Internet of Things (IoT) in Healthcare is fastest growing segment fueling the growth of Antiviral Drugs market

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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 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Antiviral drugs are used to treat viral infections by either inhibiting viral replication or destroying infected host cells.The emergence of new viruses and increasing resistance to existing antiviral drugs are major factors driving the need for effective antiviral therapies.

Market key trends:
One of the key trends in the antiviral drugs market size is the growing demand for long acting antiviral therapies. Long acting antiviral drugs have less frequent dosing schedules compared to conventional therapies. This improves patient adherence and clinical outcomes. Another major trend is the increasing focus on developing broad spectrum antiviral drugs that are effective against a wide range of influenza viruses. This is important considering rapid viral mutations. Development of nanomedicine based antiviral drug delivery is another emerging trend, offering enhanced pharmacological properties and targeting ability.

Segment Analysis
The global antiviral drugs market is segmented into drugs, application, distribution channel and region. Based on drugs, the market is segmented into branded and generic. The generic drugs segment dominated the market in 2021 and is expected to witness highest growth during the forecast period due to lower cost and easy availability of generics as compared to branded drugs.

Key Takeaways
The global antiviral drugs market size was valued at US$ 61324.71 Mn in 2023 and is expected to grow at a CAGR of 4.2% during the forecast period. The market is expected to witness high growth due to increasing prevalence of HIV/AIDS, influenza and hepatitis infections globally.

North America dominated the global antiviral drugs market in 2021 owing to growing incidence of infectious diseases and presence of major market players in the region. However, Asia Pacific is expected to exhibit the fastest CAGR over the forecast period due to improving healthcare infrastructure and increasing healthcare spending in major markets like China and India.

Key players operating in the antiviral drugs market include GlaxoSmithKline plc, AbbVie Inc., Merck & Co., Inc., Dr. Reddy's Laboratories Ltd., F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Cipla Inc., Aurobindo Pharma, and Gilead Sciences. GlaxoSmithKline plc dominates the global market owing to its diverse product portfolio for treating viral infections.

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