In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global pharyngitis treatment market is estimated to garner a significant CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing cases of diseases that cause pharyngitis, such as, measles, whooping cough, and chickenpox, among others. According to the data by World Health Organization (WHO), in 2018, there were more than 140 000 deaths caused by measles, globally. Bacterial infection in the pharynx is the major cause of pharyngitis. The growing demand for treatment solution for the sore throat and pain, is estimated to boost the market growth. Moreover, increasing investment in developing measles vaccines, is also estimated to boost the market growth. As per other report by WHO, about 86% of the world's children received measles vaccines, in 2018. Between 2000-2018, use of vaccines prevented an estimate of 23.2 million deaths.
The global pharyngitis treatment market is segmented by route of administration into oral, intravenous, and others, out of which, the oral segment is anticipated to hold the largest share in the market during the forecast period on account of easy availability of oral drugs, along with ease in intake of the drug. On the basis of end-user, the pharmacy segment is estimated to garner significant share during the forecast period owing to the effectiveness of over-the-counter drugs, along with the easy availability of medicines in pharmacies. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global pharyngitis treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of high healthcare expenditure, highest health awareness among people, and increasing investment in R&D activities. As per another report by WHO, the per capita healthcare expenditure of North America valued USD 10,050.279, in 2018. Moreover, presence of major pharmaceutical companies, along with high investment in development and distribution of vaccines, is estimated to boost the market growth. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the high prevalence of pharyngitis backed by high population and increasing risk of infections. Moreover, growing public healthcare system in countries, such as, India, and China, is projected to further boost the market growth.
The global pharyngitis treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global pharyngitis treatment market includes the following segments:
Ans: Rising prevalence of pharyngitis causing diseases, such as, measles, whooping cough, and others is estimated to drive the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2030.
Ans: Lack of health awareness in developing countries are estimated to hamper the market growth.
Ans: The market in North America is estimated to show maximum business opportunities during the forecast period owing to the growing advanced medical research, high per capita healthcare expenditure, and development activities in the region.
Ans: The major players in the market GlaxoSmithKline plc., Abbott Laboratories, AbbVie Inc., Amgen Inc., Sanofi-aventis Groupe, Pfizer Inc., Purdue Pharma L.P., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by treatment, route of administration, end-user, and by region.
Ans: The pharmacy segment is anticipated to hold largest market size over the forecast period owing to the easy accessibility of pharmacies, along with affordable prices of over-the-counter drugs.