Antiviral drugs are medications that help treat viral infections. They work by preventing the replication or spread of viruses in the body. Some common types of antiviral drugs include those used to treat HIV/AIDS, hepatitis, influenza, herpes, and COVID-19. The increasing prevalence of viral diseases like COVID-19, influenza, and hepatitis have created a high demand for effective antiviral drug treatments over the years.
The global Antiviral Drugs Market is estimated to be valued at US$ 70646.07 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in treating rising viral infections is estimated to drive significant growth of the antiviral drugs market over the forecast period. With various viral outbreaks occurring frequently in recent times such as COVID-19, H1N1 influenza, Ebola, Zika virus disease, etc., the need for effective antiviral therapies has increased substantially. Furthermore, the incidence of chronic viral infections including HIV/AIDS, hepatitis B & C continue to rise globally. Developing novel antiviral drugs with higher efficacy rates and improved safety profiles can help address the growing patient demand caused by the rising viral caseload worldwide. This presents drug makers with lucrative opportunities to capitalize on by investing in R&D activities for discovering and developing next-generation antiviral medications.
Porter’s Analysis
Threat of new entrants: The antiviral drugs market requires immense capital investments for research and development. This creates significant entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the antiviral drugs market is high. Buyers have the option to switch between available therapeutic alternatives depending on pricing and efficacy.
Bargaining power of suppliers: Leading pharmaceutical companies have established themselves as key suppliers in the market. This enables them to exercise significant influence over pricing.
Threat of new substitutes: Continuous research has led to development of new drug classes with improved safety profiles and resistance to viruses. This poses a threat of substitution.
Competitive rivalry: The antiviral drugs market witnesses intense competition due to presence of major players. Players compete based on drug innovation, partnership, and marketing strategies.
SWOT Analysis
Strength: Strong R&D capabilities and vast financial resources of leading players. Vast target patient population and growing burden of viral infections globally.
Weakness: High capital requirements and long lead times for drug development. Risk of drug resistance developed by viruses. Dependence on clinical trials outcomes.
Opportunity: Emergence of new viral threats and scope for development of broad-spectrum antiviral drugs. Expanding into developing markets.
Threats: Stringent regulations for drug approval. Price control measures and healthcare reforms in various countries. Patent expiries of blockbuster drugs.
Key Takeaways
The global Antiviral Drugs Market Share is expected to witness high growth over the forecast period.
North America currently dominates the market due to high healthcare spending and established healthcare infrastructure in the region supporting clinical trials. Europe holds the second largest share and Asia Pacific is expected to be the fastest growing region owing to rising incidences of viral infections, improved access to healthcare facilities, and increasing burden of chronic diseases in countries like India and China.
Key players operating in the antiviral drugs market are CogniFit, Elevate, Peak, Rosetta Stone Ltd., LearningRx, Lumosity, HAPPYneuron, Inc., Wise Therapeutics, Inc., Easybrain and Happify, Inc. Regional players are also focusing on expanding their presence through mergers and acquisitions. Partnerships with pharma giants and diagnostic companies are expected to boost research activities.
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