The introduction of combination drugs such as multiple antibacterials or antibacterials combined with an inhibitor drives the market growth. The use of combination drugs may decrease the chances of evolution of antibiotic-resistant bacterial strains, which is expected to fuel the growth of the market.

Portland, OR -- (SBWire) -- 05/18/2018 --The global cephalosporin market was valued at $3,136 million in 2016, and is projected to reach $4,980 million by 2023, growing at a CAGR of 6.8% from 2017 to 2023, according to the new report published by Allied Market Research. The third-generation cephalosporin segment held around one-third share of the total market in 2016.

Cephalosporin is a group of semisynthetic, broad-spectrum antibiotics, which is majorly used to treat bacterial infections. The major factors contributing to the growth of the market include increase in incidence of population suffering from pneumonia, tonsillitis, bronchitis, and gonorrhea. In addition, increase in R&D activities to develop highly efficient & safe drugs and upsurge in use of combination therapies further boost the market growth. However, side effects associated with cephalosporin and development of drug-resistant bacterial strains restrain the market growth.

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Third-generation cephalosporin segment is expected to dominate the market throughout the analysis period, as these have a broader spectrum of activity. Fifth-generation cephalosporin is expected to register highest CAGR of 7.6% during the forecast period.

Asia-Pacific is projected to register the highest CAGR of 16.1% during the forecast period, owing to increase in incidence of infectious diseases. In addition, rise in healthcare expenditure is anticipated to offer a lucrative opportunity for the market growth.

Globally, rise in incidence of pneumonia, tonsillitis, bronchitis, and gonorrhea constitutes a major proportion of health and economic burden. Therefore, advent of superior drugs is a necessary treatment option of these infections.

Upsurge in the population suffering from infections such as sexually transmitted infections boosts the market growth. Moreover, increased approvals of drugs and growth in awareness about various infections & antibiotic resistance propel the growth of the market Increase in use of combination therapies further leads to the growth of the market.

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Asia-Pacific offers lucrative opportunities for the market growth due to rapid increase in population coupled with rise in incidence of infectious disease. Thus, emerging countries, such as China and India, possess high growth potential for the market.

The major companies profiled in the report include Allergan Plc, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc, Lupin Limited, Merck & Co., Inc., Pfizer Inc., Sanofi, and Teva Pharmaceutical Industries Ltd.