With a single entity holding a share of 51% in 2015, the global antiviral drugs market is highly consolidated, says Transparency Market Research (TMR) in a new report. Although the degree of competition is moderate at present, the increasing entry of new entities may intensify it in the coming years.
The global antiviral drugs market is expected to display a CAGR of 6.40% between 2016 and 2024. As a result, the market’s valuation will increase from US$48.3 bn in 2015 to US$82.9 bn by 2024, according to TMR’s report.
Expanding Patient Pool Secures North America’s Position as Leading Regional Market
On the basis of disease indication, the market is categorized as hepatitis virus infection, respiratory virus infection, HIV infection, and others. By product type, the global antiviral drugs market is segmented into branded drugs and generic drugs.
The report divides the global antiviral drugs market into the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Amongst all, North America led the global market in 2015 holding a share of more than 50%. This is due to the expanding patient pool suffering from viral infections which is expected to be on the rise in the coming years as well.
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Europe stood as the second-largest market for antiviral drugs in 2015 and is expected to retain its position over the forecast period. In this region, the large patient pool undertaking antiretroviral treatments and an increasing preference for novel drugs are key factors for the growth of antiviral drugs market. Apart from this, a high degree of awareness about the treatment options for viral infections and favorable reimbursement schemes are also bolstering the growth of this regional market.
On the other hand, Asia Pacific trailed by the Middle East and Africa are expected to emerge as significant markets for antiviral drugs. This is mainly due to the unmet medical needs and frequent outbreaks of viral diseases in these regions. The increasing incidence of hepatitis B and HIV/AIDS are also expected to display a surging demand for antiviral drugs as a line of treatment in these regions over the next few years. In recent years, the outbreak of new viral infections such as Zika and Ebola has led to the increasing demand for novel antiviral drugs along with demand for affordable second version treatments are expected to significantly boost these markets.
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Rising Prevalence of Viral Infections Stirs up Demand for Antiviral Drugs
The global antiviral drugs market is largely driven by the increasing incidence of viral infections worldwide. At present, the rising prevalence of hepatitis B and HIV/AIDS is a major burden on healthcare systems across the world due to their long term treatment plan. However, it is benefitting the antiviral drugs market due to the prolonged usage of these drugs for treatment of these conditions.
In the coming years, efforts for the innovation and development of novel antiviral drugs and therapies is expected to influence the market positively. Drug makers are engaged in drug development prompted by the recent viral infection outbreaks. However, high capital investment involved in drug development may challenge the growth of this market to some extent, says TMR analyst.
The review presented is based on findings of Transparency Market Research report, titled “Antiviral Drugs Market (Disease Indication – Hepatitis Virus Infection, HIV Infection, and Respiratory Virus Infection; Product Type – Branded Drugs and Generic Drugs; Distribution Channels – Hospital Pharmacy Store, Retail Pharmacy Store, and Online Pharmacy) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.”
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