New York, USA, March 14, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global antiviral therapies market is projected to garner a revenue of $66,016.5 million and rise at a CAGR of 3.1% throughout the estimated period from 2020 to 2027.
As per our analysts, the rising demand for antiviral drugs in HIV treatment and the growing prevalence of viral infections among people all across the globe is predicted to foster the growth of the antiviral therapies market during the analysis timeframe. Moreover, the increasing incorporation of nanotechnology in the designing of antiviral drugs and the growing development in the manufacturing of innovative and cost-effective drugs are expected to create huge investment opportunities for the market over the forecast period. However, the high cost of antiviral therapies may hamper the growth of the market throughout the forecast timeframe.
Segments of the Antiviral Therapies Market
The report has divided the market into segments based on drug type, distribution channel, and region.
Drug Type: HIV Antiviral Drug sub-Segment to be Most Productive
The HIV antiviral drug sub-segment accounted for the largest revenue in 2019 and is predicted to continue a rapid growth over the estimated timeframe. The growing prevalence of HIV cases among individuals worldwide is expected to augment the growth of the market sub-segment over the analysis period.
Distribution Channel: Hospital Pharmacy sub-segment to be Most Profitable
The hospital pharmacy sub-segment is projected to grow at a CAGR of 2.8% during the forecast period. This is mainly due to the increasing geriatric population all across the globe. In addition, there is the easy availability of drugs at hospital pharmacies, and they provide quality medicines to patients by purchasing directly from manufacturers which is expected to propel the growth of the market sub-segment over the analysis period.
North America Region Held the Largest Market Share in 2019
The North America region of the antiviral therapies market generated $15,636.2 million in revenue in 2019 and is expected to continue its steady growth over the forecast timeframe. This is mainly due to the rising geriatric population and viral infection across the region. Moreover, the increasing R&D activities by the leading pharmaceutical companies to develop innovative antiviral drugs to meet patient needs is predicted to thrive the regional growth of the market during the analysis period.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Antiviral Therapies Market
Covid-19 Impact on the Antiviral Therapies Market
In past decades, the antiviral therapies market experienced remarkable growth, while the outbreak has also caused a positive impact on the market. This is mainly due to the growing R&D activities to find a suitable drug to fight against the deadly coronavirus. In addition, some leading manufacturers are applying various innovative tactics, such as the introduction of new technology for drug production, which have inclined the growth of the market over the pandemic period.
Key Players of the Market
The major players of the antiviral therapies market include
- AstraZeneca
- Abbott
- AbbVie Inc.
- Bristol-Myers Squibb Company
- Aurobindo Pharma
- F. Hoffmann-La Roche Ltd
- Merck & Co. Inc
- Gilead Sciences Inc.
- Johnson & Johnson Services Inc.
- GlaxoSmithKline plc.
These players are widely working on the development of new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in February 2021, GlaxoSmithKline plc., a British multinational pharmaceutical and biotechnology company, announced its collaboration with Vir Biotechnology, Inc., a commercial-stage immunology company. With this collaboration, the companies aimed to focus on the research and development of new antiviral therapies for influenza and other respiratory viruses.
Further, the report also presents other crucial aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
More about Antiviral Therapies Market:
- Antiviral Therapies: A Concise Guide to the Most Sought-for Panacea for Infections
- Novel Drug Launches by Key Players during the Covid-19 Pandemic to Aid Global Antiviral Therapies Market to Reach Newer Heights
