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Strep Throat Treatment Market Scope and Competitive Analysis 2024
Strep Throat Treatment Market Scope
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According to The Business Research Company's, The strep throat treatment market size has grown strongly in recent years. It will grow from $1.97 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to the rising prevalence of streptococcal infections, increased awareness and diagnosis, antibiotic accessibility, healthcare infrastructure, government health initiatives, a rising pediatric population, and economic growth.
The strep throat treatment market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to emerging antibiotic resistance, telemedicine adoption, global health initiatives, an aging population, healthcare access in developing regions, and pharmaceutical R&D investments. Major trends in the forecast period include telemedicine integration, rapid diagnostic test innovation, AI and machine learning, antibiotic development, biotechnology advances, wearable health technology, e-pharmacies, and digital health.
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Market Drivers and Trends:
The rising incidence of bacterial infections is expected to propel the growth of the strep throat treatment market going forward. Bacterial infections are diseases caused by harmful bacteria that invade the body, multiply, and produce toxins. The rise in bacterial infections stems from antibiotic overuse, global travel, urbanization, poor hygiene, and healthcare-associated infections. Strep throat treatment addresses bacterial infections by providing effective medication and care, thereby alleviating symptoms, reducing the duration of illness, and preventing complications while helping healthcare providers manage patient outcomes and combat the spread of infections. For instance, in June 2023, according to a report published by the Office for Health Improvement and Disparities, a UK-based governmental body, a total of 4,622 notifications of scarlet fever Group A Streptococcus bacteria were received from week 37 to week 46 during the 2022-2023 season in England, with 851 notifications received in week 46 alone. This is significantly higher than an average of 1,294 notifications (ranging from 258 to 2,008) for the same period (weeks 37 to 46) over the previous five years. Therefore, a rising incidence of bacterial infections is driving the strep throat treatment market.
Major companies operating in the strep throat treatment market are developing new treatment options with improved tablets and sprays to improve patient outcomes and treatment efficacy. Tablets and sprays designed for strep throat infections help alleviate symptoms by numbing pain, soothing irritation, and providing temporary relief to the throat. For instance, in November 2021, Mucinex, a US-based cold and cough medication brand, launched Mucinex InstaSoothe, a new line of products specifically designed to alleviate sore throat pain and discomfort during the cold and flu season. This new product line includes Mucinex InstaSoothe Sore Throat + Soothing Comfort Lozenges, Mucinex InstaSoothe Sore Throat + Cough Relief Lozenges, and Mucinex InstaSoothe Sore Throat + Pain Relief Spray. These products are formulated with specific active ingredients such as hexylresorcinol, dextromethorphan HBr, benzocaine, and menthol, designed to quickly numb, soothe, and relieve sore throat pain for up to two hours.
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Major Key Players of the Market:
Pfizer Inc., Johnson And Johnson, Merck And Co. Inc., AbbVie Inc., Bayer AG, Sanofi SA, Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, Novartis AG, F. Hoffmann-La Roche AG, Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc (GSK), C.H. Boehringer Sohn AG And Co. KG, Eli Lilly and Company, Amgen Inc., Novo Nordisk A/S, Reckitt Benckiser Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., Daiichi Sankyo Company Limited, Astellas Pharma Inc., Biogen Inc., Vertex Pharmaceuticals, Eisai Co. Ltd., Mylan N.V
Strep Throat Treatment Market 2024 Key Insights:
• The strep throat treatment market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 6%.
• Rising Incidence Of Bacterial Infections Drives Growth In Strep Throat Treatment Market
• Innovative Treatments Addressing Sore Throat Pain With Advanced Lozenges And Sprays
• North America was the largest region in the strep throat treatment market in 2023
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