Antiviral Drugs Market Size is expected to reach $82.9 Billion and Growing at 6.40% CAGR by 2024

Antiviral Drugs Market Size is expected to reach $82.9 Billion and Growing at 6.40% CAGR by 2024

“Antiviral Drugs Market”
Antiviral Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024

The vendor landscape of the antiviral drugs market is consolidated with the dominated of few players, says Transparency Market Research (TMR). Some of the prominent players operating in the antiviral drugs market are F. Hoffmann-La Roche AG, Bristol-Myers-Squibb, Johnson & Johnson, and Merck & Co. The market shares of geriatric players in increasing rapidly in the market some of geriatric players operating in the antiviral drugs market are Aurobindo Pharma, Cipla, and Dr Reddy’s.

The players in the antiviral drugs market are focusing towards the development of generic version of key blockbuster drugs. For instance, Aurobindo Pharma received patent for Valganciclovir geriatric version. This will help the company gain greater cosunmer preference on the virtue of lower costs.

Promient players are collaborating with the geriatric players to remain competitive in the global market. For instance, in 2016, Roche announced its plans to take over anti-influenza drug molecule of a key competitor Shionogi after facing heavy generic competition from the star drug Tamiflu.

A recently released report by TMR elucidates that the anitiviral drugs market is projected to rise at a CAGR of 6.40% during the forecast period that is from 2016 and 2024. Rising at this CAGR, the antiviral drugs market is projected to clock a valuation of US$82.9 bn by 2024.

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In the year 2015, North America dominated the regional segment of the antiviral drugs market with a revenue share of 30%. Factors that played vital role for the highest growth of the region is high level of drug development, presence of key players as well as well developed and sophisticated healthcare infrastructure. Based on distribution type, the online pharmacy segment is estimated to grow at a prominent pace in the near future.  Factors like increasing trend of online purchasing, rising smart phone penetration, and growing digitalization are significantly contributing towards the growth of online pharmacies over the forecast period. 

Increasing Incidence of Chronic Diseases to Bolster Market’s Growth

The global antiviral drugs market is projected to rise at a significant pace in the coming few years. This is mainly due to the increasing prevalence of Sexually Transmitted Infections (STIs) across the globe. Further availability of strong product pipeline is another factor expected to propel the growth of the global antiviral drugs market in the coming years.

Moreover, in recent few years, there is a significant increase in epidemics of viral infections, and respiratory syncytial virus. This is mainly due to changing envorioenment conditons on account of increasing poultion level. These has resulted the development of novel therapeutics for antiviral drugs thus bolstering the market’s growth.

As per a study,  over 36 million people around the globe are suffering from HIV infection in 2014. Further, the population in the region touched  2.0 million new cases of HIV. This is expected to strengthen the prospects of the antiviral drugs market in the coming few years.

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Stringent Governmental Regulation Regarding Sales and Manufacturing of Antiviral Drugs to Hamper Markets Growth

However, stringent governmental regulation for FDA approval of antiviral drugs and improper heath care infrastructure is projected to hamper the growth of the global antiviral drugs market. Nevertheless, increasing drug approvals for combination therapies for the effective treatment of the targeted diseases is another strong factor estimated to contribute towards the growth potential to the antiviral drugs market

The information is derived from TMR 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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