LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Global Antimicrobial Therapeutics Market by application (antiviral, antibacterial, antifungal, and antiparasitic), and geography (North America, Europe, Asia, and ROW) is witnessed to grow USD 22.78 billion, at a CAGR of 4% from 2019 to 2023”.
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Antiviral application segment will garner the highest share.
Antiviral was the largest application segment of the global antimicrobial therapeutics market in 2018 and is expected to grow faster than the overall market during the forecast period. The rising incidence of viral infections such as influenza, hepatitis, and HIV/AIDS is driving the growth of the antiviral segment in the antimicrobial therapeutics market. Hepatitis C is one of the major blood-borne infections across the world. Similarly, HIV is one of the most common causes of deaths across the world, especially in the US. Therefore, high prevalence of these diseases will stimulate the growth of the antiviral application segment during the forecast period.
Increased disease diagnostic modalities
Although antimicrobials have had considerable progress over the last few years, many people are still being diagnosed with deadly diseases such as HBV and HIV. Effective treatment lies in early diagnosis, which depends on improved access to high-quality diagnostics to diagnose infection and monitor treatment. Moreover, the healthcare sector has been evolving and the centers have been equipped with sophisticated diagnostic modalities and POC diagnostic tests over the past five years. Many companies are focusing on developing PoC products, which can significantly reduce the time for diagnosis and ensure high patient compliance. Such increased disease diagnostic modalities are expected to fuel the growth of the global antimicrobial therapeutics market size during the forecast period.
“The antiviral segment of the global antimicrobial therapeutics market is expected to witness an accelerated growth momentum during the forecast period. One of the key factors driving growth includes the robust pipeline of antibacterial and antiviral drugs. As the usage of antibacterial and the antiviral drugs is increasing, the development of the pipeline drugs will positively impact the growth of this segment during the forecast period,” says a senior research analyst at Technavio.
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Antimicrobial therapeutics to witness fastest adoption in Asia.
APAC is expected to be the fastest growing region of the global antimicrobial therapeutics market during the forecast period. The growth of the market in Asia can be attributed to the rising incidence of microbial diseases, and the presence of NIPs in countries such as Japan, India, and China, which aim at expanding the reach of vaccines. Moreover, non-government agencies and vaccine manufacturers across the world, are voluntarily helping patients to eradicate deadly diseases. Furthermore, the approval of new drugs is also expected to boost the antimicrobial therapeutics market growth in Asia.
Few Major Vendors in the global antimicrobial therapeutics market are:
- Gilead Sciences, Inc.
- GlaxoSmithKline plc
- Merck & Co Inc.
- Pfizer Inc.
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