The Europe Penicillin Drug Market would witness market growth of 3.2% CAGR during the forecast period (2023-2030).
Healthcare professionals are more likely to prescribe penicillin when necessary due to a better understanding of the proper indications, dose, and duration of penicillin therapy. This will contribute to the market’s growth. Patients also play a critical role in supporting market growth by immediately seeking medical treatment for bacterial illnesses and adhering to the recommended penicillin prescription.
Antibiotic use needs to be optimized, enhanced infection control strategies and the creation of new antimicrobial agents are some of the various approaches needed to combat antimicrobial resistance. As a result, the pharmaceutical industry realizes the significance of constantly enhancing and broadening the options accessible for penicillin therapy, which is predicted to fuel the expansion of the market throughout the forecast period.
Lack of good health, failing to wash hands before eating or cooking, concealing sneezing, and inadequate sanitation and hygiene routines are the main causes of increased bacterial illness. Due to this increased incidence, there is a significantly higher need for antibiotics, leading to profitable growth prospects for the market during the forecast period.
The pharmaceutical industry in Europe has a significant role in the economy and the public's interest in health care. The pharmaceutical industry's sales climbed by 5.7 percent in 2019 to reach EUR 46.4 billion. On the other hand, a general relocation of pharmaceutical manufacturers would increase expenses for the healthcare system, negatively impacting its ability to compete. In Germany, the healthcare industry accounts for one in every six employment and has an economic impact of EUR 678.2 billion (USD 798 billion), or around 12% of Germany's GDP. The market will grow as the region's healthcare industries expand.
The Germany market dominated the Europe Penicillin Drug Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $676.9 million by 2030. The UK market is estimated to grow CAGR of 2.3% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 3.9% during (2023 - 2030).
Based on Source, the market is segmented into Semisynthetic Penicillin and Natural Penicillin. Based on Spectrum of Activity, the market is segmented into Broad spectrum, Extended spectrum and Narrow spectrum. Based on Distribution Channel, the market is segmented into Drug Stores & Retail Pharmacies, Hospital Pharmacies and Online Providers. Based on Route of Administration, the market is segmented into Parenteral and Oral. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Penicillin Drug Market is Projected to reach USD 10.9 Billion by 2030, at a CAGR of 3.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include GlaxoSmithKline PLC (GSK), Pfizer, Inc., Novartis AG, Lupin Limited, Abbott Laboratories, Cipla Limited, Takeda Pharmaceutical Company Limited, Alkem Laboratories Ltd., Teva Pharmaceuticals Industries Ltd., Sun Pharmaceutical Industries Ltd.
By Source
By Spectrum of Activity
By Distribution Channel
By Route of Administration
By Country
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