Pune, India, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The global antiviral drugs market size is set to gain impetus from the improvements in research collaborations of industry giants to develop state-of-the-art therapeutics. Besides, the increasing prevalence of viral diseases would impact the market positively. The study further mentions that the antiviral drugs market size is projected to reach USD 44.2 billion by 2026, thereby exhibiting a CAGR of 3.2% during the forecast period. However, it stood at USD 36.1 billion in 2018. The market is divided into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Out of these, North America held USD 13.9 billion antiviral drugs market revenue in 2018.
INDUSTRY DEVELOPMENT:
- April 2019: Gilead Sciences, one of the major antiviral drugs manufacturers, submitted a supplemental New Drug Application (sNDA) to the USFDA for Descovy, for pre-exposure prophylaxis, to reduce the risk of sexually acquired HIV infection among individuals who are HIV-negative and at risk for HIV.
- December 2019: GlaxoSmithKline submitted a new drug application to the USFDA seeking approval for fostemsavir, an experimental treatment for HIV in adults.
- August 2017: Abbvie received a USFDA approval for MAVYRET, a ribavirin-free treatment option for adults with chronic hepatitis C virus (HCV) infection.
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High Demand for Targeted & Specific Treatment Regimen to Boost Growth
One of the most common forms of viral infection that is occurring across the world is HIV. The diagnosis rate of HIV is improving gradually owing to the refinement of surveillance by using biological and demographic data.
The World Health Organization (WHO) stated that in the year 2018, approximately 37.9 million people were affected by HIV. However, around 770,000 people died of this disease. It proves that the rising cases of HIV is fueling the demand for specific and targeted treatment regimen.
Apart from that, the rising prevalence of influenza and its efficient diagnosis are set to drive the antiviral drugs market growth in the coming years.
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Increasing Outburst of Viral Diseases to Favor Growth in Asia Pacific
Geographically, the market is divided into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Out of these, North America held USD 13.9 billion antiviral drugs market revenue in 2018.
This growth is attributable to the presence of various key pharmaceutical companies in the U.S. Coupled with this, green signal by USFDA for the launch of effective and blockbuster therapies, as well as rising incidence of HIV in this country are set to augment growth in North America. Europe is also expected to grow remarkably on account of the presence of favorable reimbursement policies.
Asia Pacific, on the other hand, is anticipated to exhibit a high CAGR during the forthcoming period. This growth is attributable to the frequent outbursts of viral diseases, namely, swine flu, dengue, and Ebola in the emerging economies.
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Besides, enhanced pharmaceutical industry in countries, such as Japan and India, as well as an established supply network are likely to accelerate growth in this region. In Latin America, the governments of Mexico and Brazil are taking persistent initiatives to manage viral infections.
List of the most prominent companies operating in the antiviral drugs market:
- Abbvie, Inc.
- Novartis AG
- Gilead Sciences
- Mylan N.V.
- GlaxoSmithKline
- Merck & Co., Inc.
- Janssen Pharmaceuticals, Inc.
- Bristol-Myers Squibb Company
- Other key market players
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Global Antiviral Drugs Market Segmentations:
By Drug Class
• Protease Inhibitors
• Polymerase Inhibitors
• Integrase Inhibitors
• Reverse Transcriptase Inhibitors
• Combination Drugs
• Others
By Disease Indication
• Hepatitis
• Human Immunodeficiency Virus (HIV)
• Influenza
• Others
By Distribution Channel
• Hospital Pharmacy
• Retail Pharmacy
• Online Channel
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East and Africa (South Africa, GCC, and Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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