The “Global Antiviral Drugs Market (By Type, Application & Region): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)” report has been added to ResearchAndMarkets.com’s offering.
The global antiviral drugs market is expected to reach US$ 70.95 billion in 2024, increasing at a CAGR of 2.10%, for the duration of 2020-2024.
The factors such as the increasing prevalence of HIV infections, an upswing in international tourism, growth in geriatric population, increasing pharmaceutical R&D spending, rapid urbanization, upsurge in healthcare spending and growing awareness about various viral diseases are expected to drive the growth of the market. However, the market growth would be challenged by high cost involves in drug development, threats associated with drug counterfeiting and stringent government regulations. A few notable trends may include accelerating growth rate of infectious diseases, increasing focus on telehealth, growth in pharmaceutical Merger & Acquisitions and the emergence of new infectious diseases.
The global antiviral drugs market is fragmented into branded drugs and generic drugs. Branded drugs dominate the market owing to the increased levels of trust and reliability associated with branded pharmaceutical companies among customers. However, generic drugs are also gaining widespread popularity among customers due to the low-cost factor, which is likely to raise its share in the global market in the coming years.
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The fastest-growing regional market was North America owing to the presence of key players in the region, availability of sophisticated healthcare infrastructure and increasing awareness of viral diseases among people. Whereas, Europe and Asia Pacific also contributed to significant shares in the global market due to the factors such as an increase in the patient pool of various infectious diseases and rise in the acceptance of generic drugs. However, the sudden outbreak of COVID-19 has caused a major disruption all across the world, which is leading to the massive demand for antiviral drugs for the management of infected coronavirus patients, providing the growth opportunity to the market globally.
Source: Baytownsun
