The Latin America, Middle East and Africa Penicillin Drug Market would witness market growth of 6.2% CAGR during the forecast period (2023-2030).
Companies are investing significantly in developing alternative formulations with benefits like enhanced pharmacokinetics or increased patient tolerance of penicillin drugs. In particular, the finished dosage form of penicillin, regarded as the most popular class of antibiotics, is targeted to satisfy the rising global demand for the necessary antibiotics.
According to the International Trade Administration, Brazil is the largest healthcare market in Latin America and spends 9.1% of its GDP on healthcare. 63% of the 6,642 hospitals in Brazil are private. 532,645 hospital beds, 88,000 healthcare support services, 502,000 doctors, 331,000 dentists, and89,000 pharmacies are all present as of 2021. Brazil is one of the top six industries in the world for pharmaceuticals and drugs. $16.37 billion was spent on sales in 2021, an increase of 14.26% from 2020 (IQVA). Sales are anticipated to reach $20 billion in 2022. Brazilian imports of pharmaceuticals and raw materials totalled $7.06 billion in 2020. Europe is Brazil’s primary exporter of high-value- added pharmaceuticals. 14% of all Brazilian drug imports come from the United States.
The Saudi Arabian government intends to invest more than $65 billion to build the nation’s healthcare infrastructure as part of Vision 2030, according to the International Trade Administration. Additionally, it wants to privatize 290 hospitals and 2,300 primary health centers by 2030, increasing private sector participation from 40% to 65%. The Saudi Arabian dental care services industry is expected to expand due to rising per capita income, insurance coverage penetration, and dental care spending. There is a high need for dental care, and access to preventive and aesthetic dental care has improved. It is projected that the market will expand as a result of expanding dental care and healthcare infrastructure.
The Brazil market dominated the LAMEA Penicillin Drug Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $211.9 million by 2030. The Argentina market is estimated to witness a CAGR of 6.8% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 5.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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.
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