The anti – viral therapies market is expected to reach US$ 76,282.63 million by 2027 from US$ 40,589.79 million in 2019; the market is estimated to grow at a CAGR of 8.3% from 2020 to 2027.
The report highlights trends prevailing in the global anti – viral therapies market and the drivers and restraints pertaining to the market growth.
Antiviral therapy is one of the most exciting branches of virology. It entails several strategies used to develop antiviral therapy, including direct-acting antivirals that target viral proteins, enzymes, or nucleic acids; passive antibodies that neutralize viruses circulating in drug; and drugs that target cellular proteins or processes essential for viral replication.The global anti – viral therapies market is driven by factors such as increasing R&D expenditures by pharmaceutical companies, and rising government support for research activities and clinical trials. However, the high cost of drug development may hinder the market growth. Additionally, emerging markets are creating growth opportunities for the market players.
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Rising Government Support for Research Activities and Clinical Trials
The clinical trials industry has seen exceptional growth in the last 10 years. In August 2019, the US Food and Drug Administration (USFDA) revealed that it awarded 12 new clinical trial research grants of more than US$ 15 million in total, for the period 2020–2023, to improve the development of medical products for patients with rare diseases. The grants were conferred to principal investigators from industry and academics across the country. The FDA awarded the grants through the Orphan Products Clinical Trials Grants Program, which is funded by Congress to promote the clinical development of medical foods, biologics, drugs, and medical devices for the treatment of rare diseases. The grants are intended to considerably contribute to the marketing approval of products to treat rare diseases and provide essential data for the development of such products. For clinical trials of possibly life-changing treatments for patients with rare diseases, the FDA has been offering much-needed financial support for more than 35 years. In addition, the Orphan Products Clinical Trials Grants Program’s contributions have supported research that will led to the marketing approval of treatments for rare diseases.
COVID-19 vaccine development has attained high pace due to large number of participants focusing on clinical trials and collaborations to make certain rapid growth and sufficient production capacity. In addition, the UK government has committed to provide US$ 99.9 million (£84 million) in funding and manufacturing support to researchers to work on this vaccine program. Further, the US government has agreed to fund US$ 483 million for Moderna Inc. to develop and test its COVID-19 vaccine, which is currently in an initial clinical trial. The biotech industry in Europe is playing a vital part in the fight against COVID-19, in terms of developing vaccines, therapeutic drugs, diagnostics, and research. For instance, the European Commission offered US$ 105.8 million (EUR 89 million) to CureVac for the development of COVID-19 vaccine, in March 2020.
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Anti-Viral Therapies Market: Competitive Landscape and Key Developments
AbbVie Inc.; Abbott; Astrazeneca; F. Hoffmann-La Roche Ltd; Bristol-Myers Squibb Company; Johnson & Johnson Services, Inc.; Merck & Co., Inc.; Gilead Sciences, Inc.; GlaxoSmithKline plc; and Aurobindo Pharma are among the leading companies operating in the anti – viral therapies market.
Based on type, the global anti – viral therapies market is segmented into generic drugs and branded drugs. The generic drugs segment is estimated to register a higher CAGR in the market during 2020–2027. Rising demand for low-cost drugs, growing number of FDA-approved generic drugs, rising adoption in emerging nations, and patent expiry of various branded products are the factors boosting the market for the generic drugs segment.
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