New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reverse Transcriptase Inhibitors to account for Over 50% of the Antiviral Drugs Sales in the Forthcoming Years, Forecasts Persistence Market Research
The Global Antiviral Drugs Market is expected to increase at a CAGR of 0.2% from 2023 to 2033, with revenues estimated at US$ 63 billion in 2022, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach US$ 64 Billion.
During 2023 - 2033, Reverse Transcriptase Inhibitors dominate the global market and is projected to register a projected CAGR of 0.2% during 2022 – 2032. The high prevalence of reverse transcriptase inhibitors can be attributed to the rising HIV diagnosis and treatment, as these drugs are primarily used to treat HIV infection and have a high efficacy against viral infections.
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The sudden emergence of COVID-19 had a positive impact on the growth of the global antiviral therapy market. The key market players including Gilead Sciences, Inc., GlaxoSmithKline Plc., F. Hoffmann-La Roche Ltd., AbbVie Inc., Merck & Co. Inc. are collaborating on the research and development of new therapies in order to reduce the cost of treating viral infections. For instance, Cipla and Gilead Sciences formed a partnership alliance in May 2020 to develop and commercialize an investigational medicine for the treatment of COVID-19 patients.
The need for broad-spectrum antiviral drugs has increased due to the treatment of novel coronavirus. COVID-19 is commonly treated with Remdesivir, Favipiravir, Oseltamivir, and other combination medicines. In the next two to three years, rising disease incidence combined with increased R&D will drive the demand for antiviral drugs.
During the forecast period, the market for antiviral drugs in Asia Pacific is expected to grow at the significant rate. The significant market growth can be attributed to the rising prevalence of viral infections, the transforming healthcare infrastructure, and rising public awareness of infectious diseases in the region.
The expansion of pharmaceutical companies manufacturing generic drugs in countries such as India and China, coupled with the region's growing geriatric population, is driving market growth
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Competitive Analysis
The way in which competition is dealt with has changed considerably as competition has increased. The key companies in the Antiviral Drugs market include Gilead Sciences, Inc., GlaxoSmithKline Plc., F. Hoffmann-La Roche Ltd., AbbVie Inc., and Merck & Co. Inc.
Some of the recent developments in the Antiviral Drugs Market are as follows:
In May 2022, Cipla limited partnered with Genes2Me Pvt. Ltd. for the commercialization of an RT-Direct multiplex RT PCR kit for Covid-19. It is targeted to increase its diagnostics portfolio.
In March 2022, Scripps Research, partnered with AbbVie Inc. to examine a novel, immediate antiviral treatment for COVID-19.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Global Antiviral Drugs Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Drug class (DNA Polymerase Inhibitors, Reverse Transcriptase Inhibitors, Protease Inhibitors Neuraminidase Inhibitors, and Others), by Type (Branded and Generics), by Application (HIV, Hepatitis, Herpes, Influenza, and other Applications) across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.
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