The global levofloxacin market was anticipated to record a CAGR of nearly 5.1% during the forecast period. The rise in the cases of bacterial infectious diseases, along with the growing number of baby boomers, is the main factor driving the growth of this market. As per the World Health Organization, pneumonia accounts for 15% of all deaths of children under 5 years old, killing 8,08,694 children in 2017. High burden of antibiotic-resistant infections and emergence of multi-drug resistant pathogens have been augmenting the market.
Increasing efforts undertaken by major companies for the development of advanced products will also support market growth. Involvement of international organizations serves as a catalyst in the levofloxacin market. Funding bodies, such as BARDA, are supporting biotech companies with financial support to complete early stage development of their novel therapies for infectious diseases. Furthermore, supportive government legislation, such as the Generating Antibiotics Incentives Now (GAIN) Act, is anticipated to bolster the approval process. The legislation aims to promote the development of therapies for growing burden and severity of antibiotic-resistant infections. These factors are also supporting the development and uptake of levofloxacin antibiotics.
However, lack of awareness associated with infectious disease may hamper business growth in the future.
Key Market Trends
Pneumonia Segment Dominates the Market and is Expected to Continue the Same during the Forecast Period
- Pneumonia, by application segment, is expected to dominate the global levofloxacin market through the forecast period. Increasing incidence of pneumococcal disease is a high impact rendering driver. Over the years, there has been a significant upsurge in the number of community-acquired and ventilator-associated bacterial pneumonia.
- These infections pose treatment challenges for physicians due to high resistance to current treatment alternatives, thereby imposing a high-cost burden. According to the World Health Organization, The cost of antibiotic treatment for all children with pneumonia is estimated at around USD 109 million per year. The aforementioned factors are driving the demand for the product.
North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is leading, owing to the presence of major market players. Furthermore, factors such as the increasing prevalence of chronic diseases, treatment costs, technological advancements, and product launches are expected to drive regional growth. Also, various government initiatives aimed at the prevention and treatment of pneumonia are responsible for creating a positive impact across North America. For instance, the Integrated Global Action Plan for Pneumonia and Diarrhea by UNICEF and WHO is aimed at minimizing preventable child deaths due to diarrhea and pneumonia. This initiative is focused on interventions and services that raise awareness and increase access to treatment and preventive measures, flourishing the regional growth for the levofloxacin market.
Asia-Pacific is expected to show exponential growth throughout the forecast period. This growth can be attributed to the increased prevalence of pneumococcal disease, unmet patient needs, increased cases of antimicrobial resistance, and rise in disorders leading to weakened immune system, thereby, contributing to the growth of the region.
The market for levofloxacin is consolidated and consists of the global as well as local players. The consolidated environment is marked by key players extensively deploying sustainability strategies. Lupin Limited, Glenmark Pharmaceuticals, Dr. Reddy's Laboratories Ltd, and Zydus Cadila are some of the most notable companies. These companies are involved in new product development initiatives, mergers and acquisitions, and geographical expansion.
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