Anti-viral drugs refer to the class of antimicrobials which are used specifically for the treatment of viral infections. Anti-viral drugs are formulated to treat HIV, hepatitis virus, influenza and herpes virus. These anti-viral drugs can be used only for specific disease.
Market Size and Forecast
Global Ant-Viral Drug Market is anticipated to flourish at a CAGR of 5.9% over the forecast period. Further, the market of anti-viral drugs accounted for USD 31.2 Billion in 2016 and is projected to garner USD 42.3 billion by the end of 2024. Rising prevalence of viral infections and diseases across the globe is expected to increase the demand for anti-viral drugs globally.
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In the regional platform, North America dominated the overall market of anti-viral drugs in 2016. Further, North America market is expected to continue its dominance over the forecast period on the account of rising healthcare expenditure. Additionally, presence of highly developed healthcare infrastructure and rising awareness about the viral infections is expected to fuel the growth of anti-viral drugs market in the North America region. U.S. is expected to be the major contributor to the growth of anti-viral drugs owing to the presence of major key players.
Asia Pacific is anticipated to witness robust growth over the forecast period 2017-2024. This growth can be attributed to the increasing number of virus infected people and rising disposable income of the population. Additionally, rising medical tourism in the region is projected to supplement the growth of the anti-viral drugs market. Developing economies such as China, India are the major countries witnessing the augmented demand for anti-viral drugs. Further, favorable government regulations boosting the growth of healthcare sector in the region is likely to swell the demand for anti-viral drugs. Middle East & Africa anti-viral drugs market is expected to grow at a significant pace during the forecast period. In 2016, 25.6 Million people were estimated to be living with HIV. This factor is anticipated to trigger the growth of anti-viral drugs market in Middle East & Africa region. The demand for anti-viral drugs in Latin America is forecasted to increase in the upcoming years. High number of deaths caused from viral diseases is predicted to garner the growth of anti-viral drugs in the Latin America region. On the basis of type, anti-viral drug market is further segmented into generic drugs and branded drugs. Generic drugs accounted for the largest percentage of market share in overall anti-viral drug market. Further, this segment is anticipated to witness highest CAGR during the forecast period.
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Growth Drivers and Challenges
Rising number of HIV cases is expected to be one of the key growth drivers for anti-viral drugs market. Further, rising awareness about this deadly diseases are substantially raising the demand for the anti-viral drugs globally. According to WHO, the number of people infected with HIV were estimated to be 36.7 Million in 2016. Additionally, 1.8 Million new cases of HIV were registered in 2016. This high growth in the number of HIV cases is believed to garner the growth of global anti-viral drugs market. Furthermore, research & development associated with the anti-viral drugs market is expected to drive the growth of the anti-viral drugs market globally. Apart from this, favorable government healthcare regulations are envisioned to bolster the growth of the global anti-viral drugs market. In contrast, high cost of advanced developing anti-viral drugs is anticipated to restrain the development of anti-viral drugs market. Further, lack of awareness about the viral diseases is expected to limit the growth of the global anti-viral drug market.
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