iCrowd Newswire – Jul 3, 2020
Companies in the anti-viral drug therapy market are continuously innovating through technological advances to develop drugs to treat different viral infections. Biopharmaceutical companies are developing vaccines for the treatment of the novel coronavirus. Technological advances in the pharmaceutical sector include the development of nucleic acid vaccines that are DNA- and RNA-based, and which enable the human body to produce the required antigens. Applied DNA Sciences’ subsidiary LineaRx and Takis Biotech formed a joint venture to develop a linear DNA vaccine as a treatment for the coronavirus. The JV will use Polymerase Chain Reaction (PCR)-based DNA manufacturing technology to develop the vaccine. Such initiatives and activities are projected to support the anti-viral drug therapy market growth to a significant extent.
Antiviral drugs do not kill their target pathogen, instead they inhibit the development of those viruses. The anti-viral drugs industry is primarily engaged in the manufacturing of DNA polymerase inhibitors, reverse transcriptase inhibitors, protease inhibitors, neuraminidase inhibitors, and others.
The global anti-viral drug therapy market is expected to grow from $52.2 billion in 2019 to about $59.9 billion in 2020 as there is a surge in the demand for antiretroviral drugs used in the treatment of COVID-19 patients. The market is expected to stabilize and reach $62.6 billion at a growth rate of 4.6% through 2023.
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Anti-Viral Drugs In High Demand Due To Coronavirus Outbreak
The demand for anti-viral drugs is anticipated to grow at a rapid pace in response to the novel coronavirus outbreak. As there are no vaccines and potential treatments for COVID-19, companies are trying to repurpose existing drugs in the fight against the novel coronavirus. The use of certain existing anti-viral drugs for COVID-19 treatment is contributing to the growth of the anti-viral drugs market. If any of these drugs under trial show promising results in treating the coronavirus infection, the anti-viral market will see further growth.
Increased Funding Will Also Drive Market Growth
Increasing public-private funding for life science research globally is also expected to drive the growth of the global anti-viral drug therapy market. Currently, there are no drugs or vaccines approved for the treatment of the coronavirus disease, however, there are several vaccines and drugs in the pipeline that are yet to be approved or launched. Governments around the world announced new grant funds for researchers in vaccines, treatment, and diagnostics.
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Alternative Therapies Restrain Market Growth For Anti-Viral Drugs
The emergence of alternative therapies such as naturopathy and homeopathy for the treatment of viral infections is negatively affecting the market. The development of COVID-19 anti-viral drugs involves high research and development (R&D) costs. It also involves high operating costs and requires greater capital investment. Due to high R&D costs involved in drug development, the marketed drugs would be priced much higher than the actual manufacturing costs. Hence, alternatives such as naturopathy and homeopathy medicines are preferred, which can restrain the market growth.
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