Antiviral drugs market is projected to grow at a CAGR of 3.49% by 2032: Visiongain Reports Ltd
Visiongain has published a new report entitled Antiviral Drugs 2022-2032. It includes profiles of Antiviral Drugs and Forecasts Market Segment by Drug Class (DNA Polymerase Inhibitors, Reverse Transcriptase Inhibitors, Protease Inhibitors, Neuraminidase Inhibitors, Others), Market Segment by Application (HIV/AIDS, Influenza, Hepatitis, Herpes, Others), Market Segment by End User (Hospitals, Clinic, Others), Market Segment by Age Group (Adult, Pediatric, Geriatric), Market Segment by Type (Branded Drugs, Generic Drugs), plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The antiviral drugs market was valued at US$38.96 billion in 2021 and is projected to grow at a CAGR of 3.49% during the forecast period 2022-2032.
Favourable Initiatives Taken by Government Bodies to Manage Viral Diseases to Foster Market Progression
The management of viral infections is anticipated to benefit from positive government actions conducted to combat and treat viral diseases. The U.K. government, for instance, has established an antiviral task force to look into cures for SARS-CoV-2 infection in residential settings. It will aid in preventing infection and reducing the impact of future SARS-CoV-2 virus strains. Additionally, the US government is spending almost US$3 billion to speed up the discovery of antiviral medications to treat COVID-19 and other viral illnesses.
The increase of COVID-19 cases and the robust pipeline of medicines are anticipated to have a positive effect on market expansion. The WHO estimates that there were 217.56 million confirmed cases of COVID-19 as of September 1, 2021, with 4.52 million deaths being reported. For instance, BAL Pharma introduced the antiviral medicine BALflue in May 2021. It is based on the Favipiravir formula and is used to treat people who have mild to moderate Covid-19 infection as well as 53 other influenza viruses. The COVID-19 pandemic is expected to boost market growth overall, but it has had a negative impact on the consumption of antiviral drugs from other applications due to supply chain disruption and restricted access to healthcare services during the total lockdown.
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How has COVID-19 had a Significant Impact on the Antiviral Drugs Market?
The rising prevalence of viral infections & the presence of a potential pipeline for the treatment of HIV infection are anticipated to drive market growth over forecast period from 2022 to 2032. Antiviral medications have been in high demand throughout the pandemic, which may be what propels the market expansion along with the rising COVID-19 burden. For instance, Dr. Reddy’s Laboratories Ltd. reported that the single-shot Sputnik Light vaccine received permission from the Drugs Controller General of India (DCGI) for restricted usage in emergency situations in India. While Gilead Sciences announced US$24 billion in funding in March 2022 to support local areas most affected by the HIV epidemic and COVID-19 pandemic, eliminate health inequities, increase access to high-quality healthcare, expand medical education, and cut healthcare costs. Thus, widespread R&D activities taking place on biologics for the treatment of COVID-19 are likely to drive the growth of the antiviral drug market in the near future.
How will this Report Benefit you?
Visiongain’s 285-page report provides 126 tables and 196 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the antiviral drugs market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Antiviral Drugs. Get financial analysis of the overall market and different segments including drug class, application, end user, age group, type and capture higher market share. We believe that there are strong opportunities in this fast-growing antiviral drugs market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Research & Development Activities to Boost Market Growth
The business expansion will be stimulated by widespread R&D efforts to battle the recently revealed COVID-19 pandemic and other ongoing viral illnesses. Numerous pharmaceutical companies’ substantial investments in R&D initiatives will present the antiviral medicine industry with numerous growth potential in the ensuing years. A number of significant market participants are actively engaged in the development of innovative drug therapies to treat infectious diseases, which will increase the market’s potential for growth. In addition, a number of national organizations are heavily funding R&D initiatives to reduce the burden of disease.
To prioritize and speed the development of COVID-19 therapies, the National Institute of Allergy and Infectious Diseases (NIAID) & NIH Institutes and Centers collaborated in 2020. There will be more product introductions in the future as a result of these research centers’ intense attention on SARS-CoV-2 and other viruses with pandemic potential such bunyaviral, paramyxoviruses, togaviruses, picornaviruses, and filoviruses. Additionally, certain governments and other private groups have put in place information campaigns regarding the availability of cutting-edge treatments for STDs.
Growing Burden of Viral Diseases to Spur the Demand for Antiviral Drugs
The most prevalent viral infection on the planet today is HIV. The rate of HIV diagnosis has increased as a result of using demographic and biological data for better surveillance of the illness. In 2020, the World Health Organization estimates that 37.7 billion people worldwide would have HIV, and 680,000 people would pass away from the condition. At the end of 2021, there were roughly 38.4 million HIV-positive individuals worldwide, and 1.5 million persons acquired the virus that year. Globally, 650 000 persons passed away in 2021 due to HIV-related causes. As a result, the need for targeted and specific treatment plans is growing due to the virus’s increasing prevalence, which is boosting the market for antiviral drugs. As a result, increased product accessibility for advanced therapies, such as antiretroviral therapy, in developed nations to address disease load will move the total antiviral medications market forward.
Additionally, the need for antiviral therapies is growing due to the flu’s rapid diagnosis and rising global occurrence rate. The number of persons suffering from influenza and other viral respiratory infections is on the rise, notably during the COVID-19 pandemic. Viral infectious diseases are spreading quickly due to increasing human mobility, greater trade and tourism, and altered geographic distribution of disease vectors.
For instance, According to CDC data, between October 3, 2020, and July 24, 2021, 1.3 million specimens tested by clinical laboratories and reported to the US Centers for Disease Control and Prevention (CDC) included 2136 influenza virus positive specimens and 748 influenza-related deaths. Additionally, The COVID-19 epidemic poses a major global health threat. The prompt spread was facilitated by air travel although rigorous travel bans, and lockdowns were able to slow down the spread.
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Where are the Market Opportunities?
Robust Investment by Pharmaceutical Organizations to Boost Market Growth
Numerous pharmaceutical companies are investing heavily in research and development efforts, which will provide tremendous growth potential for the antiviral medications industry in the next years. Several prominent market companies are actively participating in the development of novel medication treatments to treat infectious diseases, which would boost the industry’s potential for growth. Furthermore, some national organisations are heavily investing in R&D to reduce disease burdens.
For instance, as a part of its COVID-19 response effort, the Bill & Melinda Gates Foundation on Oct 2021 announced a donation of up to US$120 million to speed access to the investigational antiviral medication molnupiravir for lower-income nations. The funds will be distributed after consulting with partners and will assist a variety of initiatives needed to create generic versions of the medication that Merck & Co. and Ridgeback Biotherapeutics are working on together.
By assisting R&D, regulatory work, at-risk manufacturing, and product delivery, the foundation has been working to enhance access to COVID-19 vaccines, treatments, and testing ever since the pandemic began, investing US$1.9 billion in financing in that time.
Moreover, the Department of Health and Human Services announced that the US government is spending more than $3 billion to speed up the development and production of antiviral medications to treat Covid-19 (HHS). The plan allotted nearly US$1 billion for preclinical and clinical evaluation, nearly US$700 million for development, and more than US$300 million for research and lab support via the National Institute of Allergy and Infectious Diseases (NIAID) and the Biomedical Advanced Research and Development Authority (BARDA). In addition, certain governments and private organisations have launched public awareness campaigns about the availability of improved medicines for sexually transmitted illnesses which is anticipated to fuel market growth over the forecast period.
The major players operating in the antiviral drugs market are Johnson & Johnson Services, Inc., Merck KGaA, GlaxoSmithKline plc., Novartis AG, F. Hoffmann-La Roche Ltd, AstraZeneca, Bristol-Myers Squibb Company, AbbVie Inc., Gilead Sciences, Inc., Boehringer Ingelheim International GmbH, Cipla Inc., Abbott, Viatris (Mylan N. V.), Sun Pharmaceutical Industries Ltd., Aurobindo Pharma, Dr. Reddy’s Laboratories Ltd. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- In March 2022, AbbVie & Scripps Research collaborated to develop potential novel, direct-acting antiviral treatments for COVID-19.
- In January 2022, for the treatment of COVID-19, Aurobindo Pharma Limited introduced molnupiravir under the trade name Molnaflu in India. This is projected to strengthen company’s product portfolio over the forecast period.
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