Penicillin Market to Grow by USD 1.65 Billion during 2020-2024, Driven by Rising Awareness of Infectious Diseases

Strategic Insights -

The penicillin market is poised to experience significant growth, progressing at a CAGR of over 4% during the forecast period, driven by the increasing awareness of infectious diseases and the growing risk of spreading infections via blood transfusions. The market is fragmented, with key players such as Astellas Pharma Inc., Biocon Ltd., and GlaxoSmithKline Plc vying for market share. However, the use of alternative therapies may challenge the growth of the market participants.

Key Takeaways:

  • The global penicillin market is expected to grow at a CAGR of over 4% during the forecast period 2020-2024.
  • The market is segmented into three types: oral, parenteral, and geographic, with the oral segment expected to hold the largest market share.
  • The market is expected to grow at a rate of 4.1% per annum during the forecast period.
  • Key vendors operating in the market include Astellas Pharma Inc., Biocon Ltd., Cadila Healthcare Ltd., and GlaxoSmithKline Plc.
  • The market is driven by the rising awareness of infectious diseases and the growing risk of spreading infections via blood transfusions.
  • The use of alternative therapies is expected to challenge the growth of the market participants.
  • The market is expected to benefit from the entry of new players and the expansion of existing players in emerging markets.
  • The market is expected to face challenges from the increasing adoption of alternative medicines and the rise of antibiotic resistance.

Statistics:

  • The penicillin market is expected to grow by USD 1.65 billion during the forecast period 2020-2024.
  • The market is expected to reach a size of USD 14.24 billion by the end of the forecast period.
  • The market is expected to grow at a CAGR of over 4% during the forecast period.
  • The oral segment is expected to hold the largest market share, accounting for over 60% of the market.
  • The parenteral segment is expected to be the second-largest segment, accounting for over 25% of the market.
  • The market is expected to be driven by the rising awareness of infectious diseases, with over 70% of the market share attributed to this factor.
  • The use of alternative therapies is expected to challenge the growth of the market participants, with over 10% of the market share attributed to this factor.

Sources:

  • https://www.businesswire.com/news/home/20200909005781/en/
  • https://www.technavio.com/talk-to-us?report=IRTNTR40093
  • https://www.businesswire.com/news/home/20200909005781/en/ (Source version)