Market Trends of Global Levofloxacin Industry
This section covers the major market trends shaping the Levofloxacin Market according to our research experts:
Pneumonia Segment is Expected to Significant Market Share
The pneumonia segment is expected to grow significantly and hold a major share of the global levofloxacin market throughout the forecast period. The increasing incidence of pneumococcal disease is a high-impact driver. Over the years, there has been a significant upsurge in the number of community-acquired and ventilator-associated bacterial pneumonias.
The burden of pneumonia is on the rise among the global population, creating demand for levofloxacin for treatment purposes. As per an article published in the International Journal of Pediatrics in December 2021, community-acquired pneumonia is one of the major causes of hospitalizations among children worldwide, and the incidence of the disease is highest among children under 5 years. Similarly, in a study published in Frontiers in Pediatrics in February 2022, the prevalence of hypoxic pneumonia was found to be around 35.9% across the North Indian region. Hence, the high incidence and prevalence of the disease are contributing to the increased demand for antibiotic drugs such as levofloxacin across Asian countries.
In addition, according to the research paper on community-acquired pneumonia updated in November 2022 in the NLM journal, community-acquired pneumonia is a leading cause of hospitalization and mortality and incurs high healthcare costs in the United States. As diseases can range from being mild enough to be treated as an outpatient to being so serious that they need to be treated in the intensive care unit, figuring out the right level of care is important for improving outcomes, making sure early diagnosis, and giving the right treatment at the right time.
Also, as per the above-mentioned source, the estimated worldwide incidence of community-acquired pneumonia varies between 1.5 and 14 cases per 1,000 persons per year, which is affected by geography, season, and population characteristics. Additionally, according to the same source, in the United States, the annual incidence is 24.8 cases per 10,000 adults; the rates are higher with the increase in age, and the mortality rate is as high as 23% for patients admitted to the intensive care unit. Such studies show that pneumonia-related illnesses are common, which is likely to increase the number of therapeutics for pneumonia around the world and speed up the growth of this segment.
North America is Expected to Hold a significant Market Share
North America has a big share of the market that was looked at. This is because there are a lot of big market players there and more people are getting chronic and infectious diseases like pneumonia, kidney diseases, and bladder infections.Furthermore, factors such as treatment costs, technological advancements, and product launches are expected to drive regional growth. Also, different government programs that try to prevent and treat pneumonia are making a positive difference across North America.
According to the November 2022 update by the CDC, approximately 7,171 (2.2 cases per 100,000 population) new cases of TB were reported in the United States in 2020, which increased to 7,882 (2.4 cases per 100,000 population) in 2021. According to the same source, the prevalence of tuberculosis was highest among Hispanic or Latino people, who accounted for roughly 30% of all TB cases reported in the country.A high prevalence of TB is believed to result in increased demand for levofloxacin in the country, fueling overall market growth in the region.
Additionally, the burden of the geriatric population has been increasing recently in the region. For instance, according to the 2022 statistics published by UNPF, in the United States, a large proportion of the population is aged 15-64 years and is expected to account for 65% in 2022. In addition, as per the same source, 17% of the population will be 65 years of age or older by the end of 2022. Thus, the increasing geriatric population has a high risk of getting infections due to their low immunity, which increases the demand for antibiotic drugs such as levofloxacin, thereby increasing market growth.
Hence, with the abovementioned factors, the market for levofloxacin is expected to witness strong growth in the North American region, and the United States is believed to hold a significant share among other countries in North America.
