Antibiotics

Antibiotics Market Outlook

The global antibiotics market is projected to reach approximately USD 50 billion by 2035, growing at a compound annual growth rate (CAGR) of around 4.5% from 2025 to 2035. This growth is driven by several factors, including the increasing prevalence of infectious diseases, the rising awareness of antibiotic resistance, and the continuous advancements in pharmaceutical research and development. Moreover, the growing geriatric population and the subsequent rise in chronic diseases create an increased demand for effective antibiotic treatments. The market is also influenced by the expanding healthcare infrastructure and rising investments in healthcare systems across various regions. The surge in research activities focusing on new antibiotic formulations is expected to further enhance market growth.

Growth Factor of the Market

One of the significant growth factors for the antibiotics market is the increasing incidence of bacterial infections globally, which has prompted healthcare providers to seek more effective treatment options. In particular, the rise in antibiotic-resistant bacteria poses a severe challenge, resulting in a push for novel antibiotics that can effectively combat these resistant strains. Furthermore, the heightened awareness of healthcare-associated infections (HAIs) has led to improvements in sanitation practices and a greater reliance on antibiotics as a precautionary measure. The need for powerful antibiotics in surgical procedures and immunocompromised patients also contributes to this growth. Additionally, the demand for antibiotics in the veterinary sector is rising as livestock and poultry farming operations seek to improve animal health and productivity, further expanding the market opportunities.

Key Highlights of the Market

• The global antibiotics market is expected to witness steady growth driven by rising infection rates and antibiotic resistance.
• Increasing investments in R&D for new antibiotic formulations are expected to bolster market development.
• The growing demand for antibiotics in veterinary applications is creating new market opportunities.
• North America is anticipated to hold a significant share of the market owing to advanced healthcare infrastructure.
• The rising geriatric population is contributing to the increased prevalence of chronic infections requiring antibiotic treatment.

By Product Type

Penicillins:

Penicillins are one of the earliest discovered types of antibiotics and continue to be widely used due to their effectiveness against a range of bacterial infections. They are primarily used to treat respiratory infections, skin infections, and infections caused by Streptococcus bacteria. The simplicity of their structure makes penicillins relatively inexpensive to manufacture, which contributes to their continued widespread use in clinical settings. However, the rise of antibiotic-resistant strains has led to the development of extended-spectrum penicillins, which are designed to target resistant bacteria, ensuring their relevance in the current market.

Cephalosporins:

Cephalosporins are a broad class of antibiotics derived from fungi and are effective against both gram-positive and gram-negative bacteria. They are categorized into generations based on their spectrum of activity and resistance to beta-lactamase enzymes. The third and fourth generations are particularly noted for their effectiveness against resistant bacteria and are commonly used in hospital settings for treating severe infections. The demand for cephalosporins remains high due to their versatility and effectiveness, making them a core component of antibiotic therapy.

Fluoroquinolones:

Fluoroquinolones are synthetic antibiotics known for their broad-spectrum efficacy against a variety of bacterial infections. They are commonly prescribed for treating respiratory and urinary tract infections due to their ability to penetrate tissues effectively. The convenience of oral administration and the relatively low risk of adverse effects compared to other classes of antibiotics make fluoroquinolones a preferred choice among healthcare providers. However, growing concerns about their association with tendon rupture and other serious side effects have led to increased scrutiny and cautious usage.

Macrolides:

Macrolides are a class of antibiotics characterized by their large lactone ring structure, which allows them to inhibit bacterial protein synthesis. They are particularly effective against respiratory pathogens and are often used to treat infections such as pneumonia and bronchitis. Macrolides are favored for their favorable safety profile and are commonly prescribed in cases of penicillin allergy. Their use in treating atypical bacterial infections further emphasizes their importance in the antibiotic market, driving ongoing research into newer macrolide formulations.

Tetracyclines:

Tetracyclines are broad-spectrum antibiotics that have been in use for several decades and are essential for treating a variety of infections, including acne and respiratory infections. Their unique mechanism of action, which inhibits protein synthesis in bacteria, allows them to target a wide range of pathogens. Despite their effectiveness, the emergence of resistance has necessitated the development of new tetracycline derivatives. The increasing demand for tetracyclines, especially in dermatological applications, continues to sustain their presence in the antibiotic market.

By Application

Respiratory Infections:

Respiratory infections are one of the most common applications of antibiotics, with a significant percentage of antibiotic prescriptions issued for this purpose. These infections, which include pneumonia, bronchitis, and sinusitis, are primarily caused by bacteria and require prompt treatment to prevent complications. The increasing incidence of respiratory diseases, coupled with the rise in air pollution and smoking habits, contributes to a sustained demand for antibiotics in this segment. The ongoing research into more effective treatment regimens for respiratory infections is likely to spur market growth further.

Urinary Tract Infections:

Urinary tract infections (UTIs) are another critical application area for antibiotics, commonly affecting both adults and children. These infections are often caused by E. coli and other bacteria, requiring prompt antibiotic treatment to alleviate symptoms and prevent complications. The growing prevalence of UTIs, particularly among women, exacerbated by factors such as sexual activity and hormonal changes, drives significant demand for effective antibiotic therapies. With the increasing incidence of antibiotic-resistant strains, the development of new medications specifically targeting UTI pathogens is becoming increasingly important.

Skin Infections:

Skin infections, including cellulitis and abscesses, are frequently treated with antibiotics, particularly in patients with underlying conditions that predispose them to skin infections. The rising prevalence of skin infections, often linked to increased obesity and diabetes rates, continues to fuel the demand for effective antibiotic treatments. Furthermore, the popularity of aesthetic procedures has led to a rise in post-surgical infections, creating additional opportunities in the antibiotics market. The ongoing research into topical antibiotics is expected to provide new solutions for managing skin infections effectively.

Ear Infections:

Ear infections, particularly otitis media, are prevalent among children and often require antibiotic intervention. The increasing awareness of the need for timely treatment to prevent complications, alongside the growing pediatric population, ensures a stable demand for antibiotics in this application segment. The development of newer, more effective antibiotics that can target resistant strains of bacteria associated with ear infections is a focus area for pharmaceutical research. Additionally, public health initiatives aimed at reducing antibiotic resistance will influence prescribing practices in this domain.

Sexually Transmitted Infections:

Sexually transmitted infections (STIs) represent a significant public health concern and require immediate antibiotic treatment to prevent serious health complications. The rising rates of STIs globally, particularly among young adults, drive the demand for effective antibiotics that target pathogens such as Chlamydia and Gonorrhea. The growing focus on sexual health education and screening programs is likely to increase awareness and treatment rates, subsequently boosting the antibiotics market. Moreover, the emergence of antibiotic-resistant strains in STIs is a critical challenge that will shape future developments in antibiotic therapies.

By Distribution Channel

Hospital Pharmacies:

Hospital pharmacies play a crucial role in the distribution of antibiotics, particularly for patients requiring specialized care in healthcare facilities. The increasing number of patients admitted for complex infections drives the demand for antibiotics dispensed through hospital pharmacies. Hospital pharmacies often carry a wide range of antibiotics, including those that are not available in retail settings, ensuring that clinicians have access to effective treatments for resistant strains. The integration of advanced inventory management systems in hospitals is facilitating better management of antibiotic supplies, further enhancing the efficiency of hospital pharmacies.

Retail Pharmacies:

Retail pharmacies represent a significant distribution channel for antibiotics, catering to the general public and providing immediate access to essential medications. The rising prevalence of minor infections and the growing trend of self-medication contribute to a steady demand for antibiotics dispensed through retail pharmacies. The convenience of obtaining antibiotics without a hospital visit has made retail pharmacies an essential component of the healthcare system. Furthermore, the expansion of telemedicine is encouraging patients to obtain prescriptions for antibiotics through their healthcare providers and fill them at local pharmacies, which is expected to enhance the market for retail pharmacy distribution.

Online Pharmacies:

The emergence of online pharmacies has revolutionized the distribution of antibiotics, allowing patients to conveniently order medications from home. The increasing prevalence of e-commerce and the growing trend of online consultations enable patients to access antibiotics without visiting a physical pharmacy. This distribution channel is particularly attractive for individuals seeking anonymity or those living in remote areas with limited access to healthcare facilities. Additionally, the rise in chronic diseases requiring long-term antibiotic treatment is likely to drive the growth of online pharmacies as a preferred distribution channel.

Drug Stores:

Drug stores are an established distribution channel for antibiotics, providing a wide range of over-the-counter and prescription medications. The convenience of obtaining antibiotics from drug stores, along with the presence of pharmacists to provide consultations, enhances patient experience. The increasing prevalence of infectious diseases and the expansion of drug store chains are contributing to the growth of this distribution channel. Furthermore, the integration of health and wellness services in drug stores, including vaccination and screening programs, is expected to further solidify their role in the antibiotics market.

By Ingredient Type

Beta-Lactams:

Beta-lactams are a prominent class of antibiotics that include penicillins and cephalosporins, known for their efficacy against a wide range of bacterial infections. Their mechanism of action involves inhibiting the synthesis of bacterial cell walls, leading to cell lysis and death. Beta-lactams have a long history of use in clinical practice and are considered first-line treatments for many infections. However, the rise of beta-lactamase-producing bacteria poses significant challenges, necessitating ongoing research to develop new beta-lactam antibiotics that can overcome resistance mechanisms.

Aminoglycosides:

Aminoglycosides are a class of antibiotics effective against aerobic gram-negative bacteria, often reserved for severe infections due to their potential toxicity. They work by disrupting bacterial protein synthesis and are commonly used in conjunction with other antibiotics to enhance efficacy. Despite their effectiveness, the side effects associated with aminoglycosides, including nephrotoxicity and ototoxicity, require careful monitoring of drug levels. The increasing prevalence of multidrug-resistant infections is driving interest in aminoglycosides and their combinations with novel agents to combat resistance.

Sulfonamides:

Sulfonamides, one of the earliest classes of synthetic antibiotics, remain important in treating bacterial infections. These antibiotics inhibit bacterial folic acid synthesis, a vital growth factor for many bacteria. While their use has declined with the advent of newer antibiotics, sulfonamides still play a role in treating specific infections, particularly those caused by Gram-negative bacteria. The resurgence of interest in sulfonamides is partly due to the ongoing issues surrounding antibiotic resistance, prompting researchers to explore their potential in combination therapies.

Carbapenems:

Carbapenems are among the most potent and broad-spectrum antibiotics available, often reserved for treating serious infections caused by multidrug-resistant organisms. Their unique structure allows them to evade many bacterial resistance mechanisms, making them an essential tool in the fight against resistant infections. The increasing incidence of resistant bacterial strains has significantly driven the demand for carbapenems, as they provide effective treatment options in critical care settings. However, their use is often carefully monitored due to concerns surrounding resistance development, and ongoing research is focused on developing newer carbapenem derivatives.

Oxazolidinones:

Oxazolidinones represent a novel class of antibiotics effective against gram-positive bacteria, particularly those resistant to other treatments, such as MRSA. Their unique mechanism involves inhibiting protein synthesis at an early stage, providing a valuable treatment option for serious infections. The growing incidence of resistant infections has led to increased interest in oxazolidinones, and while their use is more limited compared to other classes, they remain a critical component of the antibiotic arsenal. Research into new formulations and combinations with other antibiotics is ongoing to enhance their effectiveness and broaden their application.

By Region

The North American antibiotics market is poised for significant growth, driven by a robust healthcare infrastructure and a high prevalence of bacterial infections. The region is expected to hold a substantial market share, accounting for approximately 40% of the global market in 2025. The increasing awareness of antibiotic resistance and the push for new antibiotic development are key drivers in North America. Moreover, regulatory agencies are actively promoting antibiotic stewardship programs to reduce unnecessary prescriptions, further shaping the market landscape. The region is expected to grow at a CAGR of 4% from 2025 to 2035.

Europe accounts for a significant portion of the global antibiotics market, with countries like Germany, the UK, and France leading in antibiotic consumption. The rising concerns about antibiotic resistance have prompted the European Union to implement stringent regulations and initiatives aimed at reducing antibiotic use in both human and veterinary medicine. As a result, there is a growing emphasis on research and development of novel antibiotics to combat resistant bacterial strains. The European antibiotics market is anticipated to witness steady growth, driven by ongoing public health campaigns and the demand for innovative treatment options.

Opportunities

The antibiotics market presents numerous opportunities for growth, particularly through innovations in drug development. As antibiotic resistance continues to rise, there is a pressing need for new antibiotic classes and formulations to target resistant strains effectively. Biopharmaceutical companies are increasingly investing in research and development to discover novel antibiotics and alternative therapies, such as bacteriophage therapy, which could change the treatment landscape. Furthermore, the adoption of personalized medicine approaches in antibiotic therapy holds promise for improving treatment outcomes, leading to reduced side effects and enhanced efficacy. Collaborative efforts between academia, industry, and government organizations to address antibiotic resistance create a favorable environment for innovation and market expansion.

Another significant opportunity lies in expanding access to antibiotics in emerging markets. Many developing countries experience high rates of infectious diseases but face challenges related to antibiotic availability and affordability. Investing in healthcare infrastructure and establishing partnerships with local pharmaceutical companies can facilitate the distribution of essential antibiotics in these regions. Additionally, raising awareness about antibiotic stewardship and responsible usage among healthcare providers and the public can help mitigate the risks of resistance. As global health initiatives continue to focus on improving healthcare access, the antibiotics market is well-positioned to capitalize on these opportunities and drive growth.

Threats

One of the significant threats to the antibiotics market is the alarming rise of antibiotic resistance, which poses a challenge to effective treatment options. The overuse and misuse of antibiotics in both human and veterinary medicine have accelerated the development of resistant strains, leading to treatment failures and increased healthcare costs. This trend has prompted regulatory bodies to implement stricter guidelines on antibiotic prescribing, impacting market dynamics. Additionally, the lengthy and costly process of developing new antibiotics can deter investment in this sector, leaving a gap in the availability of effective treatments. As a result, the antibiotics market faces an uphill battle in combating resistance while ensuring the continued availability of effective therapies.

Another major threat to the antibiotics market is the potential for regulatory changes and increased restrictions on antibiotic usage. Governments across the globe are becoming increasingly vigilant in monitoring antibiotic prescriptions and usage patterns, which may result in tighter regulations and guidelines. Such changes could lead to decreased prescriptions and, consequently, a decline in market revenue. Moreover, the growing preference for alternative treatment options and the focus on preventive healthcare may lead to a reduced reliance on antibiotics, further compounding the challenges faced by the market. The need for a balanced approach to antibiotic stewardship that addresses resistance while ensuring patient access will be paramount for the market's sustainability.

Competitor Outlook

• Pfizer Inc.
• Johnson & Johnson
• Merck & Co., Inc.
• AbbVie Inc.
• GSK (GlaxoSmithKline plc)
• Novartis AG
• Sanofi S.A.
• Roche Holding AG
• Bristol-Myers Squibb Company
• AstraZeneca PLC
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• Hikma Pharmaceuticals PLC
• Amgen Inc.
• Antibioticos, S.A.

The competitive landscape of the antibiotics market is characterized by the presence of several key players, each striving to innovate and maintain market share. Major pharmaceutical companies are investing heavily in research and development to create new antibiotics that can effectively combat resistant strains of bacteria. These companies not only focus on traditional antibiotics but are also exploring alternative treatment options, such as bacteriophage therapy and immunotherapies, to expand their product offerings. The competition is further intensified by the growing presence of generic manufacturers, which contribute to price competition and increased accessibility of antibiotics in the market.

Additionally, strategic partnerships and collaborations between pharmaceutical companies and research institutions are becoming increasingly common, enabling the sharing of expertise and resources in the development of novel antibiotics. Companies are also focusing on enhancing their production capabilities to meet the rising global demand for antibiotics. As public awareness of antibiotic resistance continues to grow, companies are prioritizing antibiotic stewardship initiatives, ensuring that their products are used responsibly and effectively. This proactive approach not only helps in mitigating resistance but also strengthens the reputation of these companies in the market.

Several notable companies play a significant role in the antibiotics market, including Pfizer, Johnson & Johnson, and Merck & Co. These companies are known for their extensive research and development capabilities, leading to the introduction of innovative antibiotics that address current infectious disease challenges. For instance, Pfizer has been at the forefront of antibiotic development with its pipeline of novel agents targeting multidrug-resistant bacteria. Merck & Co. is also recognized for its efforts in antibiotic stewardship, emphasizing the importance of responsible antibiotic use while simultaneously developing new treatment options. As these major players continue to navigate the complexities of the antibiotics market, their strategies will shape the future landscape and influence the overall growth of the industry.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Amgen Inc.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Mylan N.V.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 AbbVie Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Novartis AG
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Pfizer Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Sanofi S.A.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 AstraZeneca PLC
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Roche Holding AG
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Johnson & Johnson
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Merck & Co., Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Antibioticos, S.A.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 GSK (GlaxoSmithKline plc)
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Hikma Pharmaceuticals PLC
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Bristol-Myers Squibb Company
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Teva Pharmaceutical Industries Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Antibiotics Market, By Application
    • 6.1.1 Respiratory Infections
    • 6.1.2 Urinary Tract Infections
    • 6.1.3 Skin Infections
    • 6.1.4 Ear Infections
    • 6.1.5 Sexually Transmitted Infections
  • 6.2 Antibiotics Market, By Product Type
    • 6.2.1 Penicillins
    • 6.2.2 Cephalosporins
    • 6.2.3 Fluoroquinolones
    • 6.2.4 Macrolides
    • 6.2.5 Tetracyclines
  • 6.3 Antibiotics Market, By Ingredient Type
    • 6.3.1 Beta-Lactams
    • 6.3.2 Aminoglycosides
    • 6.3.3 Sulfonamides
    • 6.3.4 Carbapenems
    • 6.3.5 Oxazolidinones
  • 6.4 Antibiotics Market, By Distribution Channel
    • 6.4.1 Hospital Pharmacies
    • 6.4.2 Retail Pharmacies
    • 6.4.3 Online Pharmacies
    • 6.4.4 Drug Stores

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Antibiotics Market by Region
  • 10.3 Asia Pacific - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 India
      • 10.3.1.2 China
      • 10.3.1.3 Japan
      • 10.3.1.4 South Korea
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Antibiotics market is categorized based on

By Product Type

• Penicillins
• Cephalosporins
• Fluoroquinolones
• Macrolides
• Tetracyclines

By Application

• Respiratory Infections
• Urinary Tract Infections
• Skin Infections
• Ear Infections
• Sexually Transmitted Infections

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Drug Stores

By Ingredient Type

• Beta-Lactams
• Aminoglycosides
• Sulfonamides
• Carbapenems
• Oxazolidinones

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Pfizer Inc.
• Johnson & Johnson
• Merck & Co., Inc.
• AbbVie Inc.
• GSK (GlaxoSmithKline plc)
• Novartis AG
• Sanofi S.A.
• Roche Holding AG
• Bristol-Myers Squibb Company
• AstraZeneca PLC
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• Hikma Pharmaceuticals PLC
• Amgen Inc.
• Antibioticos, S.A.