According to Transparency Market Research (TMR), the global antivirus drugs market is likely to exhibit a solid CAGR of 6.40% between 2016 and 2024. The market’s valuation is expected to rise from US$48.3 bn to US$82.9 bn over the forecast period.
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One of the key drivers for the global antiviral drugs market is the steady growth of the medical research sector in emerging Asia Pacific economies such as India, China, and Japan. The rising government support in these countries to indigenous drug development and native pharmaceutical industry players has resulted in a steady opportunity for the global antiviral drugs market. Focusing on collaboration with medical research companies based in Asia Pacific could thus turn out to be a prosperous tactic for players in the global antiviral drugs market over the forecast period.
The high unmet need for antiviral medication in Africa is also likely to remain a key driver for the global antiviral drugs market over the coming years. Underdeveloped countries in Africa have received firm support from several international medical bodies in order to combat the growing prevalence of viral diseases and the lack of resources to counter the problem, which has led to a promising situation for the antiviral drugs market.
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The global antiviral drugs market is segmented by region into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Developed countries in North America and Europe are likely to play a key role in the development of the global antiviral drugs market in the coming years due to the steady availability of advanced medical research infrastructure. North America accounted for more than 50% of the global antiviral drugs market in 2015 and is likely to retain a similar level of dominance through the 2016-2024 forecast period.
Emerging countries in Asia Pacific, Africa, and Latin America could also play important roles in the growth of the global antiviral drugs market in the coming years. The rising prevalence of viral diseases has made these regions crucial for antiviral drug development and thus are likely to carry significant commercial weightage for players in the antiviral drugs market over the coming years.
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By disease indication, the global antiviral drugs market is segmented into HIV-AIDS, hepatitis, respiratory viruses, and others. The growing prevalence of AIDS is likely to keep it prominent within the international medical research field, leading to steady activity in the global antiviral drugs market in the coming years. Hepatitis has also become a key target for antiviral drugs market players and is likely to draw significant investment in the coming years.
The global antiviral drugs market is reasonably consolidated, with Gilead Sciences holding a majority 51% share in 2015. The high level of consolidation is likely to help the global antiviral drugs market develop sustainably over the 2016-2024 forecast period, as the competitive makeup of the market is unlikely to change. Other leading players in the global antiviral drugs market include Merck & Co. Inc., Mylan NV, F. Hoffman-La Roche Ltd., GlaxoSmithKline Plc, Cipla Inc., AbbVie Inc., and Bristol-Myers Squibb Co. The lucrative opportunity in the antiviral drugs market is, however, likely to draw new players on a consistent basis, leading to the competition in the market intensifying over the coming years.
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