New York, USA, Dec. 14, 2020 (GLOBE NEWSWIRE) -- According to a Research Dive published report, the global antiviral therapy market valued for $48.1 million in 2018 and is estimated to garner $79.8 million by 2026, rising at a CAGR of 6.7% from 2019 to 2026.
Impact on Market Due to Outbreak of COVID-19
The global antiviral therapy industry is predicted to witness an upsurge in growth rate during the forecast period, due to the COVID-19 outbreak. As per the report, the antiviral therapy market was likely to rise at a CAGR of 5.8% from 2019 to 2026 prior to COVID-19 crisis. However, due to the COVID-19 pandemic, the global market is projected to rise at a CAGR of 6.7% over the forecast period. This is mainly owing to the growing prevalence of hepatitis C and human immunodeficiency virus (HIV) across the globe. Comprehensive analysis on drivers, challenges, opportunities, restraints, and strategies executed by various governments and market players across the globe are further provided in the report.
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Current Market Scenario Due to COVID-19
The COVID-19 pandemic has impacted the global antiviral therapy market in a positive way in 2020. The anticipated pre COVID-19 market size for antiviral therapy market was $53.6 million in 2020 and is expected to observe a strong growth and reach up to $54.7 million due to COVID-19 pandemic. The progressive growth of the market is majorly attributed to growing focus of key players to develop drugs for the treatment of COVID-19. For instance, in May 2020, Cipla and Gilead Sciences entered into a collaboration for the production & distribution of the investigational medicine that is being used for the treatment of COVID-19 affected patients.
Global Market to Continue to Grow Enormously Post-Pandemic
The global antiviral therapy market is anticipated to continue to observe a massive growth post-coronavirus pandemic. This is mainly due to the rapidly growing emergence rate of infectious diseases in various parts of the world. In addition, changing environmental & global setup and surging geriatric population around the world are other factors expected to fuel the global market growth after the COVID-19 pandemic.
Recent Developments by Key Market Players
The key players operating in the global antiviral therapy industry are adopting several strategies to hold a robust position in the global industry. For instance, in April 2020, a leading biopharmaceutical venture, Ennaid Therapeutics, LLC announced to be advancing the development of ENU200, for the treatment of COVID-19 infected patients. ENU200 is an orally deliverable, patent-pending, and repurposed antiviral drug that is previously approved by the U.S. FDA for a different indication.
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The leading global antiviral therapy market players include -
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc.
- Bristol-Myers Squibb Company
- Merck & Co., Inc.
- Informa plc.
- Cipla Inc.
- Dr. Reddy’s Laboratories Ltd.
- AbbVie Inc.
- Gilead Sciences, Inc.
- Johnson & Johnson Services, Inc.
The report summarizes and provides various aspects of all the key players functioning in the overall market such as financial performance, product portfolio, recent developments, strategic moves, SWOT analysis, and many more. Quick Download Top Companies Development Strategies Summary Report
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