Rising prevalence of viral diseases including HIV is likely to impel the growth of the antiviral drugs market

calendar_today 08 August, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global antiviral drugs market was pegged at ~US$ 49 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~3.5% from 2022 to 2030.

Due to the rising prevalence of viral diseases including HIV, herpes, influenza, and so on, it is anticipated that the demand for antiviral medications would increase throughout the course of the projected period. According to UNAIDS, more than 37 million people worldwide were HIV positive in 2020. Out of these, 1.5 million new HIV infections are anticipated in 2020.

A significant factor driving the demand for antiviral medications throughout the forecast period is the rising prevalence of viral illness over the world. According to the WHO, around 71 million of the 325 million persons living with hepatitis infection worldwide also have chronic hepatitis C virus infection. Moreover, according to estimates from the U.S. Department of Health and Human Services, there are approximately 850,000 Americans living with hepatitis B infection and 2.4 million Americans who have hepatitis C. The need for antiviral medications is expected to rise globally due to an expanding patient pool.

Market expansion is estimated to be fuelled by the rising acceptance and anticipated commercialization of novel medicines for viral infections. For instance, a supplementary New Drug Application for Roche's Xofluza for the treatment of influenza in individuals 12 years of age and older was approved by the U.S. FDA in November 2020. Over the period of the forecast period, it is expected that ongoing R&D efforts and private investments in the healthcare industry would have a beneficial impact on the antiviral drugs market growth. In addition, growing healthcare costs, greater public awareness, and an increase in viral infection rates are some of the major factors projected to support market expansion in the future. Widespread incidence of flu globally, a rise in pharmaceutical deliveries, and a few medications on hand are the key drivers of the antiviral drugs market share in the development of influenza anti-viral therapies. For instance, the World Health Organization (WHO) is also encouraging countries to continue with routine flu observation, test for flu and SARS-CoV-2 infections from flu reconnaissance locations where resources are available, and report epidemiological and lab data as soon as possible to outline provincial and global stages. As more people seek out antiviral therapies after being evaluated, it is anticipated that the flu's widespread will have a favourable impact on the market for antiviral drugs. The COVID-19 pandemic is often viewed to have a significant impact on the studied market. However, accessibility of vaccinations for viral infections is a key barrier to the expansion of the income of the global market for antiviral drugs.

The global antiviral drugs market was dominated by North America, capturing the largest portion of global revenue. Over the forecast period, the region is anticipated to experience the greatest CAGR. The lack of branded pharmaceuticals' market exclusivity, rising rates of immunisation against viral illnesses, and government measures to lower the incidence of viral infections can all be attributed to be challenging the market growth. For instance, the U.S. government is adopting a number of actions, such as funding initiatives for infectious diseases and encouraging research and development of novel treatments for viral infections.

The market for antiviral medications is predicted to expand at the fastest rate in Asia Pacific during the forecast period. The high rate of market growth can be ascribed to the rising prevalence and treatment rate of viral infections, the expansion of the regional healthcare system, and the growing public awareness of infectious diseases. Additionally, the rising elderly population in the area and the significant presence of generic pharmaceutical manufacturing firms in China, India, and other South Asian nations are some of the major factors influencing the segment growth.

The global antiviral drugs market's competitive environment is moderately concentrated, with only a few major firms active on a global and regional scale. To increase their respective portfolios and establish a solid foothold in the global market, key firms are working on platform development and forming strategic alliances. Some of the key players operating the market global antiviral drugs market include AstraZeneca plc., F. Hoffmann-La Roche Ltd., GlaxoSmithKline, Plc., Bristol-Myers-Squibb Company, Abbott Laboratories Inc., Schering-Plough Corporation, Merck & Co., Inc., Johnson & Johnson Services, Inc., AbbVie Inc., Cipla, Inc., Dr Reddy’s Laboratories Ltd. among other.

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