Antiviral Drugs Market: Early Availability of New Drugs is Pushing Growth of North America Market

Antiviral Drugs Market - Snapshot

Antiviral drugs refer to those prescription medicines that are capable of fighting against flu viruses in one’s body. Antiviral drugs could include intravenous solutions, an inhaled powder, liquid, or pills. However, antiviral drugs cannot be purchased just over-the-counter, one would need a prescription for obtaining such drugs. The global antiviral drugs market is likely to observe considerable growth due to the rising incidences of viral infections.

As coronavirus spreads at an exponential rate and the number of deaths crosses 74,000 worldwide, efforts are being made to lessen transmission through standard public health interventions. These interventions are based on tracing of contacts and isolation of cases. So far, there is no drug or vaccine to contain the spread of the pandemic worldwide. However, researchers and doctors have observed that antiviral drugs administered shortly after the onset of symptoms can diminish the infectiousness to others through diminished viral shredding in the patient’s respiratory secretions.

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The global antiviral drugs market is predicted to observe immense opportunity in the exponential spread of coronavirus. Besides, novel antiviral drugs, Tilorone and Remdesivir, have already come up as two of the most promising drugs for COVID-19 treatment, according to the researchers.

Rise in the Prevalence of Chronic Diseases to Support Demand of these Drugs

Rise in the research and development activities for development of newer and more advanced formulations is likely to further drive the demand for antiviral drugs in the near future. Many serious diseases could cause viral infections as their side effects. Such viral infection causing diseases are

  • HIV
  • Cancer
  • Respiratory diseases
  • Diabetes

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As such, increased prevalence of these diseases are likely to increase the prevalence of viral infections thereby driving the demand for antiviral drugs. Apart from that, presence of sound healthcare infrastructure in several parts of the world is predicted to foster growth of the global antiviral drugs market in the years to come.

Global Antiviral Drugs Market – Overview

In recent years, there has been a considerable demand for antiviral drugs all across the globe. A large number of people are relying on these drugs to treat several diseases. A few years ago, the same population base relied on home remedies to cure basic diseases and infections. This kept these antiviral drugs market developing at a sluggish rate. However, in the past few years, technological advancements as well as advancements in the medical sciences have created a huge availability of these drugs. Previously, antiviral drugs were some sort of luxury. But with these developments, the production rate doubled up and these medicines became easily accessible to common masses. Naturally, the reliance over home remedies and cure dwindled as there came the availability of medically proven, more effective drugs. Furthermore, with the mass production or availability of these antiviral drugs, they also become cost effective. This only added to their popularity. Thus, the global antiviral drugs market has experienced a tremendous growth in recent years.

A new research report by Transparency Market Research on the global antiviral drugs market provide all the necessary insights and information required for formulation precise marketing strategies. According to the research report, the global market for antiviral drugs will exhibit a healthy CAGR of 6.40% over the course of the given forecast period of 2016 to 2024. The market is projected to reach a valuation worth US$82.9 bn by the end of the forecast period in 2024.

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Targeted Efforts towards Better Global Healthcare to Drive Market Growth

There are various reasons behind getting infected by a viral infections. At times, the infection may also be a side effect of some other medical treatment. Viral infections are common side effect of the treatment for diseases such as respiratory disorders, HIV, diabetes, and cancer among others. Because of the growing prevalence of these major diseases, there has been a growing demand for antiviral drugs. Naturally, this has helped in pushing the growth of the global antiviral drugs market to newer heights. In addition to this, with economical, sociological, and technological advancements, considerable efforts have been made towards achieving a strong and robust healthcare infrastructure across the globe. Though we are far from perfection, we can take solace in the fact that these consolidated and targeted efforts are only expected to grow in the future. This has had a profound impact on the development of the global antiviral drugs market. With targeted efforts from organizations such as Red Cross and World Health Organization, the spread and reach of antiviral drugs has grown exponentially and has thus helped in the overall growth of the global market.

Early Availability of New Drugs is Pushing Growth of North America Market

In terms of geographical segmentation, the global market for antiviral drugs is divided into five key regions viz. Asia Pacific, Middle East and Africa, North America, Europe, and Latin America. Of these, the growth of the market is maximum in North America. The presence of strong healthcare infrastructure and early access to latest medications and medical technology are some of the key factors for the growth of the antiviral drugs market in North America. Moreover, several new drugs are already in the production pipeline that will further strengthen the growth of the regional market.

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Asia Pacific and Africa regions are showing great promise for the development of their respective antiviral drugs market. Growing prevalence of viral diseases such as malaria, dengue, chikungunya, and other deadly viral diseases is prompting an ever increasing demand for these antiviral drugs from these regions.

Some of the key players in the global antiviral drugs market include names such as Merck & Co. Inc., Johnson and Johnson, Schering-Plough Corporation, AbbVie Inc., and AstraZeneca Plc. among others.

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