July 22, 2024
Antiviral Drugs Market

North American Antiviral Drugs Market Estimated To Witness High Growth Owing To Increasing Prevalence of Viral Infections & Advancements In Drug Development

Market Overview:
Antiviral drugs are medicines used to treat viral infections like HIV, hepatitis, influenza, and herpes. They work by preventing the spread and multiplication of the virus in the body. Commonly used antiviral drugs include acyclovir, ganciclovir, lamivudine, zidovudine, and oseltamivir. These drugs are available for treating both acute and chronic viral conditions and act by either inhibiting viral replication or neutralizing the virus itself.

Market Dynamics:
The North American antiviral drugs market is mainly driven increasing prevalence of viral diseases like HIV/AIDS, hepatitis B and C, influenza, and herpes in the region. For instance, according to Centers for Disease Control and Prevention (CDC), around 1.1 million people in the U.S. are living with HIV as of 2018. Advancements in antiviral drug R&D is also fueling the market growth. Major companies are developing advanced therapies like long-acting antiviral drugs and drug combinations to boost treatment efficacy. For example, in 2020, GlaxoSmithKline plc received FDA approval for Dovato, a once-daily two-drug regimen for HIV treatment. Growing awareness about viral infections and availability of treatment options are encouraging market growth. Moreover, supportive governments initiatives for infectious disease control are providing impetus to the market. However, stringent regulatory authorities and high R&D costs remain major challenges.

Segment Analysis
The global antiviral drugs market is segmented into prescription and OTC drugs. The prescription drugs segment dominates the market with over 60% share due to growing prevalence of chronic viral diseases such as HIV, hepatitis, influenza that require medical supervision. Within prescription drugs, nucleoside reverse transcriptase inhibitors sub-segment hold a significant share due to high efficacy in HIV treatment.

PEST Analysis
Political: Government initiatives to increase awareness about viral infections and availability of low-cost treatments boost the market growth.
Economic: Rising healthcare spending coupled with increasing disposable incomes fuel the demand for advanced antiviral drugs.
Social: Growing adoption of antiviral drugs to reduce disease burden and improving lifestyles increase the market expansion.
Technological: Advancements in drug design and delivery methods aid in developing more effective and targeted antiviral therapeutics.

Key Takeaways
The global Antiviral Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of viral infections worldwide. North America dominates the market due to high awareness, advanced healthcare infrastructure and presence of major market players in the region. Within North America, the US antimicrobial drugs market holds a significant share of over 70% owing to growing use of branded drugs. Key players operating in the antiviral drugs market are GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy’s Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences. The prominent players are focusing on new launches and acquisition strategies to expand their market share. For instance, in 2021, Roche launched Ronapreve, a monoclonal antibody treatment for COVID-19.

Regional analysis
The antiviral drugs market in Asia Pacific is expected to grow at the fastest rate during the forecast period. This is attributed to rising healthcare expenditure, increasing patient pool of viral diseases, and surging focus of major players on emerging APAC countries. Countries like India and China dominate the regional market and offer lucrative opportunities for market players due to growing generic drugs industry in these nations. Additionally, supportive government policies boost the accessibility of antiviral medications in the region.

Key players operating in the antiviral drugs market are GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy’s Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it