The Latin America Antiviral Drugs Market size is estimated to be worth USD 4.08 billion in 2022 and USD 5.34 billion by 2027, growing at a CAGR of 5.51% during the forecast period.
Broad-spectrum antiviral drugs can be used to treat a variety of viruses. In addition, several investigational drugs are currently under development for the treatment of HIV infection. It is believed that the increase in cases of HIV infection is boosting the demand for antiviral drugs.
The World Health Organization (WHO) said that in 2019, around 40.9 million people were affected by HIV. However, around 17 million people have died from this disease. It shows that the increase in HIV cases stimulates the demand for a specific and targeted treatment regimen. This growth is attributed to the increase in research and development costs combined with the rapid approval by the FDA, the increase in the cost of brand name drugs, the increase in the frequency of infectious diseases linked to the usage of the high level of brand name drugs in the treatment of HIV / AIDS.
Apart from this, the increasing prevalence of influenza and its effective diagnosis is destined to fuel the growth of the antiviral drugs market in the years to come. Increased support from governments and various companies can help fight this highly contagious disease of COVID-19. The drugs inhibit the entry of viruses, thus can be crucial in preventing viral progression to the hyperinflammatory state, which characterizes the late stage of COVID-19.
Since severe acute respiratory illnesses caused by the coronavirus can be life-threatening, the potential of antiviral therapies to treat COVID-19 patients is being studied extensively. As a result, antiviral therapies are gaining ground in these patients, with many companies launching antiviral drugs.
When used with other medications and necessary precautionary measures, such as self-isolation, quarantine, and contact tracing, they are an effective management solution for COVID-19 patients with mild to moderate symptoms. In addition, unlike expensive brand-name drugs, many industries in the region have introduced cost-effective alternatives to meet the need for effective drugs in the midst of the pandemic.
Factors such as competitive dynamics and declining Medicine prices in Latin American are hampering the demand for antiviral drugs. Moreover, the increased preventive measures and awareness of the availability of vaccines against viral infections are restraining the growth of the Latin American antiviral drugs market.
The factors further limiting the growth of the market are the awareness of the accessibility of vaccines for various diseases, the increase in precautionary measures, the growing need for different drugs such as naturopathy and homeopathy, the reduction in the cost of the treatment, the high cost involved in drug development, the high price of research, treatment, and strict government activities.
This research report on the Latin American Antiviral Drugs Market has been segmented and sub-segmented into the following categories:
By End Users:
In Latin America, countries such as Mexico, Brazil, and Argentina are expected to grow at a healthy CAGR during the forecast period. Factors such as the increasing prevalence of infectious diseases and improved healthcare infrastructure in developing countries, such as Mexico, Colombia, and Brazil, would create lucrative growth prospects for the drug market. In addition, regions in Peru and western Latin America will also see steady growth in antivirals in the Latin American Antiviral market.
KEY MARKET PLAYERS:
A few of the notable companies leading in the Latin America Antiviral Drugs Market profiled in the 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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