Global Antiviral Drugs Market: Snapshot
The global antiviral drugs market is foreseen to receive a strong push in its growth due to swelling prevalence of viral infections. It could also be substantially contributed to as chronic infections that call for long-term treatment, including hepatitis B and HIV/AIDS, spread extensively across the globe. Market growth is prognosticated to gain strength with increasing cases of new viral infections and diseases. In order to counter the spread of viral infections, development of various therapies and drugs has been considerably focused upon as drugmakers give more significance to research and development.
Expected to post a 6.4% CAGR for the forecast tenure 2016-2024, the global antiviral drugs market could rake in an US$82.9 bn by the completion of the final forecast year.
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HIV to Score Big with High Demand for New Drugs to Contain Spread of Infection
On the basis of disease indication, the world antiviral drugs market has been segregated into four segments, viz. respiratory viral infection, HIV infection, hepatitis viral infection, and other types of infection. Although antiviral drugs are consistently used in the treatment of these infections, HIV is foretold to achieve stronger growth in the market for the next few years. This could be on account of the dangerous increase in the incidence of HIV infection. Demand in the HIV infection market for antiviral drugs is projected to stay higher than that in other disease indication markets.
Innovation in the world antiviral drugs market and invention of new drugs could be attributed for improving the lifespan of HIV patients. Demand for new HIV drugs is forecasted to grow more in the near term as developing countries continue to make affordable drugs available to the public and promising reimbursement policies to impress patients.
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In terms of type of product, the world antiviral drugs market has been classified into two main segments, i.e. generic and branded drugs. By distribution channel, the report has divided the market into online pharmacy, retail pharmacy store, and hospital pharmacy store.
North America to Sit Atop Growth Using Revenue Earned from Expensive Novel Drugs
Having collected a colossal percentage of share in the recent past, North America could well be a candidate for securing the lead in the international antiviral drugs market. Market growth in this region is envisaged to gain momentum with high cost of new drugs complementing high purchasing power and disposable income of patients. The region could be trailed by Europe as consumers show high preference for novel drugs and the number of patients taking antiretroviral treatments surges. Other factors that could help Europe to take the second position are continuous introduction of new drugs and better diagnostic facilities.
Asia Pacific is also predicted to offer rewarding prospects in the international antiviral drugs market because of quick spread of influenza and other infectious viral diseases and increasing penetration of drugs for Zika, Ebola, and other highly infectious viruses. Other regions such as the Middle East and Africa could tread upon the heels of Asia Pacific.
Some of the top companies functioning in the international antiviral drugs market are GlaxoSmithKline Plc, Johnson & Johnson, Merck & Co. Inc., Mylan N.V., and Teva Pharmaceutical Industries Ltd.
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