New York, USA , April 12, 2021 (GLOBE NEWSWIRE) -- Research Dive in its latest published report estimates that the global antiviral therapies market will generate $66,016.5 million and exhibit a CAGR of 3.1% from 2020 to 2027.
The rising prevalence of viral infections such as HIV, hepatitis, and influenza and the growing demand for antiviral drugs in HIV treatment are the major factors estimated to bolster the growth of the global antiviral therapies market over the forecast period. In addition, the growing focus of manufacturers to develop innovative and cost-effective drugs by incorporating nanotechnology into antiviral drugs is projected to create massive growth opportunities for the global industry by 2027. However, the time consuming process to develop antiviral drugs and high costs associated with antiviral therapies is expected to hamper the market growth in the upcoming years.
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Impact of COVID-19 Pandemic on the Industry
The COVID-19 pandemic has impacted the global antiviral therapies market in a favorable way in 2020. The growth of the industry during the unprecedented times is majorly due to growing cases of COVID-19 and increasing R&D activities to develop antiviral drug for coronavirus treatment. Besides, a various government bodies and manufacturers are taking initiatives such as collaborations to develop Covid-19 vaccine, which is expected to provide lucrative opportunities for the global industry in the upcoming years. For instance, in March 2020, Pfizer Inc. and BioNTech SE entered into a strategic collaboration to co-develop and distribute a potential mRNA-based coronavirus vaccine that prevents COVID-19 infection.
Key Segment Findings of the Market:
The research report categorizes the global antiviral therapies market into type, distribution channel, and region.
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- Based on type, the HIV antiviral drug sub-segment valued for largest share of antiviral therapies market in 2019 with 60.9% and is predicted to continue its dominance during the forecast period. This is majorly due to the rising occurrence of HIV cases across the globe.
- Based on distribution channel, the hospital pharmacy sub-segment valued for $27,790.8 million in 2019 and is projected to grow at significant CAGR during the forecast period. This rapid growth can be attributed to growing geriatric population and viral infections around the world.
- Based on region, the North America market for antiviral therapies accounted for $15,636.2 million in 2019 and is estimated to witness noteworthy growth by 2027. Growing cases of viral infections and rapid growth in aging population are the major factors expected to drive the regional market growth in the near future.
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Prominent Market Players
The key players of the global Antiviral therapies industry include
- Gilead Sciences, Inc.
- GlaxoSmithKline plc
- F. Hoffmann-La Roche Ltd
- Bristol-Myers Squibb Company
- Aurobindo Pharma
- AbbVie Inc.
- Johnson & Johnson Services, Inc.
- Merck & Co., Inc.
These players are focusing on technological advancements, strategic collaborations, and drug approval & launches to gain a competitive in the global market.
For instance, in December 2019, GlaxoSmithKline Plc, a research-based pharmaceutical company, submitted a new drug application to the U.S. FDA seeking approval for ‘fostemsavir,’ an experimental HIV treatment in adults. The company has developed fostemsavir for use in combination with other antiretroviral agents in adults who have been beforehand taken treatments for HIV.
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