The global antiviral drugs market has been witnessing significant growth over the past few years owing to the increasing prevalence of viral diseases such as HIV, hepatitis, influenza, and the recent outbreak of COVID-19 pandemic. Antiviral drugs are pharmaceuticals that inhibit the replication of viruses and treat patients suffering from viral infections by intercepting and interfering with the ability of viruses to replicate inside host cells. Antiviral drugs offer several advantages such as high efficiency, targeted approach towards eliminating or suppressing targeted viruses, and minimal side-effects as compared to conventional antibiotics.
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 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of viral diseases across the globe largely attributed to the rising trend is one of the major factors driving the growth of the antiviral drugs market. Changing climatic conditions and environs have facilitated the spread of disease-causing pathogens such as viruses, thereby accelerating the threat of viral outbreaks. According to the World Health Organization (WHO), viral diseases such as influenza, HIV/AIDS, hepatitis, and others account for a significant share of the global disease burden. Thus, the increasing patient pool afflicted with various viral infections has considerably boosted demand for effective antiviral drugs over the past few years and this upward trend is expected to continue going forwards.
SWOT Analysis
Strength: Antiviral drugs address high unmet needs in viral infections. Drugs targeting influenza, hepatitis and HIV have large patient bases.
Weakness: Antiviral drugs face resistance issues over time requiring continuous innovation. High development costs and regulatory hurdles.
Opportunity: Outbreaks of new viruses like corona virus provide opportunities. Generics market offers cost saving options in developing nations.
Threats: Alternative therapies like vaccines can replace drug treatments. Patent expiries allow entry of low cost generics.
Key Takeaways
Global Antiviral Drugs Market Size is expected to witness high growth.
Regional analysis: North America capture over 40% share due to high healthcare spending and R&D. Whereas Asia Pacific expected fastest growth due to large patient pool and rising income.
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. Antiviral drugs market will continue facing resistance issues requiring continuous innovation. Generics expected to see higher uptake in developing nations offering cost-effective alternatives. Outbreaks of new viruses like corona will generate new opportunities. Whereas alternative preventive measures can pose threats to drug market dominance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.