lower cost as compared to branded drugs.
The intravenous segment to maintain the dominant share-
Based on route of administration, the intravenous segment accounted for more than two-thirds of the global cephalosporin market revenue in 2019 and is projected to lead the trail during the forecast period. Furthermore, this segment is also anticipated to register the fastest CAGR of 2.9% during the forecast period. Growing incidence of severe infections and increase in the trend of using intravenous cephalosporin as they reach tissue faster and are at higher concentrations as compared to oral drugs propel the segment growth.
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Asia-Pacific, followed by Europe and North America garnered the major share in 2019-
Based on geography, Asia-Pacific, followed by Europe and North America held the major share in 2019, garnering more than one-third of the global cephalosporin market. The same region is also expected to showcase the fastest CAGR of 3.6% by 2027. This is attributed to the factors such as increased consumption of cephalosporin, its easy availability, rise in sale of over-the-counter drugs, and surge in bacterial infection in the region.
Key players in the industry-
Bristol-Myers Squibb Company
Merck & Co. Inc.
Novartis International AG
F.Hoffmann-La Roche Ltd.
Lupin Limited (Lupin Pharmaceuticals, Inc.)
Teva Pharmaceutical Industries Ltd.
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SOURCE Allied Market Research