As per the research report, the size of the Europe Antiviral Drugs Market is valued at USD 9.94 billion in 2023 and is expected to reach USD 12.67 billion by 2028, growing at a CAGR of 4.98% during the forecast period 2023 to 2028.
The increasing prevalence of HIV disease around the world will drive the demand for antiviral drugs in the coming period.
When used according to directions, antiviral drugs can often help reduce the duration of flu symptoms in healthier children and adults and can reduce the severity of common flu symptoms. Therefore, these factors help promote the usage of antiviral drugs for the treatment of viral infections around the world. Hence, the increasing prevalence of viral infections, such as HIV and influenza, along with increasing R&D activities and development of newer and advanced formulations, are the few factors responsible for the high growth rate of the market during the forecast period.
The generic antiviral drugs segment is growing steadily in the European antiviral drug market. By 2027, the segment is expected to claim a significant market share in terms of revenue, owing to the increased consumption of generic antiviral drugs in recent times. The use of generic drugs can drastically reduce the overall hospital expense of the patient. Unlike expensive brand name drugs, many pharmaceutical companies in the region have introduced cost-effective alternatives to meet the need for effective drugs amid the pandemic.
The high cost of drug development coupled with the availability of alternative treatment options such as homeopathy and naturopathy are the few major factors inhibiting the growth of the market during the forecast period 2020-2027.
The alarming rate of the spread of the coronavirus has also led to a marked increase in the use of antiviral drugs to treat viral infections in European countries. The use of antiviral drugs can greatly reduce the effect of the SARS-CoV-2 virus to some extent.
When used with other medications and necessary precautionary measures, such as self-isolation, quarantine, and contact tracing, they have been shown to be an effective management solution for COVID-19 patients with mild to moderate symptoms. The trend authorization of prescription drugs has accelerated the forecast for the antiviral drug market in Europe.
Factors such as government policy approval and competition between different brands can prove to be challenges in this market.
This research report on the Europe antiviral drugs market has been segmented and sub-segmented into the following categories:
By End Users:
According to WHO and UNAIDS estimates, 37.7 million people were living with HIV worldwide at the end of 2017. In 2018, around 2.9 million people were infected for the first time and 1.3 million people have died from HIV-related causes. The UK leads the European market, with having more HIV infections and hence growth in antiviral drugs group. Pharmaceutical companies are focusing on R&D to introduce new drugs with greater medical and commercial potential. These companies invest mainly in R&D activities with the aim of offering innovative and high quality products to the market. According to the British Pharmaceutical Industry Association, pharmaceutical R&D spending in the UK increased by more than 15% in 2018, reaching an estimated US $ 5.55 billion. The UK has relative stability compared to the rest of European countries as an investment base for increasing R&D activities of the three largest pharmaceutical investors.
Key players operating in the Europe Antiviral Drugs Market profiled in this report are Johnson & Johnson (USA), Novartis International AG (Switzerland), Roche Holding AG (Switzerland), Pfizer (USA), Merck and Co. Inc (USA), GlaxoSmithKline plc (United Kingdom), AstraZeneca AB (United Kingdom), Gilead Sciences (USA), and Abbott Laboratories (USA).
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