Antiviral Drugs Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Infectious Diseases And Growing Research and Development

Purvaja Jadhao

posted on 10 months ago — updated on 1 second ago

44
views

Antiviral Drugs Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Infectious Diseases And Growing Research and Development

The Antiviral Drugs Market is estimated to be valued at US$ 56,480.7 million in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Antiviral drugs are medicines used for treatment and prophylaxis of viral infections. Majorly used antiviral drugs include nucleoside analogues, protease inhibitors, reverse transcriptase inhibitors and neuraminidase inhibitors. They are effective against various DNA viruses and RNA viruses including HIV, herpes, hepatitis B and C, influenza and others.

Market Dynamics:
The Antiviral Drugs Market is witnessing high growth owing to increasing prevalence of infectious diseases globally. As per World Health Organization (WHO), infectious diseases account for approximately 26% of global mortality annually. Moreover, rising research and development activities by key players for development of novel and effective drugs for treatment of viral infections is also propelling market growth. For instance, in March 2022, Merck received FDA approval for its combination drug Lagevrio (molnupiravir) for treatment of mild-to-moderate COVID-19 in high-risk adults.

SWOT Analysis

Strength: The antiviral drugs market provides viable treatment options for viral infections. Manufacturers are increasingly investing in R&D to develop innovative and effective drugs. Branded drugs also command strong brand loyalty.

Weakness: Antiviral drugs development requires huge investment and long gestation periods. Generic competition eats into the profits of established players. Several drugs also have undesirable side effects.

Opportunity: Rising incidence of viral epidemics and pandemics presents lucrative growth opportunities. Development of treatments for emerging viruses will be in high demand. Growing geriatric population prone to viral infections also enhances scope.

Threats: Regulatory hurdles and pricing pressures and healthcare cost containment measures can limit revenue growth potential. Shift to alternative treatment modes pose a threat. Patent expiries of blockbuster drugs enhances competition.

Key Takeaways

The global Antiviral Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of viral diseases. The market was valued at US$ 56,480.7 million in 2023.

Regional analysis: North America dominates the antiviral drugs market currently due to advanced healthcare facilities and large health expenditure. However, Asia Pacific is likely to witness highest growth due to rising healthcare spending, growing medical tourism, and increasingGeneric competitionprevalence of viral infections in developing nations.

Key players: Key players operating in the antiviral drugs market are GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy's Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences. These established companies are focusing on new product launches and expansion in emerging markets through collaborations.