Antiviral Medicine Market Anticipate it to Increase to US$82.9 bn by 2024
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With the significant increase in the incidence of viral infections, the global antiviral medicine market is witnessing a substantial rise in its size and valuation. The increasing prevalence of chronic infections, such as HIV/AIDS and hepatitis B, which require long-term treatment, is also adding considerably to the growth of this market.
Going forward, the strong focus of drugmakers on research and developments, resulting in innovation and advancements in medicine and therapies, together with the rising reports of newer viral infectious diseases, is likely to boost the market for antiviral medicine to great extents over the forthcoming years. The availability of low cost treatments and the advancements in healthcare facilities in developing regions are also projected to impact this market positively in the near future.
The opportunity in the global market for antiviral medicine was worth US$48.3 bn in 2015. Researchers anticipate it to increase to US$82.9 bn by 2024, rising at a CAGR of 6.40% between 2016 and 2024.
North America to Continue as Market Leader
Among all the regional markets for antiviral medicine, namely, Asia pacific, North America, Latin America, the Middle East and Africa, and Europe, the leading position has been acquired by North America. With a share of more than 50%, the North America market for antiviral medicine stood strong in 2015 and is expected to remain dominant over the next few years. The increasing pool of patients suffering from viral infections and the high cost of new medicine are likely to boost this regional market remarkably over the years to come.
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Europe stood second in the global market for antiviral medicine in 2015. Analysts predict this regional market will retain its position in the coming years, thanks to the large number of patients undergoing antiretroviral treatments, fueled by the increasing preference for novel medicine among consumers. The rising level of awareness, better diagnostic facilities, continued launches of effective medicine, and the presence of favorable reimbursement policies for the high-cost treatments are also expected to drive the Europe market for antiviral medicine over the next few years.
Among other regional antiviral medicine markets, Asia Pacific, followed by the Middle East and Africa, is anticipated to present most promising opportunities for the growth of this market. The key factors attributed for this are the soaring prevalence of HIV/AIDS and hepatitis, high-paced spreading of various infectious viral diseases, such as influenza, and the increasing preference for better healthcare facilities. The rising penetration of medicine for novel viral infections, such as Ebola and Zika, together with improved as well as affordable second version medicine, is anticipated to drive both the markets, i.e., Asia Pacific and the Middle East and Africa, over the forthcoming years.
Demand for Antiviral Medicine to Remain High from HIV Infection Segment
Antiviral medicine are mainly utilized in the treatment of hepatitis virus infection, HIV infection, and respiratory virus infection. With the alarming rise in the reports of HIV infection, the demand for antiviral medicine from this segment has been higher than others. Thanks to the invention of new medicine for HIV, which convert fatal illness into chronic pathology thereby increasing the lifespan of the patient, favorable reimbursement policies, and the availability of affordable medicine in emerging countries, the segment is likely to remain driving high demand for these medicine over the years to come.
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