The rise of COVID-19 pandemic has positively impacted the global antiviral therapy market in 2020. Rising research & development and advances in the production of antiviral drugs is fueling the growth of the market during COVID-19 crisis.
A new report by Research Dive deliberates the impact of COVID-19 on the present and future growth of the global antiviral therapy market. This report is formulated by market professionals by considering all the important factors such as regional market conditions, current trends & developments, market drivers and restraints, and size & scope of the market. This report is a valuable source of information and guidance for professionals involved in this market.
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Key Highlights of the Report:
The COVID-19 pandemic has imposed a positive impact on the global market for antiviral therapy. As per the report, the global antiviral therapy market was valued at $48.1 million in 2018 and is estimated to gather $79.8 million by soaring at a growth rate of 6.7% by 2026. In the present condition, the market has collected a revenue of $54.7 million owing to the growing demand for antiviral drugs for treating COVID-19 patients.
Factors Boosting the Market Growth amidst Covid-19 Pandemic:
As per the report, factors such as growing investments in R&D of antiviral therapies, effectiveness of antiviral drugs to treat COVID-19 infection, and rising interest of pharmaceutical firms in the manufacture of antiviral drugs are fueling the growth of the global antiviral therapy market. Furthermore, increasing demand for antiviral drugs from numerous countries is boosting the growth of the global industry.
Current Market Situation Due to COVID-19:
Some of the foremost companies operating in this market are working on the development of more advanced medicines. Moreover, some top players are entering into partnerships and collaborations to expand their business in the course of the crisis period. For example, in May 2020, Cipla, a leading multinational pharmaceutical company has collaborated with Gilead Sciences for the production and supply of the investigational drugs used in the treatment of COVID-19 patients. The company has also joined hands with the Hyderabad-based Indian Institute of Chemical Technology (IICT) to manufacture anti-viral drugs for treating COVID-19 infection.
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Furthermore, in April 2020, Ennaid Therapeutics, LLC, a leading biopharmaceutical venture has declared that they are advancing the manufacture of ENU200 for the treatment of COVID-19 affected patients. Such initiatives undertaken by key players are leading to the growth of the global antiviral therapy market.
Future Scope of the Market:
As per analysts, the global antiviral therapy industry is projected to experience incessant growth post-COVID-19 crisis owing to the predicted rise in the demand for antiviral drugs. New entrants and some of the foremost players including AbbVie Inc., Inc., Johnson & Johnson Services, GlaxoSmithKline plc., Gilead Sciences, Inc., Merck & Co., Inc., Informa plc., Cipla Inc., Dr. Reddy’s Laboratories Ltd., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., and others are likely to come up with ground-breaking developments and unlock profitable opportunities for the growth of the market growth in the coming future.
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