Antiviral Drugs Market is Estimated to Witness High Growth Owing to Growing Prevalence of Viral Infections
The antiviral drugs market includes pharmaceutical medications used to treat infections caused by viruses. Some key antiviral drugs include oseltamivir (Tamiflu) for influenza, acyclovir (Zovirax) for herpes simplex virus infections, and entecavir (Baraclude) for hepatitis B. Antiviral drugs work by blocking the replication of viruses inside infected cells. The increasing risk of viral epidemics such as COVID-19, growing number of research studies on drug development, and rising healthcare expenditure are some major factors driving the growth of the antiviral drugs industry.
The global antiviral drugs market is estimated to be valued at US$ 61324.71 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the primary drivers fueling the antiviral drugs market growth is the rising prevalence of various viral infections globally. Growing cases of viral illnesses including influenza, hepatitis, herpes, HIV/AIDS, and coronavirus infections have augmented the demand for antiviral medication treatments. According to WHO data, as of December 2022, there have been over 637 million confirmed cases of COVID-19 across the world, requiring antiviral treatments. Additionally, increasing research studies on exploring new antiviral drugs and their efficacy are also propelling market expansion. For instance, several pharmaceutical firms are advancing clinical trials for novel drugs like molnupiravir and remdesivir for COVID-19 treatments. However, high costs of drug development and manufacturing may slightly restrain the market during the forecast period.
SWOT Analysis
Strength: Antiviral drugs have their mechanism of action clearly understood and can effectively cure viral infections in many cases. Newer antiviral drugs have fewer side effects compared to older generations. Increased awareness about viral infections has led to growing demand for antiviral drugs.
Weakness: Development of drug resistance in viruses remains a key challenge for sustained efficacy of antiviral drugs. Some newer and expensive antiviral drugs may not be affordable or accessible to low income populations globally.
Opportunity: Growing prevalence of viral infectious diseases due to factors like increasing global travel and trade provides major market opportunity. Emergence of newer viruses also necessitates continual development of novel antiviral medications.
Threats: Stringent regulatory norms can delay market approvals and increase costs of new antiviral drugs. Possible future pandemics may require considerable resources and research to develop effective treatments within a short timeframe.
Key Takeaways
Global Antiviral Drugs Market Size is expected to witness high growth in the forecast period due to growing prevalence of viral infectious diseases.
North America currently dominates the market due to high healthcare expenditure and early availability of newer drugs in the region. The US market accounts for a majority share owing to presence of major antiviral drug manufacturers and high awareness levels.
Asia Pacific region is expected to grow at the fastest pace during 2023-2030. Rapid economic growth, rising healthcare investments and huge patient pool make Asia Pacific an important regional market. India and China are emerging as attractive destinations for antiviral drug manufacturing. The APAC market is expected to more than double in size by 2030.
Key players operating in the antiviral drugs market are CogniFit, Elevate, Peak, Rosetta Stone Ltd., LearningRx, Lumosity, HAPPYneuron, Inc., Wise Therapeutics, Inc., Easybrain and Happify, Inc. These companies have a strong focus on research and development activities to discover new antiviral compounds. Partnerships and mergers & acquisitions are also common strategies adopted to enhance product portfolios.
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