HIV Drugs Market Size to Surpass USD 45.58 Billion by 2028, exhibiting a CAGR of 5.9%
According to the report by Fortune Business Insights, the global HIV Drugs Market size is projected to reach USD 45.58 Billion in 2028, at a CAGR of 5.9% during the forecast period, 2021-2028
Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) — The global HIV drugs market is projected to grow from USD 30.46 billion in 2021 to USD 45.58 billion in 2028 at a CAGR of 5.9% during the forecast period. The market is set to gain traction from increasing development of antiretroviral therapy to make it first long-acting injectable formulation and long-acting suppression.
As per a published report by Fortune Business Insights™, titled, “HIV Drugs Market, 2021-2028,”
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- July 2020: Rukobia (fostemsavir), a unique antiretroviral medication received the U.S. FDA approval for its usage in adults suffering from HIV who have previously undergone various treatments that could not successfully treat their conditions.
- Led to a surge in demand for HIV medications with high potency for the treatment and management of the disorder.
- The demand for HIV/AIDS medications increased thus drive the market growth during the forecast period.
- North America is anticipated to dominate during the forecast period, with a market size of USD 20.27 billion in 2020.
- HIV drugs for the treatment of HIV infection would further enhance the market growth.
Discover the Leading Players Featured in the Report:
“Companies leading the global HIV Drugs Market are ViiV Healthcare (Research Triangle Park, U.S.) Gilead Sciences, Inc. (Foster City, U.S.), GlaxoSmithKline plc (Brentford, U.K.), Merck Sharp & Dohme Corp. (Kenilworth, France), Bristol-Myers Squibb Company (New York City, U.S.), Janssen Pharmaceuticals, Inc. (Johnson & Johnson) (Beerse, Belgium), Boehringer Ingelheim International GmbH (Ingelheim am Rhein, Germany), AbbVie Inc. (North Chicago, U.S.), Genentech, Inc. (F. Hoffmann-La Roche AG) (South San Francisco, U.S.), Mylan N.V. (Canonsburg, U.S.), Other Prominent Players”
Report Scope & Segmentation
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||5.9%|
|2028 Value Projection||USD 45.58 Billion|
|Market Size in 2020||USD 28.79 billion|
|Historical Data||2017 to 2019|
|No. of Pages||120|
|Segments covered||By Drugs Class, Distribution Channel and Geography|
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/hiv-aids-drugs-market-101115
Non-nucleoside Reverse Transcriptase Inhibitors Segment Held 5.6% in 2020: Fortune Business Insights™
Based on the distribution channel, the market is categorized into hospital pharmacies, retail pharmacies, online pharmacies, and others. By the drug class, it is divided into combination HIV medicines, integrase inhibitors, non-nucleoside reverse transcriptase inhibitors (NRTIs), and others. Out of these, the NRTIs segment generated 5.6% in terms of the HIV drugs market share in 2020. This is attributable to the reduced demand for this drug class, unlike for those with innovative formulations.
By Drug Class
- Integrase Inhibitors
- Non- Nucleoside Reverse Transcriptase Inhibitors (NRTIs)
- Combination HIV Medicines
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Asia Pacific
- Rest of the World
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Drivers & Restraints-
Increasing Number of New Product Launches to Augment Growth
The rising emphasis on R&D activities in the field of HIV drugs is expected to result in the rising drug innovations worldwide. Several reputed companies, such as Boehringer Ingelheim International GmbH, ViiV Healthcare, and Gilead Sciences are engaging in investment initiatives to compete in the market. Some of the others are participating in new product launches and collaborations. In September 2019, for instance, Merck Sharp & Dohme Corp. won the U.S. FDA approval for DELSTRIGO and PIFELTRO combination drugs. These will be used for the treatment of people living with HIV-1. However, many people suffering from this disease across the globe do not have access to timely treatment. It may obstruct the market growth in the near future.
Rising Prevalence of HIV in the U.S. to Help North America Dominate
Geographically, North America is anticipated to remain at the forefront throughout the forthcoming years because of the rising prevalence of HIV infections among the U.S. populations. As per the Centers for Disease Control (CDC), in 2018, more than 1.2 million individuals were suffering from this disorder. The region procured USD 20.27 billion in 2020 in terms of revenue in this market.
Moreover, Europe is likely to be the second-largest market backed by the presence of a large number of renowned HIV drug manufacturers in the region. Besides, these companies are constantly engaging in partnerships and collaborations to improve their footprint. In Asia Pacific, on the other hand, the surging population in India and China would aid the demand for HIV drugs in the upcoming years.
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Key Players Focus on Gaining Fast-track Approvals to Intensify Competition
Prominent manufacturers of these drugs present in the global market are striving persistently to conduct extensive R&D activities to introduce new products. A few others are also aiming to gain fast-track approvals from regulatory bodies to market and distribute their drugs.
What is the market for HIV drugs?
The HIV Drugs Market size was valued at USD 28.79 Billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% during the forecast period, 2021-2028.
How big is the HIV drug market?
The global HIV Drugs Market size was estimated at USD 30.46 billion in 2021 and is expected to reach USD 45.58 billion in 2028.
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