NEWARK, Del, July 21, 2023 (GLOBE NEWSWIRE) -- The global Antiviral Drugs Market has experienced a remarkable surge in recent years, driven by mounting global health concerns and the urgent need for effective treatments against viral infections. The market's expansion has been underscored by breakthrough developments in medical research, advanced drug formulations, and increased investment in healthcare infrastructure.
The ongoing COVID-19 pandemic served as a major catalyst for the accelerated demand for antiviral drugs, propelling pharmaceutical companies and researchers to intensify their efforts in finding viable solutions. The continuous quest for more efficient therapies against COVID-19 and other viral infections has led to innovative approaches and promising drug candidates.
The Global Antiviral Drugs Market is set to witness robust expansion over the next decade, with a projected average compound annual growth rate (CAGR) of 3.9% between 2023 and 2033. The market's progressive trajectory is fueled by escalating global health concerns and the imperative need for effective treatments against viral infections.
According to the latest market analysis, the antiviral drugs sector is expected to reach a market share of US$ 89.68 Billion by 2033, showcasing significant growth compared to its anticipated valuation of US$ 61.42 Billion in 2023. This remarkable surge in market value reflects the heightened demand for innovative antiviral medications and the continuous efforts of pharmaceutical companies in advancing medical research.
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Driving Factors of the Antiviral Drugs Market:
- The increasing spread of viral diseases and the growing geriatric population with weak immune systems contribute to the market's growth. Furthermore, health-aware people and the higher availability of antiviral drugs through government-backed health institutions are increasing the sales of antiviral drugs.
- The high-end research and development activities, along with the new pharma companies entering the market, are gaining traction. The enhanced infection blocking, spread prevention, and lower side effects medicines are likely to expand the market size.
- The frequent viral fevers and illnesses weaken the immune system, which further welcomes new infections and lifestyle-based chronic diseases. Thus, the application of antiviral drugs becomes important.
- The tendencies of anti-viral medicines also lower the risk of herpes and HIV infections. The growing population and pollution are causing new infections and viruses like covid-19 and other versions of H3N2.
- The common usage of antiviral drugs for flu, viral fever, and any virus-based infection is increasing its use. Also, the government-based generic medicines at lower costs in the health welfare schemes are increasing the sales of antiviral drugs.
Key Points From The Antiviral Drugs Market:
- The United States market leads the North American antiviral drugs market in terms of market share. The United States held a market share of 7.1% in 2022. The factors attributed to the sales of antiviral drugs in the country are the increasing penetration of flu and viral infections, higher availability of generic medicines, and healthcare coverage programs through the government. The North American market held a market share of 38.7% in 2022.
- The German antiviral drugs market held a market share of 7.1% in 2022. The market growth is caused by welfare schemes, higher drug manufacturing facilities, and increased foreign investments. The European market held a market share of 24.9% in 2022.
- The Indian market thrives at a CAGR of 3.8% between 2023 and 2033. The growth is attributed to India being the pharmacy hub and producing a higher amount of drugs through smooth testing, approvals, and sales.
- The Chinese market also thrives at a CAGR of 4.7% during the forecast period.
- Based on the application type, HIV leads the market as it held a market share of 44.0% in 2022.
- Based on the end-user type, the hospital segment leads the market, as it held a market share of 47.80% in 2022
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Prominent Players Of the Antiviral Drugs Market
The key vendors focus on higher availability, better coverage, and lower side effects of the drugs. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
- Roche
- Gilead
- GlaxoSmithKline
- Bristol-Myers-Squibb
- Abbott
- AstraZeneca
- Cipla
- Bayer AG
- Johnson & Johnson
- Merck & Co
- AbbVie
- Aurobindo Pharma
- Dr. Reddy’s Laboratories Ltd.
Recent Market Developments of the Antiviral Drugs Market:
- Abbott has finalized to upgrade of 75 primary health centers (PHCs) across nine states in India/ The company is expected to invest around US$ 200 million while making antiviral drugs accessible to the common masses.
- Aurobindo Pharma has introduced its covid-19 drug Molnupiravir in India. It is the generic version of Merck’s antiviral covid-19 pill.
- Cipla Limited and Genes2Me Pvt. Ltd. announced in May 2022 that the 'RT-Direct' multiplex COVID-19 RT PCR Test kit would be made available for purchase in India. Cipla is expanding its diagnostics offering in an effort to introduce more cutting-edge and cutting-edge solutions to the market.
- Abbott and the Food and Drug Administration came to an agreement on Monday for the company to reopen its Michigan manufacturing facility in May 2022, which will help ease a national baby formula shortage after the facility was shut down due to bacterial contamination.
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Key Market Segments Covered in the Antiviral Drugs Industry Research:
By Product type:
- Hepatitis-C antivirals
- HIV antivirals
- Herpes antivirals
- Hepatitis-B antivirals
- Influenza antivirals
- Others (Pneumonia, Flu, etc.)
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
Key Regions Covered:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
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