Acumen Research and consulting recently publicize a market study titled “Antiviral Drugs Market Forecast till 2027″ which is a trending topic in the medical and pharmaceutical industry and providing a flawless and narrow study about COVID-19 bleak and lush impact on the industry.
The Global Antiviral Drugs Market is estimated to grow at a CAGR of around 3.7% during the forecast period 2020 to 2027 and to reach around US$ 74.7 Bn by 2027.
Increasing prevalence of viral infections across the globe and rise in healthcare spending are major factor expected to drive the growth of global antiviral drugs market.
North America is expected to account for a major revenue share in the global antiviral drugs market due to increasing number of patients suffering from viral infection. Changing lifestyle pattern and rise in viral infections such as HIV, hepatitis, respiratory syncytial virus (RSV), and influenza is increasing demand for antiviral drugs. In US the proportion of outpatient visits for influenza-like illness increased slightly to 1.7 percent, which is below the national baseline of 2.2 percent. There is substantial increase in inpatients in hospitals for treatment of infections.
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According to U.S. Department of Health & Human Services, from October 2019, through April 4, 2020, there was 410,000-740,000 hospitalization related to flu and 24,000-62,000 deaths due to flu. Government is investing high for R&D activities along with collaborative work with the major players for new drug development is fueling the antiviral drugs market growth. Rise in outbreak of covid-19 in the region, rise in mortality is pressurizing the government and players for development of enhanced solutions. In addition, early approval for drugs as a preventive step in order to control the coronavirus from the government is expected to boost the growth of target market. In 2020, the U.S. Food and Drug Administration granted full approval to the antiviral drug remdesivir as a treatment for patients hospitalized with COVID-19.
The market in Asia Pacific is expected to account for major revenue share in the antiviral drugs market due to increasing government spending on development of healthcare infrastructure. Government if focused on development of present hospital infrastructure in order to deliver advanced care to patients. With the high spending on healthcare sector pharmaceutical players and government institutions are focused on development of novel drugs. Chancing government regulations related to business and focus on development of regional manufacturing capabilities is impacting the growth of target market. In 2020, Cipla a global pharmaceutical company launched Favipiravir a Covid-19 drug for treatment of patients range especially in mild and moderate cases. This is expected to help the company to enhance the business and increase the regional revenue share.
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Noticable increase in number of inpatients in hospitals suffering from various diseases, coupled with high investment by major players and government for development novel antiviral drugs are factors expected to drive the growth of global antiviral drugs market. According to World Health Organization an estimated 491.5 million people were living with HSV-2 infection in 2016, equivalent to 13.2% of the world’s population aged 15 to 49 years. Rise in pandemic effect across the globe and introduction of new drugs by players is expected to impact the growth of antiviral drugs market. In 2020, Glenmark Pharmaceuticals, a drug manufacturing company, launched its Favipiravir with brand name “FabiFlu” in the Indian market for treatment of covid-19.
The company received approval from Drug Controller General of India (DCGI) for marketing and selling of the drug in the market. Business development activities by major players such as acquisition and partnership in order to enhance the business presence are factors expected to augment the growth of antiviral drugs market. In 2021, NeuroBo Pharmaceuticals, Inc. a clinical-stage biotechnology company, acquired ANA Therapeutics, a privately held biotechnology company.
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The company is focused on developing ANA-001a proprietary capsule formulation of niclosamide for coronavirus indications, currently in Phase 2/3 clinical trials as a treatment for COVID-19. This acquisition is expected to help the company to enhance the business and increase the customer base. Factors such as high cost of R&D activities and stringent government regulations related to product approval are expected to hamper the growth of global antiviral drugs market.
In addition, presence of generic drugs is expected to challenge the growth of target market. However, increasing investment by major players for cost effective drug development and supporting government regulations related to product approval and business establishment are factors expected to create new opportunities for players operating in the antiviral drugs market.
Players operating in the global antiviral drugs market are Gilead Sciences; F. Hoffmann-La Roche AG; GlaxoSmithKline plc; AbbVie; Merck & Co., Inc.; Johnson & Johnson Services, Inc.; Bristol-Myers Squibb Company; Cipla Inc.; Aurobindo Pharma; and Dr. Reddy’s Laboratories Ltd. The market is highly competitive due to presence of large number of players operating on global level.
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