Antiviral drugs are medicines that can treat viral infections by preventing the spread and proliferation of viruses in the human body. Some common antiviral drugs are used to treat infections caused by Influenza viruses, HIV, Hepatitis viruses etc. During the ongoing Covid-19 pandemic, antiviral drugs have shown potential to effectively treat coronavirus infected patients. Some investigational antiviral drugs like Remdesivir is being used under emergency use to treat hospitalized Covid-19 patients.
The global Antiviral Drugs Market is estimated to be valued at US$ 2674.22 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to treat Covid-19 has boosted the growth prospects of the antiviral drugs market. With the ongoing pandemic wreaking havoc worldwide, there is a surge in demand for effective therapeutic options to manage coronavirus infections. Antiviral drugs that demonstrate activity against SARS-CoV-2 virus are being aggressively pursued. Many pharmaceutical companies are innovating and developing new antiviral drugs or re purposing existing antiviral drugs to target Covid-19. This global health crisis has accelerated the clinical research on investigational antiviral drugs for Covid-19 which is expected to significantly drive the market growth during the forecast period if successful treatments are identified.
Porter's Analysis
Threat of new entrants: The antiplatelet drugs market requires huge R&D investment and regulatory approvals which make it difficult for new players to enter. However, potential of new molecules can attract new players.
Bargaining power of buyers: Large pharmaceutical companies and institutions have strong bargaining power due to their high volume purchases. However, the availability of alternative treatment options provide some bargaining power to buyers.
Bargaining power of suppliers: The presence of many raw material suppliers for antiplatelet drugs gives them less bargaining power against the large buyers in this market.
Threat of new substitutes: Alternatives like anticoagulants provide competition but limited substitutes exist for antiplatelet drugs in cardiovascular and thrombosis treatment.
Competitive rivalry: The antiplatelet drugs market has strong competitive rivalry among major players to develop novel drugs and gain higher market share.
SWOT Analysis
Strength: Strong R&D capabilities and intellectual property rights of major players. Growing cardiovascular disease incidence rate globally increases market demand.
Weakness: Stringent regulatory approvals and high costs involved in developing new drugs. Risk of side-effects and complications with long-term use.
Opportunity: Potential of novel drugs and formulations to expand approved clinical indications. Growth opportunities in emerging markets of Asia Pacific and Latin America.
Threats: Price erosion due to patent expiries of major drugs. Increased preference for alternative treatment options like anticoagulants.
Key Takeaways
The global antiplatelet drugs market growth is expected to witness high growth at a CAGR of 12% during the forecast period of 2024 to 2031. The market size is projected to reach over US$ 46.08 Billion by 2031 from US$ 2674.22 Billion in 2024.
Regional analysis - North America region currently dominates the antiplatelet drugs market due to high healthcare expenditure and growing cardiovascular patient pool in the US and Canada. However, Asia Pacific region is expected to showcase fastest growth owing to rising healthcare infrastructure, growing medical tourism, and increasing incidence of cardiac disorders in highly populated countries like China and India.
Key players operating in the antiplatelet drugs market are Chang Chun Group, Covestro AG, Dow, and Hexion. Major players are focused on expanding their product portfolios through collaborations for developing novel antiplatelet drugs with improved efficacy and safety profiles. They are also investing in marketing and promotion activities to strengthen their position in high growth markets.
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