Global Fosfomycin Market Is Expected to Grow at a CAGR of 3.2% from 2020 to 2027
Fosfomycin is a broad-spectrum antibiotic having activity against gram-negative and gram-positive bacteria, it exerts its pharmacological activity by causing interference in the production of the bacterial cell wall. It is enlisted in the World Health Organization (WHO), list of essential medicines.
Urinary tract infection is currently reigning the clinical application segment for the fosfomycin market. A significant increase in urban industrialization has led to the establishment of huge slums in the metropolitan cities having poor civic amenities. Residents of slum areas are repeatedly exposed to causative agents such as E.coli and E. faecalis and hence suffer from complicated urinary tract infection with a 50% recurrence in previously affected patients. According to the World Health Organization (WHO), approximately 150 million people worldwide are affected by urinary tract infections each year. Prostatitis is anticipated to be the fastest-growing clinical application segment during the forecast period. A constant rise in a geriatric population having frequent urine leakage in the prostate glands and previous nerve or muscle injury in the lower urinary tract are responsible for the occurrence of prostatitis infection in the adult male population throughout the globe.
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Hospital pharmacy is leading the distribution channel segment for the fosfomycin market. Fosfomycin is a broad-spectrum antibiotic-associated with severe drug-related side effects thus it is necessary for the hospital pharmacist to precisely compound the fosfomycin to negate the occurrence of any adverse events. Retail pharmacy is gaining tremendous demand in developing countries due to the presence of a well-developed generic drug market and the availability of medicines at affordable prices.
North America is presently dominating the geography segment for the fosfomycin market. The rising prevalence of prostatitis in the adult male population primarily drives the fosfomycin market growth in the region. As per the latest research citings provided by the Center for Disease Control and Prevention (CDC), the incidence rate of prostatitis in the male population in the United States is 4.9% per 1000 people each year. Furthermore, the domicile of major players in the region such as Verity Pharmaceuticals, Inc., Abbvie, Jamp Pharma Corporation, etc. further propels the market growth in the region. Europe is the second-largest regional segment for the fosfomycin market. Rising prevalence of healthcare-associated urinary tract infection (HAUTIs) determines the fosfomycin market growth in the region. According to the latest statistics presented by the European Commission report, the prevalence rate of HAUTIs is 19.6% in the region. Asia Pacific is set to be the fastest-growing regional segment for fosfomycin market. A significant increase in water and soil population has led to a constant rise in urinary tract infection in people residing in the slums. Additionally, the presence of a flourishing generic drug market further accentuates the fosfomycin market growth in the Asia Pacific region.
Pharmaceutical manufacturers actively engaged in the production of fosfomycin are Verity Pharmaceuticals, Inc., Allergan, Plc. (Abbvie), Jamp Pharma Corporation, Mayne Pharma Group, Nabriva Therapeutics, Plc., Takeda Teva Pharma Ltd., Sun Pharmaceutical Industries Ltd., The Zambon Group, Infectopharm and Macleods Pharmaceuticals Pvt, Ltd.
Market Key Takeaways:
- Rising prevalence of urinary tract infection worldwide
- Significant increase in the number of cases of prostatitis in elderly population throughout the globe
- Affordable reimbursement scenario for the fosfomycin drug formulation further bolster its market growth
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