February 23, 2024

Rising Prevalence of Viral Diseases Is Expected to Propel Growth of the Antiviral Drugs Market

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 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Antiviral drugs are pharmaceutical substances that either inhibit the replication of viruses or boost the immune system response to fight against viral infection. They are used to treat infections caused by viral pathogens which include hepatitis, AIDS, Influenza, herpes simplex etc. These drugs act by interfering with the ability of viruses to penetrate host cells, replicate, assemble or release new virus particles. For example, antiretrovirals are used to treat HIV by inhibiting viral replication. Growing research and development in virology has led to advancement in drug discovery to treat several viral diseases previously lacking effective treatment options. This has propelled demand for novel antiviral therapies worldwide.

Market key trends:
One of the key trends in the antiviral drugs market is rising prevalence of viral diseases globally. As per World Health Organization (WHO), influenza causes 3-5 million severe cases annually worldwide. Growing threat of pandemic influenza also fuels the demand for influenza antivirals. Furthermore, increasing number of HIV infections has augmented consumption of antiretrovirals. According to UNAIDS, around 37.9 million people were suffering from HIV disease as of 2020 globally. Surging incidence of hepatitis infections also drives the market growth. Growing R&D investments by major players for development of broad spectrum antiviral therapies with high efficacy and minimal toxic effects is another significant trend. Additionally, introduction of combination therapies for treatment of chronic viral infections such as HIV/AIDS and hepatitis C virus has enhanced clinical outcomes, favoring market expansion.

Porter’s Analysis:

Threat of new entrants: The stringent regulations and high R&D costs involved in developing new antiviral drugs act as a barrier for new companies.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of alternative treatment options. However, buyers have less influence over prices set by major pharmaceutical companies.

Bargaining power of suppliers: A few major pharmaceutical companies dominate the supply of key antiviral drug ingredients and final products. This allows these suppliers to exercise significant influence over prices.

Threat of new substitutes: The threat is moderate as alternative treatment therapies are being researched, but new therapies may have limitations.

Competitive rivalry: The antiviral drugs market is highly competitive due to the presence of major pharmaceutical companies.

Key Takeaways:

The global Antiviral Drugs Market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period 2023 to 2030, due to increasing prevalence of viral infectious diseases. The market size for 2023 is US$ 61324.71 Mn.

Regional analysis: North America dominated the global antiviral drugs market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to the increasing prevalence of HIV/AIDS and hepatitis infections in the region. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period owing to rising healthcare investments, growing medical tourism, and increasing generic drug manufacturing in the region.

Key players: Key players operating in the antiviral drugs market are GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy’s Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences. GlaxoSmithKline plc leads the market with wide product offerings to treat viral infections such as HIV, respiratory viruses, hepatitis C virus, etc.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it