According to the report, the global respiratory virus infection drugs market was valued over US$ 38.6 Bn in 2019 and is projected to expand at a CAGR of ~7% from 2020 to 2030.
Respiratory Virus Infection Drugs Market: Introduction
According to the report, the global respiratory virus infection drugs market was valued over US$ 38.6 Bn in 2019 and is projected to expand at a CAGR of ~7% from 2020 to 2030. The viral respiratory infection affects the upper and lower respiratory tract. The respiratory virus infection is commonly caused by respiratory syncytial viruses, rhinoviruses, parainfluenza viruses, and influenza viruses. The global respiratory virus infection drugs market is driven by investments by key players to develop advanced therapeutics. Moreover, increase in acceptance of combination therapy to boost success rate of respiratory treatment presents significant opportunities to market players. These factors drive the global market.
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North America dominated the global respiratory virus infection drugs market in 2019. The trend is anticipated to continue during the forecast period. Strategies adopted by key players, such as product approvals & launch and mergers & acquisitions, well-established healthcare infrastructure, and early adoption of advanced therapeutics boost the growth of the respiratory virus infection drugs treatment market in the region. Asia Pacific is likely to be a highly lucrative market for respiratory virus infection drugs. The market in the region is expected to expand at a high CAGR during the forecast period. China and Japan are likely to create significant opportunities due to the presence of leading players. Japan and China are the largest pharmaceutical markets, which can be attributed to increase in number of product approvals, presence of R&D facilities, and increased focus on managed care, especially among the geriatric population.
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Increase in Number of Patients with Respiratory Illnesses to Drive Respiratory Virus Infection Drugs Market
The burden of respiratory illnesses is increasing across the world. According to the World Health Organization, 290,000 to 650,000 people succumb to flu-related complications globally every year. According to the Centers for Disease Control and Prevention (CDC), influenza has resulted in 9 million to 45 million illnesses in the U.S. annually since 2010. During this period, there were between 140,000 and 810,000 hospitalizations and between 12,000 and 61,000 deaths every year. In the U.S., there were 500,000 hospitalizations during influenza season 2016–2017, which increased to nearly 810,000 in season 2017–2018.
Antibiotics to Dominate Respiratory Virus Infection Drugs Market
In terms of drug type, the global respiratory virus infection drugs market has been classified into antibiotics, non-steroidal anti-inflammatory drugs (NSAIDS), cough suppressants, nasal decongestants, and others. Macrolides are a group of antibiotics considered promising treatment option for respiratory viral infections. This is likely to augment the segment.
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North America to be Major Market for Respiratory Virus Infection Drugs
In terms of region, the global respiratory virus infection drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global respiratory virus infection drugs market in 2019, followed by Europe. North America accounted for a major share of the global respiratory virus infection drugs market in 2019. Presence of key players and focus on research & development are key factors projected to propel the respiratory virus infection drugs market in the region. The respiratory virus infection drugs market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. The increase in investment by key players is expected to augment the respiratory virus infection drugs market in the region.
Competition Landscape
The global respiratory virus infection drugs market is fragmented in terms of number of players. Key players in the global respiratory virus infection drugs market include GlaxoSmithKline plc, Merck & Co., Inc., AstraZeneca, Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., Sanofi, Cipla, Inc., CHIESI Farmaceutici S.p.A., and Orion Corporation.
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