Antiviral Drugs Market Estimated to Record Highest CAGR by 2024

The global Antiviral Drugs Market has been prognosticated in a report by Transparency Market Research (TMR) to demonstrate a fairly consolidated characteristic of its competitive landscape. This could be evident with a 51.0% share secured by Gilead Sciences in 2015. The competitive composition of the market could stay unchanged, at least during the course of the forecast tenure 2016-2024. The high degree of consolidation has been anticipated to help the market to exhibit sustainable development in the coming years. There could be new players entering the market consistently as a result of the availability of rewarding prospects, thus intensifying the level of competition.

TMR has envisaged the global antiviral drugs market to garner a whopping revenue of US$82.9 bn by the concluding forecast year at a 6.40% CAGR. In 2015, there had been a valuation of US$48.3 bn achieved by the market. In terms of disease indication, HIV infection could showcase its prominence in the market as there have been reports of its rising prevalence. Earning an over 50.0% share of the market in 2015, North America has been prophesied to continue overpowering other regions on the basis of revenue contribution.

As mentioned earlier, the world antiviral drugs market has been expected to gain a whole lot of revenue from the developed region of North America. However, there could be a plethora of opportunities available in emerging regions such as Asia Pacific, which is currently experiencing a stable growth in the medical research sector. In this regard, you could see Japan, China, and India coming to the fore.

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Players could expect growth prospects prevailing on the back of increasing government support for native pharmaceutical industry and indigenous drug development in these countries. They have been projected to take to intelligent tactics such as collaborating with medical research firms in the region to sustain their growth in the world antiviral drugs market. Furthermore, they could carry a significant commercial weightage due to the swelling prevalence of viral diseases in developing countries of Latin America, Africa, and Asia Pacific.

Expensive cost of drug development and rising inclination toward natural products could hamper the growth of the international antiviral drugs market. However, with pharmerging markets gaining access to antiviral drugs and rising requirement of broad-spectrum drugs, the demand in the market has been envisaged to gain a strong momentum in the coming years.

The international antiviral drugs market could gain higher significance as a result of unmet medical needs in Africa at large. Players operating in this region could find themselves in a promising position as it expects a firm medical support from the world. Fortunately, a number of international bodies have actually stepped forward to help Africa to satisfy its medical needs. Yet, there is a huge gap still left to fill. The region is currently battling with lack of resources and the rising incidence of viral diseases.