by Antiviral drugs, also known as antiviral medications or antiviral agents, are a class of medication used specifically for treating viral infections rather than bacterial ones. Common types of antiviral drugs target herpes viruses, hepatitis viruses, influenza viruses, and HIV/AIDS. Many antiviral drugs are designed to treat diseases caused by DNA viruses, such as herpes, varicella zoster virus, Epstein-Barr virus, and cytomegalovirus. Others target RNA viruses, such as influenza virus, respiratory syncytial virus, hepatitis C, measles, mumps, and rubella virus.
The global antiviral drugs market is estimated to be valued at US$ 70646.07 billion in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing demand for antiviral medications to combat emerging and re-emerging viral diseases is expected to drive the antiviral drugs market over the forecast period. Viruses have been emerging and re-emerging continually. The influenza virus causes seasonal epidemics on an annual basis and occasionally causes global pandemics such as the 1918 Spanish flu and the 2009 swine flu pandemic. Newly emerging viruses such as the Ebola and Zika viruses have raised global concerns in recent years. The potential health and economic burden associated with emerging and re-emerging viral diseases underscores the importance of sustained investment in antiviral drug discovery. The emergence of drug-resistant strains is another driver as existing antiviral drugs may lose effectiveness over time against mutating viruses, necessitating the development of new antiviral drugs.
Segment Analysis
The antiviral drugs market can be segmented into prescription drugs and over-the-counter drugs. The prescription drugs segment is dominating the market currently due to the increasing cases of viral infections like HIV, hepatitis, influenza etc. which require long term medical supervision and strong antiviral drugs.
PEST Analysis
Political: Government regulations regarding clinical trials and marketing approval of new antiviral drugs are getting stricter to ensure patient safety. However, governments are also supporting the R&D of novel antiviral therapeutics through funding.
Economic: Rising healthcare expenditure and growing demand for advanced therapies have been driving heavy investments in antiviral drug development. The high cost of new drug development is bolstering partnerships between pharma giants and small biotechs.
Social: Increasing awareness about emerging viral threats and availability of effective treatment options is positively impacting the adoption of antiviral medications.
Technological: Advancements in drug delivery methods, next-gen sequencing tools for viral identification and predictive analytics for pandemic preparedness are expediting the antiviral drug discovery and approval process.
Key Takeaways
The global Antiviral Drugs Market Share is expected to witness high growth.
Regional analysis comprises North America dominates the global antiviral drugs market currently due to high healthcare spending and presence of major pharmaceutical companies in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period owing to improving access to healthcare facilities and increasing demand for quality treatment options in countries like China and India.
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. The key players are investing heavily in R&D to develop novel drug candidates targeting resistant viral strains. Strategic collaborations between large and small players have also accelerated clinical trials and new product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
