The antiviral drugs market is estimated to be valued at US$ 61324.71 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Antiviral drugs help treat viral infections such as HIV, influenza, hepatitis, herpes, and cytomegalovirus by either inhibiting viral replication within infected host cells or by preventing further infectivity. Some of the commonly used antiviral drugs include amantadine, ribavirin, acyclovir, ganciclovir, oseltamivir, and antiretroviral drugs. The increasing prevalence of viral infections such as HIV, hepatitis B & C and influenza is expected to drive the demand for antiviral drugs over the forecast period.

Market key trends:
One of the key trends driving the antiviral drugs market growth is the rising prevalence of viral diseases due to factors such as changing lifestyle, environmental conditions and lack of sanitation. For instance, according to WHO, globally, around 37.9 million people were living with HIV at the end of 2018 and around 770,000 people died from HIV-related causes globally in 2018. Such high prevalence of HIV infections is contributing to the market growth. Furthermore, growing research & development activities for development of new and innovative antiviral drugs to treat drug-resistant viral strains is also fueling the antiviral drugs market growth.

Porter’s Analysis

Threat of new entrants: The antiviral drug industry requires huge capital investments for R&D which acts as a deterrent for new players. The intellectual property rights and patents of existing players also pose a challenge for new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as there exist many established players offering substitutable drugs. However, buyers tend to have less bargaining power for drugs treating critical illnesses.

Bargaining power of suppliers: The bargaining power of suppliers of raw materials and packaging materials is low owing to the presence of many suppliers and lack of product differentiation. Suppliers cannot influence prices.

Threat of new substitutes: The threat of substitutes is moderate as there exist many alternative drugs within antiviral drug classes. However, substitutes may not offer the same efficacy for certain illnesses.

Competitive rivalry: The industry witnesses intense competition due to many global and regional players offering similar drugs.

SWOT Analysis

Strength: Established distribution channels, strong brand presence, huge R&D capabilities.

Weakness: High R&D costs, regulatory requirements and pricing pressures.
Dependence on few drugs for major revenue.

Opportunity: Increasing prevalence of viral illnesses, growing geriatric population, emerging markets growth.
Collaborations with biotech companies for novel molecules.

Threats: Patent expiries of blockbuster drugs, generic competition, currency fluctuations.
Stringent regulatory approvals and recalls impact revenues.


Key Takeaways

The global antiviral drugs market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of viral diseases. North America dominates the global antiviral drugs market currently due to high healthcare spending and prevalence of diseases in the region.

Regional analysis: Asia Pacific is expected to witness the highest growth during the forecast period owing to rapidly developing healthcare infrastructure, increasing healthcare spending, and high disease prevalence in densely populated countries like India and China.

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. Major players are focusing on developing novel drugs through collaborations as patent expiries of major drugs pose challenges.

Get more insights on this topic: https://www.newswirestats.com/antiviral-drugs-market-size-and-opportunity-analysis-2023-2030/