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Antivirals Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Antivirals Market Demand
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According to The Business Research Company's, The antivirals market size has grown strongly in recent years. It will grow from $97.72 billion in 2023 to $105.73 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to viral disease prevalence, public health concerns, patent expirations, government initiatives.
The antivirals market size is expected to see strong growth in the next few years. It will grow to $143.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to emerging viral threats, global health initiatives. Major trends in the forecast period include technological advances, telemedicine and digital health, personalized medicine.
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Market Drivers and Trends:
The increasing incidence of influenza is anticipated to propel the growth of the antiviral market going forward. Influenza, also called flu, is a highly contagious viral respiratory infection caused by influenza viruses that affect the nose, throat, and lungs. Antivirals are used for the treatment of influenza and are designed to inhibit the replication and spread of influenza viruses within the body. For instance, in October 2022, according to the Centers for Disease Control and Prevention, a US-based health agency, during 2021-2022 season, there were 9 million flu illnesses, 4 million flu-related medical visits, 100,000 flu-related hospitalizations, and 5,000 flu deaths. Therefore, the increasing incidence of influenza is driving the growth of the antiviral market.
Companies in the anti-viral drug therapy market are continuously innovating through technological advancements to develop drugs to treat different viral infections. Biopharmaceutical companies are developing vaccines for the treatment of novel coronavirus. Technological advances in the pharmaceutical sector include the development of nucleic acid vaccines that are DNA- and RNA-based, and which enable the human body to produce vaccine antigens. For instance, in October 2021, Merck & Co. Inc, a US-based pharmaceutical company and Ridgeback Biotherapeutics a US-based biotechnology company launched Oral Antiviral Molnupiravir. Oral Antiviral Molnupiravir is an antiviral medication for COVID-19. This was approved by the US Food and Drug Administration (FDA), a US-based federal agency for the treatment of mild-to-moderate COVID-19 for emergency use. This is an orally administered nucleoside analog that inhibits the replication of SARS-CoV-2, the causative agent of COVID-19.
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Major Key Players of the Market:
AbbVie Inc., Bristol-Myers-Squibb Co., Chemical Industrial & Pharmaceutical Laboratories Ltd., F. Hoffmann-La Roche Ltd., Gilead Sciences Inc., GlaxoSmithKline Plc, Johnson & Johnson Services Ltd., Merck & Co. Inc., Dr. Reddy's Laboratories Ltd., AstraZeneca plc, Aurobindo Pharma Ltd., Abbott Laboratories, Schering-Plough Corporation, Pfizer Inc., Sanofi-Synthélabo Ltd., Regeneron Pharmaceuticals Inc., Inovio Pharmaceuticals Inc., Novavax Inc., BioCryst Pharmaceuticals Inc., Alnylam Pharmaceuticals Inc., Argos Distributors Limited, AVI Biopharma International Ltd., Moderna Inc., BioNTech SE, Eli Lilly and Company, Takeda Pharmaceutical Company Limited, Biogen Inc., Genentech USA Inc., Vertex Pharmaceuticals Inc.
Antivirals Market 2024 Key Insights:
• The antivirals market size is expected to see strong growth in the next few years. It will grow to $143.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Increasing Incidence OF Influenza In The Antivirals Market
• Innovative Technological Advancements In The Antivirals Market
• North America was the largest region in the anti-viral drug therapy market in 2023
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