The global Antiviral Drugs Market size is expected to reach USD 60.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of (-0.6%) from 2021 to 2028. This is owing to the loss of patent protection of drugs and the high R&D investment required for developing antiviral drugs. However, the rising prevalence of viral infections and the presence of a potential pipeline for the treatment of HIV infection are expected to fuel the growth over the forecast period.
The increasing prevalence of influenza with other complications such as viral pneumonia, obesity, and the rising geriatric population drives the market growth. Moreover, pneumonia is one of the major causes of death in children worldwide. According to the WHO, Pneumonia causes 808,694 children’s deaths in 2017, accounting for 15.0% of all deaths of children under 5 years old. It is most prevalent in South Asia and the sub-Saharan African region.
The awareness of viral infections, their prevention, and treatment are high in most of the regions. For instance, according to CDC, in 2019, the vaccination rate against influenza was 49% in the U.S., which prevented around 4.4 million influenza infections and around 3,500 deaths in the country. Moreover, the increase in vaccination rate against hepatitis and herpes is affecting the market growth over the forecast period.
Increasing collaboration between government bodies and key players is anticipated to fuel the growth of R&D activities in the development of novel antiviral drugs. For instance, in June 2021, Merck & Co., Inc. entered into a procurement agreement with the U.S. government for molnupiravir, an investigational antiviral for COVID-19 treatment. According to the agreement, the company will receive USD 1.2 billion to supply around 1.7 million courses of the drug to the U.S. government, if molnupiravir receives emergency use authorization or approval by the U.S. FDA.
Companies are adopting strategies such as product development and collaboration to increase their share in the market. For instance, in April 2021, Janssen Pharmaceuticals, Inc. and Cidara Therapeutics, Inc. collaborated to develop Cidara’s Cloudbreak antiviral conjugates for the prevention and treatment of influenza. Moreover, in October 2020, F. Hoffmann-La Roche Ltd and Atea Pharmaceuticals, Inc. also collaborated to develop, manufacture, and market AT-527 for the treatment of COVID-19. AT-527 acts as an RNA polymerase inhibitor and stops viral replication.
Favorable initiatives undertaken by government bodies to prevent and treat viral infections are expected to support the management of viral infections. For instance, the U.K. government has launched an antiviral task force to investigate treatments for SARS-CoV-2 infection in home-based settings. It will help prevent the infection and limit the effect of new variants of the SARS-CoV-2 virus. Moreover, the U.S. government is investing more than USD 3 billion to fasten the development of antiviral drugs against COVID-19 and other viral infections.
The upsurge in COVID-19 cases and strong pipeline products is expected to positively impact market growth. According to the WHO, as of 1st September 2021, a total of 217.56 million confirmed cases of COVID-19, including 4.52 million deaths reported. For instance, in May 2021, based on Favipiravir formula antiviral drug BALflue was launched by BAL Pharma, it is used for the treatment of patients with mild to moderate Covid-19 infection as well as used in the treatment of 53 types of influenza viruses. Overall, the outbreak of the COVID-19 pandemic is estimated to propel the market growth, however, it has adversely affected the consumption of antiviral medicines from other applications owing to disruption in the supply chain and limited access to healthcare services during the complete lockdown.
Related Press Release@ Antiviral Drugs Market Report
Antiviral Drugs Market Report Highlights
- An increase in the COVID-19 case is expected to drive market growth in the next 2 to 4 years
- The reverse transcriptase inhibitors segment dominated the market due to the high efficacy of drugs and growing prevalence of diseases like HIV and hepatitis B, globally
- The HIV segment dominated the market in 2020 and is projected to maintain its dominance over the forecast period, owing to the commercialization of pipeline products over the forecast period
- North America dominated the market in 2020 and Asia Pacific is expected to exhibit fastest growth during the forecast period