ALBANY, New York, March 8, 2017 /PRNewswire/ --
With Gilead Sciences holding a share of 51% in 2015, the global antiviral market emerged highly consolidated in 2015 and the scenario is likely to be more or less the same over the next few years, states a report by Transparency Market Research (TMR). Although the competition within this market moderate as of now, the increasing entry of new companies may intensify it in the near future.
As per the report's estimations, the global antiviral drugs market offered an opportunity worth US$48.3 bn in 2015. Anticipated to rise at a CAGR of 6.40% during the period from 2016 to 2024, the market will reach US$82.9 bn by the end of the forecast period. Currently, the demand for antiviral drugs from the HIV infection segment is higher than others and is expected to remain so over the next few years due to the alarming increase in the cases of HIV infection.
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Escalating Patient Pool to Ensure North America's Position as Leading Consumer of Antiviral Drugs
The report considers Asia pacific, North America, Latin America, the Middle East and Africa, and Europe as the prime regional markets for antiviral drugs and presents a comparative assessment of them in order to identify the leading and the most attractive ones. North America, amongst all, led the global market in 2015 with a share of more than 50%. Thanks to the expanding pool of patients suffering from viral infections, this regional market is likely to continue at this position throughout the period of the forecast.
Europe, which acquired the second position in the global market in 2015, is anticipated to remain seated in this position over the next few years. The large pool of patients undertaking antiretroviral treatments, thanks to the rise in their preference for novel drugs, will surface as the key factor behind the growth of this regional in the years to come. Apart from this, the increasing level of awareness among consumers regarding the treatment of viral infections, technological advancements in diagnostic facilities, introduction of efficient drugs on a regular basis, and a favorable reimbursement scenario are also predicted to boost the Europe market for antiviral drugs in the near future.
On the other hand, Asia Pacific, closely followed by the Middle East and Africa, is expected to offer lucrative growth opportunities to the producers of antiviral drugs in the coming years due to the unmet medical needs of people residing in this region. The significant rise in the prevalence of hepatitis and HIV/AIDS and the frequent outbreak of infectious viral diseases, such as influenza are likely to fuel the demand for antiviral drugs in this region over the next few years. Along with this, the rising demand for novel antiviral drugs and improved yet affordable second version treatments, owing to the recent outbreak of new viral infections, especially Ebola and Zika, is projected add significantly to both the markets, i.e., Asia Pacific and the Middle East and Africa, over the forecast period, states the report.
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Increasing Incidence of Viral Infections to Drive Demand for Antiviral Drugs
"The global market for antiviral drugs is deriving much of its growth from the increasing incidence of viral infections across the world," states the author of this study. Currently, the world is facing a severe threat from the rising prevalence of chronic infections, such as HIV/AIDS and hepatitis B. The treatment of these diseases requires long-term therapies, leading to prolonged usage of antiviral drugs. This, as a result, is propelling this market substantially.
Over the coming years, the increasing focus of drugmakers on the research activities for the innovation and advancements in antiviral drugs and therapies, boosted by the frequent reports of new viral infectious disease outbreaks, is expected to influence this market positively in the near future. However, the high capital investment needed for drug development may hamper the progress of this market to some extent over the forthcoming years, notes the study.
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The study presented here is based on a report by Transparency Market Research (TMR), titled "Antiviral Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
The global antiviral drugs market is segmented as follows:
By Disease Indication
- Hepatitis Virus Infection
- HIV Infection
- Respiratory Virus Infection
By Product Type
- Branded Drugs
- Generic Drugs
By Distribution Channels
- Hospital Pharmacy Store
- Retail Pharmacy Store
- Online Pharmacy
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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