The global Prophylactic HIV Drugs Market Size reached a valuation of around US$ 30 Bn in 2021. Further, with rising prevalence of HIV infection worldwide and growing awareness about HIV AIDS prevention, the demand for prophylactic HIV drugs is projected to register 4%CAGR between 2022 and 2032, totaling over US$ 40 Bn in 2028
Over the years, human immunodeficiency virus (HIV) has become one of the leading causes of death worldwide affecting millions of people. The virus targets the immune system of infected patients and makes them vulnerable to many infections and cancers.
Although there is no permanent cure available for HIV infection, the condition can be managed through increasing access to effective prevention, diagnosis, treatment, and care. Rising focus towards preventing acquisition of HIV is one of the major factors pushing the demand for prophylactic HIV drugs.
Prophylactic HIV drugs are advanced therapeutics used to prevent getting HIV infection in certain circumstances. They have especially effective in preventing acquisition of HIV from sex and injection drug use.
Amid rising prevalence of HIV, people across the world are showing a keen inclination towards consuming pre-exposure prophylaxis (PrEP) due to its better effectiveness. According to the Centers for Disease Control and Prevention (CDC), PrEP reduces the risk of getting HIV from sex and injection drug use by around 99% and 74% respectively.
Similarly, prophylactic HIV drugs such as antiretroviral (ARV) are gaining wider popularity due to their ability to prevent and control HIV infection.
Growing awareness among people regarding HIV and the benefits of prophylactic HIV drugs will continue to boost the sales of prophylactic HIV drugs during the forecast period.
Which are the Factors Stimulating Growth in Prophylactic HIV Drugs Market?
Rapid surge in HIV cases worldwide, continuous novel drug launches and approvals, and increasing need for preventing and controlling HIV are some of the major factors stimulating the growth of prophylactic HIV drugs market.
Prophylactic HIV drugs have become highly sought-after therapeutics for preventing the acquisition of HIV infection among people who are at a high risk. Consumption of these drugs significantly reduces the chances of HIV infection. They are mostly recommended during sex and injection drug use where there is a high chance of HIV transmission.
Growing popularity of prophylactic HIV drugs on account of their better effectiveness and cost-effective nature is providing a strong thrust to the growth of prophylactic HIV drugs market and the trend is likely to continue during the forecast period.
Similarly, increasing prevalence of HIV and its high mortality rate are pushing the demand for therapeutics like prophylactic HIV drugs. According to the World Health Organization (WHO), there were around 1.5 million newly infected cases of HIV and over 680000 deaths in 2020. This is prompting people to use prophylactic HIV drugs.
In addition to this, increasing government initiatives and investments in spreading awareness among people about HIV, its symptoms, precautions and treatment is expected to further expand the prophylactic HIV drugs market size during the forecast period.
What are the Challenges Faced by Prophylactic HIV Drugs Market?
Despite its optimistic stance, there are certain obstacles that are challenging the growth of prophylactic HIV drugs market. Some of these obstacles include side effects associated with prophylactic HIV drugs, strict government approval for these drugs, and low awareness levels about these therapeutics across low emerging economies.
It has been observed that prophylactic HIV drugs often lead to side effects such as headache, depression, nausea, vomiting, and abdominal pain, etc. As a result, many people refrain from consuming these therapeutics. This in turn is limiting the growth of prophylactic HIV drugs market.
Will North America Retain its Monopoly in the Global Prophylactic HIV Drugs Market?
According to Future Market Insights, North America is likely to retain its dominant position in the global prophylactic HIV drugs market, accounting for the largest market share through 2032. Growth in North America Prophylactic HIV drugs market is underpinned by presence of high level of awareness among people, surge in HIV infection cases, availability of advanced healthcare facilities, and growing adoption of new therapeutics.
Demand for prophylactic HIV drugs is especially rising across countries like the U.S. and Mexico due to surge in HIV cases. In recent years, there has been a rapid surge in cases of HIV infection in the U.S. due to rising incidence of unprotected sex and use of unsterile injections. According to the Centers for Disease Control and Prevention (CDC), there were around 34800 new HIV infection cases reported in the U.S. during 2019. This rise in HIV infection cases is playing a key role in pushing the growth of prophylactic HIV drugs market.
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
- Drug Class
- Distribution Channel
Key Companies Profiled
- Gilead Sciences, Inc
- Merck Sharp & Dohme Corp.
- Merck & Co. Inc.
- Mylan NV
- Cipla Inc.
- Genentech Inc.
- Bristol-Myers Squibb Company
- Johnson & Johnson Health Care Systems Inc
Key Segments Profiled in the Prophylactic HIV Drugs Industry Survey
By Drug Class:
- Nucleoside/Nucleotide Reverse Transcriptase Inhibitors (NRTI)
- Integrase Inhibitor
By Distributional Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
- Drug Stores
Read More @ https://www.futuremarketinsights.com/reports/prophylactic-hiv-drugs-market
