Neomycin Sulfate Market Pegged for Robust
Neomycin Sulfate Market Pegged for Robust Expansion by 2030
Neomycin Sulfate: Introduction
- Neomycin sulfate is a medication used to reduce the risk of infection after certain intestinal surgeries. Neomycin belongs to a class of drugs known as aminoglycoside antibiotics. It works by stopping the growth of bacteria in the intestines.
- Neomycin could also be used along with a special diet to treat a certain serious brain problem (hepatic encephalopathy). This condition is caused by too much of a certain natural substance (ammonia). Normally, the liver gets rid of ammonia; however, liver disease can cause too much ammonia to build up in the body. This medication helps treat encephalopathy by killing certain intestinal bacteria that make ammonia.
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Key Drivers of Global Neomycin Sulfate Market
- Neomycin, an antibiotic, is used to prevent or treat skin infections caused by bacteria. Bacterial skin infections can be classified as skin and soft tissue infections (SSTI) and acute bacterial skin and skin structure infections (ABSSSI). It is not effective against fungal or viral infections. According to the American Academy of Dermatology, one in four people in the U.S. suffers from skin disorder and 50% of them are over 65 years age.
- Major players focus on launch of new products in untapped regions, partnership, collaboration, and acquisition. This is projected to boost the growth of the global neomycin sulfate market during the forecast period. However, few side effects such as nausea and vomiting are anticipated to restrain the global neomycin sulfate market.
- Segment to be Highly Promising
- Based on product type, the global neomycin sulfate market can be segmented into cream, ointment, and others
- The cream segment accounted for prominent share of the global neomycin sulfate market in 2019. The segment is expected to dominate the global market due to easy to apply and increase in preference for cream in bacterial skin infection.
Hospital Pharmacies to be Most Promising Segment
- In terms of distribution channel, the global neomycin sulfate market can be divided into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies was the largest segment of the market in terms of revenue in 2019 and is anticipated to witness strong growth during the forecast period.
- Increase in number of patients with bacterial skin infection such as skin and soft tissue infections (SSTI) and acute bacterial skin and skin structure infections who require hospital visit fuels the growth of the hospital pharmacies segment
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North America to Dominate Global Neomycin Sulfate Market
- In terms of region, the global neomycin sulfate market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global neomycin sulfate market in 2019. The trend is expected to continue during the forecast period. The region’s dominance can be attributed to an increase in patients with bacterial skin infection, rise in awareness about bacterial skin infection, and new product launches.
- The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period owing to rise in prevalence of bacterial skin infection in emerging countries such as India and China
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Key Players Operating in Global Neomycin Sulfate Market
The global neomycin sulfate market was highly fragmented in 2019. Leading players operating in the global market are:
- McKesson Corporation
- Pfizer, Inc.
- Bausch & Lomb
- Perrigo Company
- Medimetriks Pharmaceutical
- Xgen Pharmaceuticals
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