Antiviral drugs are medications used specifically for treating viral infections such as influenza, hepatitis, herpes, and HIV/AIDS. They work by killing the viruses or preventing their replication. With rising prevalence of viral diseases across the world, there is an increasing demand for effective antiviral medications. According to WHO, globally there were around 71 million new cases of chronic hepatitis C virus (HCV) and 1.5 million deaths from HCV in 2015. It is also estimated that around 37 million people are currently living with HIV globally. Such alarming statistics have boosted the need for newer and more potent antiviral drugs.
The global Antiviral Drugs Market is estimated to be valued at US$ 70646.07 Bn in 2024 and is expected to exhibit a CAGR of 23 % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Key trend in the antiviral drugs market is increasing drug resistance. With extensive use of antiviral drugs over time, viruses are developing resistance to existing drug regimens. This is a major challenge faced by researchers as drug-resistant viral strains become more difficult to treat. Development of new classes of antiviral drugs that are less susceptible to developing resistance remains an important research area. Companies are investing heavily in R&D to discover and develop novel drug candidates with improved efficacy and resistance profiles. Moreover, with growing threat of pandemics from viruses like COVID-19, there is renewed focus on stockpiling broad-spectrum antiviral drugs that can be effective against multiple strains of the same or different viruses.
Porter’s Analysis
Threat of new entrants: The antiviral drugs market faces low threat from new entrants as considerable investment is required for research and development along with requirement of strong distribution network.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market faces high demand for antiviral drugs to treat chronic viral infections like HIV, hepatitis, etc.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many raw material suppliers for antiviral drugs manufacturing.
Threat of new substitutes: The threat from new substitutes is low as antiviral drugs require heavy R&D for development and there are limited medical substitutes.
Competitive rivalry: The competition is high among existing players to gain maximum market share through development of novel drugs with improved efficacy and safety profile.
Key Takeaways
The global Antiviral Drugs Market Share is expected to witness high growth.
Regional analysis comprises North America dominates the antiviral drugs market currently owing to increasing prevalence of HIV/AIDS and viral hepatitis infections. Supportive government initiatives for research activities are further expected to boost market growth in the region.
Key players operating in the antiviral drugs market are CogniFit, Elevate, Peak, Rosetta Stone Ltd., LearningRx, Lumosity, HAPPYneuron, Inc., Wise Therapeutics, Inc., Easybrain and Happify, Inc. CogniFit provides brain training programs targeting memory, attention, problem solving, and other key cognitive skills. Elevate is an online brain training program specially designed by cognitive neuroscientists for brain fitness and performance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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