The global spotted fever treatment market is estimated to garner a substantial revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the increasing prevalence of bacterial infections, coupled with improper maintenance of hygiene in homes and nearby surroundings. According to the Centers for Disease Control and Prevention (CDC), as of 2019, antibiotic resistant fungi and bacteria cause more than 2.8 million infections and 35,000 deaths in the United States each year. Along with these, growing trend of travel and forest tourism, especially in North and South American countries, is assessed to lead to high exposure of a large number of people to several different species of ticks, which are the only cause of spotted fever. This is in turn is predicted to drive robust growth to the growth in the forthcoming years. Furthermore, rise in healthcare spending is projected to offer abundant opportunities to market players in the near future.
The market is segmented by treatment into doxycycline, chloramphenicol, and others, out of which, the doxycycline segment is anticipated to hold the largest share in the global spotted fever treatment market. This can be accounted to the fact that using antibiotics other than doxycycline is associated with higher risk of fatal outcome from spotted fever, and its excellent effectiveness in preventing severe complications from the illness. Apart from this, when treated with this drug, fever generally subsides within 24-48 hours, which is expected to augment its sales in the years to come. Additionally, on the basis of end user, the hospitals segment is evaluated to grab the largest share over the forecast period owing to the high preference of patients to be treated under the supervision of a professional in a hospital facility. 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.
On the basis of geographical analysis, the global spotted fever treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of high number of cases of patients with spotted fever, and presence of climatic conditions favoring the occurrence of tickborne diseases. As per another report by the CDC, the total cases of spotted fever in the U.S. have risen in the last 2 decades, from 495 cases in 2000, to 6,248 cases in 2017. However, 5,544 and 5,207 cases of the disease were reported in 2018 and 2019 respectively.
In addition, large healthcare expenditure is also a major factor projected to boost the growth of the market in the coming years. Moreover, the market in Latin America is also anticipated to grab a sizeable share during the forecast period ascribing to the growing prevalence of tick-based infections and improper maintenance of cleanliness in various parts of the region.
The global spotted fever treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global spotted fever treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of bacterial infections and growing trend of travel and forest tourism.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Lack of appropriate treatment options in lower economic regions is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the rising number of cases of patients with spotted fever, and presence of climatic conditions favoring the occurrence of tickborne diseases.
The major players in the market are Pfizer, Inc., Sun Pharmaceutical Industries, Inc., Novartis AG, GlaxoSmithKline Plc, Johnson & Johnson Services, Inc., and others.
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.
The market is segmented by treatment, end user, drug distribution channel, and by region.
The doxycycline segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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