Global Antiviral Therapies Market Anticipated to Gather $66,016.5 Million and Grow at 3.1% CAGR in the 2020-2027 Forecast Period [208-Pages] | Details by Research Dive
Antiviral therapies market is expected to grow by 2027 due to rising prevalence of viral infections worldwide. Hospital pharmacy sub-segment is predicted to be highly beneficial. Market in North America region is projected to be most progressive
NEW YORK, Jan. 27, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Antiviral Therapies Market, by Drug Type (Herpes Antiviral Drugs, Hepatitis Antiviral Drugs, HIV Antiviral Drugs, Influenza Antiviral Drugs, Others), Distribution Channel (Hospital Pharmacy, Independent Pharmacy & Drug Stores, Online Pharmacy), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".
According to the report, the global antiviral therapies market is anticipated to gather a revenue of $66,016.5 million and grow at 3.1% CAGR during the forecast period 2020-2027.
Dynamics of the Market
Drivers: The growing prevalence of viral infections like herpes, hepatitis C, and others along with the rising demand for antiviral drugs for HIV treatment are the two major driving factors for the global antiviral therapies market during the forecast period. Moreover, according to the World Health Organization (WHO), about 71 million people have hepatitis C viral infection who might develop cirrhosis or liver cancer which is estimated to further boost the market growth by 2027.
Opportunities: The extensive incorporation of nanotechnology into antiviral drug designs and development for producing cost-effective drugs is the major factor to create ample growth opportunities for the global antiviral therapies market during the analysis timeframe.
Restraints: High cost of antiviral therapies is the main hindering factor for the market growth.
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Covid-19 Impact on the Market
The global antiviral therapies market has been positively impacted by the covid-19 outbreak mainly due to surging R&D activities and huge investments by governments to find a suitable cure for corona virus treatment along with rising adoption of advanced technologies for manufacturing cost-effective drugs. Additionally, the severe symptoms of corona virus feared the people and motivated them even further to take up booster vaccinations and other antiviral treatments to save themselves. Furthermore, increasing strategic alliances like collaborations and product launches among key market players to curb the virus spread also contributed to the market's immense growth amid the pandemic stress.
Segments of the Market
The report has divided the global antiviral therapies market into multiple segments based on drug type, distribution channel, and regional analysis.
- By drug type, the HIV antiviral drug sub-segment is expected to hold a dominant market share due to increasing cases of HIV across the globe. In addition, the effectiveness and safety of antiviral drugs is also predicted to drive the sub-segment's growth during the forecast years.
- By distribution channel, the hospital pharmacy sub-segment of the global antiviral therapies market is projected to have the highest growth rate of 2.8% CAGR during the 2020-2027 analysis timeframe mainly due to growing geriatric population across the world. Moreover, hospital pharmacies provide quality medicines since they purchase directly from the manufacturers, thus voiding any issue of fake medicines which is estimated to further uplift the sub-segment's growth by 2027.
- By regional analysis, the antiviral therapies market is anticipated to witness immense growth opportunities in the North America region by 2027 mainly due to rising viral infections across the region and growing geriatric population with weak immune systems. Additionally, increasing R&D activities by significant pharmaceutical companies to manufacture innovative antiviral drugs is also expected to further propel the market growth in the North America region by 2027.
Significant Market Players
Some significant antiviral therapies market players are
- AstraZeneca
- Bristol-Myers Squibb Company
- Gilead Sciences Inc.
- Merck & Co. Inc.
- Abbott
- GlaxoSmithKline plc
- AbbVie Inc.
- F. Hoffmann-La Roche Ltd
- Aurobindo Pharma
- Johnson & Johnson Services Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in August 2020, Abbott, a medical device organization, launched a new antiviral drug called 'Favipiravir' which has been approved under the emergency conditions of Covid-19 pandemic. This strategic product launch by Abbott amid the covid-19 catastrophe strengthened its market position even further.
Antiviral Therapies Market Report data as per your Format and Definition & Avail 10%OFF
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Antiviral Therapies Market:
- Antiviral Therapies: A Concise Guide to the Most Sought-for Panacea for Infections
- The Uses and Causes of Antiviral Therapies to Prevent & Treat Influenza Virus Infection
- Novel Drug Launches by Key Players during the Covid-19 Pandemic to Aid Global Antiviral Therapies Market to Reach Newer Heights
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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