Published Date : Apr 06, 2016
Since 1928 when the penicillin was first discovered, the use of antibacterial drugs has gone up consistently. And while the multibillion dollar market for antibacterial drugs witnessed rapid growth over the past few years, it has been predicted that by 2023, the value of the global market will decline.
Antibacterial drugs are used in both humans and animals and are used to either kill bacteria completely or prevent them from reproducing, thereby diluting their ability to lead to infections. Antibacterial drugs are able to achieve this by targeting different physiological functions of bacteria directly, such as the synthesis of proteins, cell walls, or nucleic acid.
Here’s a look at three of the most defining trends that are impacting the global antibacterial drugs market.
Rise in Aging Population a Major Opportunity for Antibacterial Drug Companies
Just by looking at the number of people entering the aged population group is proof enough that the surge in geriatric population will single handedly drive the antibacterial drugs market in the coming years. According to the National Institute of Aging (US), in 2050, aged people will account for a massive 16 per cent of the global population. This translates to a whopping 1.5 billion people who will belong to the age group of over 65 years. For the antibacterial drugs market, the rise in geriatric population will cause a spike in the demand for a variety of antibacterial drugs.
Patent Expiries Threaten to Slow Market Growth
One of the most significant hurdles that threatens the growth of the antibacterial drugs market is the expiration of the patents of several blockbuster drug brands. While this will result in the entry of a number of generic drugs in this space, the profitability of patented drugs is likely to be hit. This will naturally lead to an unimpressive market growth rate. Companies have also been launching new research and development programs to regain or retain a competitive edge over other rivals in the antibacterial drugs market.