ANTIVIRAL DRUGS MARKET ANALYSIS

Antiviral Drugs Market Size and Trends

Global antiviral drugs market is estimated to be valued at USD 63.66 Bn in 2024 and is expected to reach USD 89.95 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

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The global antiviral drugs market is witnessing increasing demand for broad-spectrum antiviral drugs that can treat multiple viral infections. Furthermore, the COVID-19 pandemic has boosted the market as pharmaceutical companies are fast-tracking development of antiviral drugs for coronavirus. Technological advancements in drug delivery systems and approval of combination therapies are also expected to present lucrative opportunities in the coming years.

Increasing Research and Development Activities by Key Market Players

Increasing research and development activities by key market players is expected to drive the market growth over the forecast market. For instance, in March 2021, Pfizer, Inc., a pharmaceutical company, announced the initiation of Phase 1 study in healthy adults to evaluate the safety and tolerability of an investigational, novel oral antiviral therapeutic for SARS-CoV-2, the virus that causes COVID-19.

Rising government investments in key companies to promote research and development for the treatment of viral infection is expected to offer a lucrative opportunity for the market players to develop novel therapeutics for the treatment of viral infection. For instance, in July 2020, Novavax (a biotechnology company) and Regeneron Pharmaceuticals, a biotechnology company, received US$ 2 billion funding from the U.S. federal government to manufacture drugs and vaccines against COVID-19.