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The antiviral drugs market is anticipated to grow at an exponential rate owing to extensive investments in drug development and R&D activities. Numerous initiatives are being taken by governments of emerging economies to create awareness about available treatment therapies for healthcare conditions like sexually transmitted diseases (STDs). Incidences of unknown diseases and pandemics like COVID-19 are expected to propel the industry size in the coming years. According to Global Market Insights, the market size was valued over USD 44.0 billion in 2020 and is expected to witness a -1.7% CAGR during the projected period.Prevalence of viruses like Zika, Ebola, and Corona infections could create new business prospects for drug manufacturers. There have been continuous advancements and developments in drug development owing to rapidly developing structure of viruses against the environment. The recent outbreak of the pandemic has affected many people. Worldwide, governments are providing funding to pharmaceutical companies for developing antiviral medications to fight against COVID-19. Large scale R&D initiatives and rising incidence of COVID-19 may spur the demand for antiviral drugs.
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Pointing out some of the key trends emerging in the market:
1) New drug approvals
The need to fight emerging virus strains has led to prompt approval of new anti-viral drugs. As per the recent surveys, Remdesivir medicine was approved by the Drug Controller General of India under brand CIPREMI which was licensed by Gilead Sciences in India. Along with this, Hetero launched the same drug with the brand name COVIFOR in the country.
These drugs were approved to be used owing to the restricted emergency due to COVID-19. The rising numbers of product development approvals along with the rising R&D activities undertaken by the market players will further enhance the business revenue in the forecasted time.
2) Emerging players in the market
The key players operating in the antiviral drugs market include GlaxoSmithKline, Gilead Sciences, AbbVie, Merck & Co., AstraZeneca, and Johnson & Johnson, among others. The industry players are implementing multiple strategies for maintaining a competitive edge in the industry. For instance, in June 2020, Glenmark received approval for manufacturing and marketing of the anti-viral drug Favipiravir with the brand name FabiFlu in India as a COVID-19 treatment medication.
3) Surging demand across Asia Pacific
Asia Pacific antiviral drugs market could log commendable revenue proceeds in light of rising government initiatives to reinforce the region’s healthcare infrastructure and support for R&D activities such as clinical trials. In June 2020, India’s drug regulator had granted Gilead Sciences marketing authorization for Remdesivir. Fasttrack efforts to develop an effective treatment for COVID-19 patients could bolster regional industry growth.
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