The global Antiviral Drugs Market is estimated to be valued at US$ 61324.71 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antiviral drugs are pharmaceutical medications used to treat infections caused by viruses. These drugs prevent the spread of infection by inhibiting viral replication and functions. They play a vital role in managing viral diseases like influenza, hepatitis, herpes and HIV/AIDS.
Market key trends:
One of the key trends in the antiviral drugs market size is the rising prevalence of chronic viral diseases. Chronic viral infections like hepatitis C infections and HIV infections have increased significantly in the past few decades. According to WHO, there were around 36.7 million people living with HIV/AIDS globally in 2020. This has boosted the demand for effective antiviral treatments. Another major trend is the increasing R&D spending on developing new antiviral therapies. Major pharmaceutical companies are investing heavily in identifying novel drug targets and developing drugs with improved efficacy and safety profiles. Advancements in antiviral drug development technologies are also fueling market growth.
SWOT Analysis
Strength: Antiviral drugs are highly effective against various viral diseases like influenza, hepatitis, HIV/AIDS etc. These drugs offer targeted treatment against specific viruses reducing risk of drug resistance.
Weakness: Development of antiviral drugs is highly complex and time consuming process. It requires extensive research to understand virus pathogenesis and host immune response. Many antiviral drugs also have potential side effects.
Opportunity: Growing prevalence of viral infectious diseases globally due to factors like increasing antimicrobial resistance, changes in lifestyle and environment presents significant market potential for antiviral drugs. Emergence of new viruses also warrants development of new antiviral drugs.
Threats: Long development cycle and regulatory requirements increase costs of antiviral drugs development. Patent cliff of major drugs also poses pricing and market share threats. Strong competition from generic drugs further challenges commercial success of new antiviral drugs.
Key Takeaways
The global antiviral drugs market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of viral diseases and emergence of new viruses.
North America dominates the antiviral drugs market currently holding around 40% market share due to growing prevalence of HIV/AIDS and hepatitis infections in the region and large patient pool undergoing antiviral treatment. The Asia Pacific region is expected to exhibit fastest growth over the forecast period attributed to rise in healthcare expenditure, increasing awareness about viral diseases treatment and growth in generic antiviral drugs market in the region.
Key players operating in the antiviral drugs market are GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy’s Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences. Large players like GlaxoSmithKline, AbbVie and Gilead Sciences dominate the market with their extensive antiviral drug portfolios for HIV/AIDS, influenza and hepatitis therapies. However, mid-size companies are actively expanding their presence through generic drugs and pipeline molecules in different antiviral classes.
