Pune, India, April 12, 2021 (GLOBE NEWSWIRE) --
The global antiviral drugs market size is anticipated to witness accelerated growth during the forecast period due to the growing focus toward therapeutic management of patients with SARS-Cov-2 and other viral diseases, the development of new treatments and drugs. Since severe acute respiratory illness caused by the coronavirus can be life-threatening, the potential of antiviral therapies for treating COVID-19 patients is being investigated extensively.
These drugs can potentially inhibit the entry of the virus and its replication. This can be crucial in preventing viral progression to the hyperinflammatory state, characterizing the later stage of COVID-19.
The antiviral drugs industry forecast is anticipated to gain considerably due to the positive influence of the following eight factors:
Alarming incidence rate of influenza through North America
The growing number of influenza cases in the U.S., Canada, and other parts of North America have been spurring the expansion of the antiviral drugs consumption. The North America antiviral drugs market share from influenza segment is projected to grow at a 4.5% CAGR up to 2027, aided by the threat of COVID-19 infection. The high incidence of influenza has been leading to a spiraling number of hospitalized patients, pushing the regional industry forecast.
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Spiraling demand for anti-viral therapies in Canada
The Canadian market has been exhibiting significant demand for antiviral prescription drugs, especially in the wake of the coronavirus pandemic. During 2020, the regional market was estimated at $1.5 billion. Increasing density of elderly population, being highly prone to contracting viral infections, has been fostering growth opportunities for drug makers in North America. Anti-viral therapies are gaining traction amongst these patients, with numerous market players launching new antiviral drugs.
Development of new drugs in the United States
The U.S. has been registering a high adoption rate of anti-viral drugs and anti-viral therapies since even before the outbreak of the COVID-19 pandemic. As per the records of the Centers for Disease Control and Prevention (CDC), more than 35.5 million residents were suffering from influenza, resulting in over 490,600 hospitalizations and more than 30,000 deaths across the nation during the 2018-19 season. Additionally, since the U.S. is one of the worst COVID-19 affected countries, the deployment of antiviral drugs is expected to rise further.
Growing risk of COVID-19 infection amongst Europeans
The alarming rate of the proliferation of the Coronavirus has led to a marked uptick in the usage of antiviral drugs to treat viral infections throughout European countries as well. Using antiviral drugs can considerably lower the effect of the SARS-CoV-2 virus to a certain extent.
When used with other necessary medications and precautionary measures such as self-isolation, quarantine, and contact tracing, they have been proven to be an effective management solution for COVID-19 patients with mild to moderate symptoms. The trending authorization of prescription drugs has been accelerating Europe antiviral drugs market forecast.
Consumption of generic antiviral drugs in European countries
The generic antiviral drugs segment is advancing at a steady pace in the Europe antiviral drugs market. By 2027, the segment is anticipated to claim a prominent market share in terms of revenue, driven by the rising consumption of generic antiviral drugs in the recent times. Using generic drugs can significantly bring down the overall hospital expenses of the patient. As opposed to expensive branded medications, numerous industry players in the region have been introducing cost-effective alternatives to cater to the need for effective medicines amid the pandemic.
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Increasing number of product launches in Asia Pacific
The growing number of product launches and full-fledged R&D activities by several Asian pharmaceutical companies can prove to be beneficial for antiviral drug makers in APAC. For instance, during August 2020, Dr Reddy’s Laboratories, an India-based generic drug manufacturer introduced its new antiviral drug, Avigan, intended to be used to treat COVID-19 patients with mild to moderate symptoms. The drug was developed in partnership with Fujifilm Toyama Chemical Co., a Japanese drug company.
Spiraling prevalence of HIV AIDS across Asian countries
The HIV AIDS segment is anticipated to accrue a considerable revenue share of the overall Asia Pacific antiviral drugs market share through 2027. The segment was valued at $3.2 billion during 2020 and is progressing at a substantial CAGR. During 2018, more than 1.25 million individuals were suffering from HIV infection in China, as per the data of the World Health Organization (WHO). Infectious diseases are occurring frequently amongst the Asian citizens. For instance, South Korea is a hotspot of infectious diseases. It might contribute handsomely toward the proliferation of the APAC market size.
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Pediatric population require antiviral drugs
The pediatric segment in the APAC antiviral drugs market has been presenting considerable expansion prospects in the recent times, thanks to the growing risk of HIV infection amongst children in India and China. The risk of hospital-acquired infections is particularly high amongst newborns. Newborns and children are highly vulnerable to infections due to their undeveloped immune system. The high frequency of HIV infections is expected to drive the market in Asia Pacific.
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