Antiviral Drugs Market to Hit US$ 66.79 billion by 2030| With 3.5% of CAGR, Growth Plus Reports
Growth Plus Reports
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Growth Plus Reports
Pune, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global antiviral drugs market is expected to clock US$ 66.79 billion by 2030 owing topresence of a well-established supply chain, rising interest in supporting the development of innovative antiviral medications and increased public awareness.
Market Driver
Infections from viruses like influenza, respiratory syncytial virus, hepatitis, and HIV are the main factors driving the global market for antiviral medications. The expansion of the market is expected to be stunted by an increase in research & development activities and the invention of new formulations like vaccines and alternative therapies.
In 2019, there were 37.9 million persons living with HIV/AIDS worldwide, according to a UNAIDS report. Within this, there are 36.2 million adults, 1.7 million children, and 770,000 persons who passed away from this illness.
The availability of a well-established supply chain, rising interest in supporting the development of innovative antiviral medications and increased public awareness all contribute to the market's rapid expansion.
On the basis of application, the global antiviral drugs market has been segmented:
HIV
Hepatitis
Herpes
Influenza
Others
The industry leader and owner of the biggest revenue share was the HIV segment. The market will expand at a faster rate due to the high incidence of HIV infection, high treatment rate, availability of branded medications, and government attempts to raise the treatment rate. For instance, the Ending HIV Epidemic (EHE) strategy, which aims to eradicate the HIV epidemic in the US by 2030, was unveiled by the federal government in 2019. The project aims to decrease HIV infections while increasing the rate of diagnosis and treatment in the United States. Additionally, the availability of potent HIV infection treatments in the pipeline will support market expansion during the forecast period.
The expansion of the market will also be aided by the substantial presence of industry players engaged in the discovery, development, and production of innovative medications to treat hepatitis infections. As a result of this strategy, market competitors' positions have increased as product accessibility and availability rise.
Excerpts from ‘By Region Segmentation’
Based on regions, the global antiviral drugs market has been segmented into:
North America
Europe
Asia Pacific
Rest of the World
The biggest revenue share in the global antiviral market was occupied by North America. The presence of significant pharmaceutical companies in the United States, the rising incidence of diseases like HIV and Respiratory Syncytial Virus, and increased government funding for the introduction of secure and efficient antiviral medications in North America are all contributing factors. For instance, in June 2021, the American Rescue Plan obtained a US$ 3 billion commitment from the U.S. government to hasten the discovery, development, and production of antiviral medications. Under the plan, up to US$ 1.2 billion would be given to Antiviral Medication Discovery (AViDD) Centres for Pathogens of Pandemic Concern, which will use the creativity of the biomedical research community to foster the discovery and development of new antiviral drugs. This factor is anticipated to fuel market revenue growth in this region.
Due to the enormous patient population and rising R&D spending by pharmaceutical companies, the Asia Pacific antiviral medicine market is expanding at the fastest rate in the world. Furthermore, government spending on clinical trials and other research initiatives will grow as a result of increased funding. Remdesivir, an antiviral medication manufactured by Gilead Science, received marketing approval from the Central Drugs Standard Control Organization (CDSCO) in June 2020 for the treatment of COVID-19 infection in India. As a result, the growing demand for effective treatments to treat COVID-19 infection will further fuel the regional market's growth.
The production and distribution of antiviral medications is carried out by a number of generic pharma companies, making the global market extremely competitive.
Some of the key players operating the market global antiviral drugs market include:
AstraZeneca plc
F. Hoffmann-La Roche Ltd
GlaxoSmithKline, Plc
Bristol-Myers-Squibb Company
Abbott Laboratories Inc
Schering-Plough Corporation
Merck & Co., Inc
Johnson & Johnson Services, Inc
AbbVie Inc
Cipla, Inc
Dr Reddy’s Laboratories Ltd
Among other
Report Scope & Segmentation:
Report Coverage
Details
Market Size in 2021
USD 49 billion
Revenue forecast in 2030
USD 66.79 billion
Growth Rate
CAGR of 3.5%from 2022 to 2030
Base year for estimation
2021
Forecast period
2022-2030
Segments covered
Drug Class, Type, Application, Distribution Channel
Regional scope
North America, Europe, Asia Pacific, and the Rest of the World (ROW)
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