PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1514857
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1514857
The Global Antiviral Therapeutics Market is valued approximately at USD 75.53 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 8.28% over the forecast period 2024-2032. Antiviral therapeutics are specifically designed to target viral pathogens and inhibit their replication, thereby alleviating the symptoms and spread of viral diseases. These drugs are used in various healthcare settings, ranging from hospitals to specialty clinics and home care. They are prescribed for the treatment of diverse viral infections, including influenza, hepatitis, Human Immunodeficiency Virus (HIV), Herpes Simplex Virus (HSV), and the recent SARS-CoV-2. The rising prevalence of various chronic and viral diseases worldwide is expanding the need for antiviral therapeutics.
Growing pharmaceutical research and development activities with increasing healthcare expenditure are driving the growth of the antiviral therapeutics market. Growing research and development activities to develop antiviral therapeutics by market vendors are expected to create opportunities for market growth. The escalating demand for antiviral drugs is significantly attributed to the global surge in the prevalence of viral diseases, necessitating the development of effective therapeutic solutions. Stringent regulatory frameworks emphasizing the safety and efficacy of antiviral medications also contribute to the robust market growth. Despite the challenges posed by the high cost of drug development and potential side effects, advancements in pharmaceutical research and development continue to propel the antiviral therapeutics market forward. Moreover, the integration of novel technologies in drug formulation and delivery is anticipated to enhance the market's growth prospects. However, side effects associated with antiviral drugs and the high cost of development of medication hamper the growth of antiviral therapeutics.
The key regions considered for the global antiviral therapeutics market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is expected to hold a significant share of the market due to the presence of major pharmaceutical companies, advanced healthcare infrastructure, and a high prevalence of viral infections. Europe is also anticipated to contribute significantly to market growth, driven by stringent regulatory standards and substantial healthcare expenditure. The Asia Pacific region is projected to witness the highest growth rate, fueled by increasing investments in healthcare infrastructure, rising awareness about viral diseases, and a large patient population.