The global antiviral drugs market is projected to grow at a CAGR of 3.8% to reach USD $50 billion by 2027 from $39 billion in 2020. Rising awareness about viral infections, availability of diagnostics, presence of several drugs, and significant strategic initiatives by industry players has contributed to the growth of this market.
The research report categorizes the antiviral drugs market to forecasts the revenues and analyses the trends in each of the following below mentioned market segments.
By Mechanism of Action
Antiviral Drugs Market By Type:
By Application
By Region
The report also provides in-depth value chain analysis, opportunity mapping, technology landscape, regulatory scenario, patent trends, market trends, Covid-19 impact analysis, raw material supply analysis, pricing trends, sustainability trends and competitive landscape.
Drivers: Rising viral infections and thereby growing demand of the drugs
Recent outbreaks of various viral infections such as Lassa virus, rare Nipah virus, and Corona virus is responsible for the high demand of antiviral drugs across the globe. Investment by market players in research and development activities is increasing significantly due to presence of high opportunities. This will further lead to entry of new drugs in the market and is anticipated to propel the market growth.
Rising prevalence of HIV across the globe and enhanced surveillance rate are anticipated to fuel the market growth. For instance, according to WHO, about 37.9 million people were suffering from HIV across the world. Additionally, entry of blockbuster drugs such as, Biktarvy and Triumeq by Gilead Science and GlaxoSmithKline simultaneously, have changed the antiviral drugs market scenario.
The presence of rich product pipeline for various viral infections is anticipated to fuel the market growth. For instance, in March 2021, Pfizer initiated early-stage clinical trial of oral antiviral drug, PF-07321332 (Protease inhibitor), for coronavirus in the U.S. In August 2020, the European Commission approved Hepcludex, a first drug for hepatitis D in Europe. After several years of research, researchers got success to treat hepatitis D.
Restraints: Stringent government regulations
Stringent government regulations associated with the approval and marketing of antiviral drugs across the globe further delay the drugs to enter in the market. The entire process is time consuming and costly which affects the cost of the drugs in the market. Hence, this may restrain the market growth. Additionally, presence of ayurvedic and homeopathic products to treat viral infection is anticipated to hamper the market growth.
Opportunity: Large patient pool of Corona virus and limited availability of vaccine and drugs
Presence of large patient pool and limited availability of vaccines and drugs create several opportunities for new entrants in the market. Furthermore, the disease spread rapidly in many countries, hence the government is allowing faster approval of drugs and vaccines for Corona.
Challenges: High cost of drugs and virus variations
The antiviral drugs market is being impacted by the high cost of the drugs. Furthermore, virus changes its structure many times and hence chances of failure is also high. These are some of the major challenges of the market.
In terms of mechanism of action, protease inhibitor segment in the market is expected to be the largest segment during the forecast period
In terms of application, the global antiviral market has been segmented into Nucleotide Polymerase Inhibitors, Reverse Transcriptase Inhibitors, Protease Inhibitors, and Others. In 2020, protease inhibitor segment accounted for the largest share of the market. Whereas, nucleotide polymerase inhibitor is expected to grow at the fastest rate during the forecast period.
By application, HIV is expected to be the largest segment
Based on application, the antiviral drugs market has been segmented into HIV, Hepatitis, Influenza, Herpes, and Others. In 2020, HIV held the largest segment of the market. This can be attributed to high prevalence of HIV, improved treatment regimen and patient adherence to treatment, and favourable reimbursement policies by the several governments of different countries.
Furthermore, participation of government in several countries to increase awareness about virology, investment by market players to develop effective drugs to treat HIV, and development of comprehensive guidelines for the HIV treatment is expected to maintain its dominance during the forecast period.
Asia-Pacific is expected to register the highest CAGR while North America is expected to be the largest Antiviral Drugs Market during the forecast period
Local presence of industry players, high purchasing power, availability of diagnostics, and favourable insurance policies are responsible for contributing the largest share of the market. Moreover, the presence of large aging population and recent approvals by the U.S. FDA are expected to further propel the demand for antiviral drugs in the region.
Rich clinical pipeline in the region due to availability of government funding and high investment by market players in research and development activities are anticipated to observe significant growth during the forecast period in the region. The U.S. contributed maximum share in the region.
The Asia-Pacific region is projected to be the fastest-growing market due to presence of large patient pool, increasing awareness about viral infections, rising diagnosis rate, and growing middle class in the region. Furthermore, increasing investment in research and development activities and availability of several antiviral drugs further propel the antiviral drugs market in the region. China, India, Japan, and Singapore are major contributing countries in the Asia Pacific region.
Company Profiles and Competitive Intelligence covered in Antiviral Drugs Market Report:
The market is highly fragmented with presence of international and regional players. The key players operating in the market are
Innovative product development, collaborations and partnerships for development or marketing, and geographical expansions through acquisitions and mergers are some of the strategies adopted by market players to enhance their presence in the industry.
Recent Developments in Antiviral Drugs Industry
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INTRODUCTION
KEY GLOBAL PLAYERS
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