May 22, 2024
Antiviral Drugs Market

The Global Antiviral Drugs Market is Driven by Rising Prevalence of Infectious Diseases

Antiviral drugs help ward off viral infections and diseases by either preventing the replication of viruses inside the host cells or by stimulating the immune system of the body. These drugs are commonly prescribed for treating HIV/AIDS, influenza, hepatitis, herpes virus and others. The need for effective antiviral therapies is growing due to the rising incidence of infectious diseases worldwide. According to WHO, influenza affects up to 1 billion people annually while HIV/AIDS is still one of the leading causes of death, especially in developing countries. The risk factors such as increasing travel, changing climate, and lack of sanitation in some regions have contributed to the spread of viruses and other pathogens. Moreover, emergence of new variants of existing viruses also poses a threat to public health. Antiviral drugs help contain viral outbreaks and save lives.

The global Antiviral Drugs Market is estimated to be valued at US$ 61324.71 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:
One of the major trends witnessed in the antiviral drugs market is increasing research on nanotechnology-based antiviral therapies. Nanomedicine combines nanotechnology with medicine to develop novel antiviral therapies. Researchers are engineering nanoparticles that mimic viruses to gain entry into host cells and deliver antiviral payloads like nucleic acids, proteins or small molecules. These nanotherapies offer enhanced drug delivery, better pharmacokinetics and reduced toxicity compared to conventional drugs. Some examples include lipid nanoparticles encapsulating siRNA being tested for hepatitis B treatment, gold nanoparticles functionalized with shiitake mushroom extract showing antiviral activity against influenza viruses. Such innovative research holds promise to revolutionize antiviral drug development.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as there are many regulatory hurdles and large R&D investments required to enter the antiviral drugs market.

Bargaining power of buyers: The bargaining power of buyers is high as antiviral drugs are lifesaving and buyers have many alternatives available.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers hold some pricing power but face threat from alternative suppliers.

Threat of new substitutes: The threat of new substitutes is high as new modalities like gene therapy pose a threat to traditional antiviral drugs.

Competitive rivalry: The competitive rivalry in the antiviral drugs market is high among the key players.

Key Takeaways
The Global Antiviral Drugs Market Size is expected to witness high growth.

North America region currently dominates the antiviral drugs market owing to high prevalence of viral infections and presence of major manufacturers in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period due to increasing healthcare affordability, awareness and rising infections.

Key players operating in the antiviral drugs market are CogniFit, Elevate, Peak, Rosetta Stone Ltd., LearningRx, Lumosity,HAPPYneuron, Inc., Wise Therapeutics, Inc., Easybrain and Happify, Inc. The key players focus on new product launches and approvals for sustained growth in the antiviral drugs market. For instance, in 2022, CogniFit launched CogniFit Coach, an AI-powered cognitive assessment and training platform.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it