Increasing Utilization of Antiviral Drugs, During the COVID-19 Outbreak, to Promote the Development of Global Antiviral Therapies Market
Antiviral Therapies Market, COVID-19 Impact:
The global antiviral therapies market has responded positively to the pandemic owing to rise in the utilization of antiviral drugs in the development of effective medicines for the COVID-19 treatment. In addition, leading players in the global marketplace are adopting strategies such as collaborations and partnerships to strengthen their place in the global marketplace. For instance, in May 2020, Merck & Co., Inc. made a collaboration with Ridgeback Biotherapeutics LP, a biotechnology company, to develop EIDD-2801, which is an oral antiviral candidate for treatment of COVID-19 patents. Through this collaboration, both companies aimed to develop innovative, safe and effective vaccines againstSARS-CoV-2 through antiviral therapies. This factor is predicted to fuel the growth of the market in the pandemic time.
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Antiviral Therapies Market, Overview:
The significant factor for the antiviral therapies market growth includes increasing usage of antiviral in HIV diagnosis and hepatitis C treatment. As per Centers of Disease Control and Prevention (CDC), more than 38.0 million people were living with HIV in 2019 and about 52% of the people are were diagnosed with HIV in the U.S. Globally, around 53% of children and 68% of adults were living with HIV/AIDS requiring continuous antiretroviral therapy. Antiretroviral and antiviral therapies have been proven to be an effective way to diagnose HIV/AIDS. This aspect is predicted to fuel the market growth in the estimated time. Further, there has been adoption of new technologies such as nanotechnology in the manufacturing of antivirals to produce improved drugs that are capable of functioning against emerging viral diseases. This aspect is anticipated to create ample growth opportunities for the market in the upcoming years. However, high cost of the treatment and drug price are major limiting factors for the antiviral therapies market growth in the forecast timeframe.
Antiviral Therapies Market, Segmentation Analysis:
The herpes antiviral drug type is expected to rise at a faster rate and is predicted to reach a revenue up to $5,480.7 million by 2027. Increasing cases of herpes among population in the world is estimated to be the main boosting factor for the market growth in the prediction period. According to National Institutes of Drugs, in the U.S. about 90% of people are affected by herpes by the age of 50. This aspect is predicted to impel the demand for herpes antiviral drugs and is estimated to fuel the market growth in the forecast timeframe.
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The online pharmacy distribution channel is expected to be a lucrative sub-segment in the coming years and is estimated to rise at a healthy CAGR of 5.0% during the review period. Due to lower prices medicines online, people are interested to buy from online retailers, which is estimated to be a major driver for the sub-segment growth in the forecast time. Online pharmacies offer lower pricing than conventional stores, with lower transaction & product costs, efficient delivery and simple ordering process. This aspect is predicted to propel the growth of the market in the analysis period.
Antiviral Therapies Market, Regional Insights:
The market in Asia-Pacific will witness growth at a faster rate of 4.1% CAGR and is estimated to generate significant investment opportunities for the market players in the forecast time. According to WHO, western pacific region has a high incidence of hepatitis B & C with high prevalence rate of liver cancer in the several countries such as India, China, South Korea and Vietnam. This is majorly due to excessive alcohol consumption, mother to child transmission and other reasons. This factor is predicted to fuel the demand for antiviral drugs in the forecast region.
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Antiviral Therapies Market, Significant Market Players:
1. GlaxoSmithKline plc
2. Gilead Sciences, Inc.
3. F. Hoffmann-La Roche Ltd
4. Bristol-Myers Squibb Company
6. Johnson & Johnson Services, Inc.
8. AbbVie Inc.
9. Aurobindo Pharma
10. Merck & Co., Inc.
Porter’s Five Forces Analysis for Antiviral Therapies Market:
• Bargaining Power of Suppliers: Antiviral therapies market contains huge concentration of dealers and selling control is predicted to be more, resulting in HIGH bargaining power of dealers.
• Bargaining Power of Consumers: This market has huge number of consumers, but cost associated with antiviral therapies is high which is delivering HIGH bargaining control of consumer.
• Threat of New Entrants: This market requires huge investments for product designing as well as manufacturing, and increasing purchaser demand is creating vast growth prospects and delivering MODERATE threat of new entrants.
• Threat of Substitutes: Customers may adopt substitute products owing to high cost of antiviral drugs and deliver MODERATE risk of alternative products.
• Rivalry Among Market Players: This market consists of prominent players. These players are focusing on collaborations and partnerships to increase their market share. These are most common strategies adopted by prominent players resulting in HIGH competition in the market.
Mr. Abhishek Paliwal
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