Market Overview:
Antiviral drugs are medications that are utilized to treat and prevent diseases caused by viruses. The increasing prevalence of viral infections including hepatitis, HIV/AIDS, herpes, influenza, and dengue fever is accelerating the demand for antiviral drugs. Major products are zanamivir, oseltamivir phosphate, amantadine, rimantadine sodium, acyclovir, famciclovir, valacyclovir, ganciclovir, valganciclovir, entecavir, tenofovir disoproxil fumarate, and others. Advantages of antiviral drugs are they help eradicate viruses from the body, reduce symptoms, and lower chances of developing complications. They are prescribed to treat contagious illnesses that cannot be treated with antibiotics. There is a high need for antiviral drugs due to increasing number of people getting affected by viral diseases.
Market key trends:
One of the key trends in the Antiviral Drugs Market Demand is an increase in incidence of viral diseases. The prevalence of infectious diseases such as influenza, hepatitis, HIV/AIDS, dengue, Ebola, and coronavirus infections is increasing globally, which is fueling the demand for antiviral drugs. As per WHO, around 70 million people have chronic hepatitis C virus infection. Such growth in target diseases is expected to drive the antiviral drugs market. Additionally, rising healthcare spending in developing countries provides growth opportunities. Also, increased R&D activities for development of novel antiviral drugs and drugs for antiviral-resistant strains will support the antiviral drugs industry expansion over the forecast period.
Here is the Porter’s analysis and key takeaways for the given antiviral drugs market research report:
Porter’s Analysis
Threat of new entrants: The antiviral drugs market has moderate threat of new entrants due to high R&D costs involved in developing new drugs and stringent regulations for drug approval.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of generic alternatives for certain antiviral drugs and presence of many established key players.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw material suppliers have less control over pricing in this consolidated market.
Threat of new substitutes: The threat of new substitutes is low as antiviral drugs have few substitutes and research continues to develop more effective drugs.
Competitive rivalry: Competition is high among the key players to gain more market share through continuous innovations.
Key Takeaways
The global antiviral drugs market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of infectious diseases.
Regional analysis: North America is expected to dominate the market during the forecast period. However, Asia Pacific region is expected to witness the fastest growth over the coming years owing to increasing healthcare expenditure and presence of generic manufacturers 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. GlaxoSmithKline plc and Gilead Sciences collectively account for a significant share of the market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
