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Antiviral Drugs Market size to exceed $64bn by 2028
- Published Date: March 31, 2022
Antiviral Drugs Market size is set to surpass USD 64 billion by 2028, according to a new research report by Global Market Insights Inc.
Growing investment for new drug development will accelerate the industry statistics. Further, a large patient base suffering from sexually transmitted diseases has created the need for cost-effective antiviral drugs therapies. Moreover, the high use of antiviral drugs for the treatment of diseases like HIV AIDS is estimated to offer immense market growth opportunities in the forthcoming years.
Furthermore, the strong presence of pharmaceutical companies in the industry that are proactively focusing on new drug developments, approvals, and launches to cater to large disease populations will fortify overall antiviral drugs market expansion.
Ongoing drug developments and extensive product pipeline will fuel the market progression
As elderly population is highly prone to several viral infections such as Ebola, SARS COV-2 and several others. Additionally, the high incidence of COVID-19 outbreak has affected millions of people globally, leading to a surge in the number of hospital admissions, thereby offering lucrative demand for antiviral drugs. Further, several firms are collaborating with research organizations to develop novel antiviral drugs to treat large COVID-19 patients will propel business expansion.
Continuous developments in antiretroviral drugs will bolster market size
Antiviral drugs market by drug class is classified into reverse transcriptase inhibitors, DNA polymerase inhibitors, neuraminidase inhibitors, protease inhibitors and others. Protease inhibitors segment accounted for over USD 7 billion in 2021. Protease inhibitors are considered as most important drug class in highly active antiretroviral therapy to treat HIV AIDS. These drugs offer several benefits including enhanced safety, better efficiency, better shelf life and minimal side effects among others that help to reduce the high HIV burden.
Browse key industry insights spread across 195 pages with 319 market data tables & 15 figures & charts from the report, “Antiviral Drugs Market Analysis By Drug Class (DNA Polymerase Inhibitors, Reverse Transcriptase Inhibitors, Protease Inhibitors, Neuraminidase Inhibitors), Indication (Influenza, HIV AIDS, Hepatitis, Herpes Simplex Virus [HSV], Coronavirus Infection), By Type (Branded, Generic), Age Group (Pediatric, Adult, Geriatric), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Growing awareness regarding HIV infection and related treatments will enhance market revenue
Antiviral drugs market by indication is classified into influenza, HIV, herpes simplex virus (HSV), hepatitis, coronavirus infection and others. HIV AIDS segment has held around 46% market share in 2021 and is anticipated to grow momentously over the estimated period. Growing awareness about HIV infection and related treatments among the population will foster the market forecasts.
For instance, according to the Monitory HIV/AIDS Fund’s global statistics report, in 2020, over 37.7 million people were living with HIV and 1.5 million new cases of HIV infection were reported in the year. However, 16% of people were not accessing HIV testing facilities. Thus, the growing adoption of effective HIV antiviral drugs therapy to combat growing burden will fortify the business outlook.
High adoption of generic drugs coupled with improvement in clinical outcome will accelerate the business share
Antiviral drugs market by type is classified into branded and generic drugs. Generic drugs segment is anticipated to reach USD 19 billion by 2028 due to its low-cost nature. High usage of generic antiviral drugs in developing nations, especially for COVID-19 has stimulated segment revenue. Moreover, generic drugs offer similar strength, quality, purity, and efficiency as compared to standard branded drugs. Moreover, the large number of pharmaceutical organizations are involved in drug manufacturing to cater similar products across the world will enhance the product availability and accessibility.
Increasing risk of several viral infections in pediatric population base will augment market statistics
Antiviral drugs market by age group is classified as pediatric, adult and geriatric. Pediatric segment accounted for over 22% business share in 2021 is set to register a significant CAGR through 2028. Pediatric population is highly susceptible to infections due to low immunity thereby, augmenting the demand for antiviral drugs. Moreover, increasing number of HIV cases in pediatric population due to transmission of virus from mother has created the need for effective antiviral drug therapy.
High COVID-19 disease burden will stimulate the market demand in Europe
Europe antiviral drugs market held more than 21% revenue share in 2021 and projected to witness considerable CAGR in the coming years owing to the significant prevalence of COVID-19. Growing number of patients with COVID-19 in the region has led to increase in demand for antiviral drugs. Several companies are focusing to meet the demand for antiviral drugs to treat COVID-19 will augment the regional industry scenario.
In addition, ongoing clinical trials, and product approvals will enhance the industry growth in the region. Additionally, a rising elderly population base that is prone to several viral infections is expected to drive regional industry demand.
Strategic alliances by key market players will propel business landscape
Some of the notable industry players operating in the antiviral drugs industry include Gilead Sciences, AbbVie, Inc., Merck & Co., GlaxoSmithKline plc, Aurobindo Pharma Limited., Johnson & Johnson, Sun Pharmaceutical Industries Ltd., Cipla, Inc., Mylan N V, and Bristol-Myers Squibb among others. These market participants focus on several growth strategies such as partnerships & collaborations, acquisitions & mergers, strategic agreements, and product launches to expand their product offerings and capitalize on market opportunities.
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