New York, USA, May 26, 2021 (GLOBE NEWSWIRE) -- The global antiviral therapy market is likely to witness an increase in the growth rate due to the COVID-19 pandemic. According to a latest report added by Research Dive, the global antiviral therapy market is estimated to reach up to $79.8 million by 2026, and grow at a CAGR of 6.7% during the forecast period from 2019 to 2026. Comprehensive analysis on drivers, growth opportunities, restraints, key segments, and business tactics & strategies executed by key market players are further provided in the report to understand the pandemic effect on the overall market.
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Key Features of the Market
As per Research Dive analysts, the rising prevalence of human immunodeficiency virus (HIV) and hepatitis C across the globe is the major factor expected to boost the growth of global antiviral therapy market during the forecast period. The predicted market size of the antiviral therapy industry post COVID-19 pandemic is $54.7 Million in 2020, which is an increase from $53.6 million before the pandemic situation. The progressive growth of the overall market is majorly attributed to increasing focus of major industry players to develop drugs the COVID-19 treatment. For instance, Gilead Sciences and Cipla entered into a collaboration in May 2020 for the production & distribution of the investigational medicine used for the COVID-19 treatment.
Strategies & Initiatives to Sustain in the Pandemic Crisis
In order to strengthen the footprint in the global antiviral therapy market, some of the key players are emphasizing on product innovation in the midst of the pandemic. For example, in April 2020, Ennaid Therapeutics, LLC announced to be advancing the development of ENU200, to treat patients affected with COVID-19 infection. These factors will drive the need for antiviral therapies; which will eventually foster the growth of the global market. Moreover, the GlaxoSmithKline (GSK), a multinational pharmaceutical company, is involved in closely monitoring the COVID-19 communal transmission and is also supporting the consumers, suppliers, and employees to fight against the virus.
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The major players of the global antiviral therapy market include -
- GlaxoSmithKline plc
- F. Hoffmann-La Roche Ltd.
- Gilead Sciences, Inc.
- Bristol-Myers Squibb Company
- Johnson & Johnson Services, Inc.
- Abbott
- AstraZeneca
- Aurobindo Pharma
- AbbVie Inc.
- Merck & Co., Inc.
Post-Pandemic Scenario
As per the report, the global antiviral therapy market is anticipated to continue to observe a significant growth after COVID-19 pandemic. The rapid growth in the emergence rate of viral infectious diseases and the changing environmental conditions across the globe will help the industry to grow exponentially during the forecast period. Besides, many organizations are adopting several strategies to hold a strong position in the global industry, which is expected to boost the growth of the global antiviral therapy market after the end of COVID-19 pandemic.
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