Anti-Viral Drugs In Demand Following The Coronavirus Outbreak
The demand for anti-viral drugs is anticipated to grow at a rapid pace due 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 the covid-19 treatment is contributing to the growth of the anti-viral drugs market. If any of these drugs under trial show further promising results in treating the coronavirus infection, the anti-viral market will see further growth.
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 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 compound annual growth rate (CAGR) of 4.6% through 2023. The anti-viral drug therapy market consists of sales of anti-viral drugs used for the treatment of viral infections, such as human immunodeficiency virus (HIV), hepatitis, influenza and novel coronavirus. Antiviral drugs do not kill their target pathogen, instead they inhibit the development of those viruses. The anti-viral drugs establishments are primarily engaged in the manufacturing of DNA polymerase inhibitors, reverse transcriptase inhibitors, protease inhibitors, neuraminidase inhibitors, and others.
Increasing public-private funding for life science research globally is 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 Covid-19 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. The Canadian government announced C$275M for coronavirus research. Wellcome and the Gates Foundation announced that they are joining forces with the credit card company MasterCard in a $125 million push, to speed up development of drugs for treating COVID-19 infections. Hence, increasing public-private funding for life science research will enhance the research and development, which will drive the growth of the global anti-viral drug therapy market.
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 development of nucleic acid vaccines that are DNA- and RNA-based, and which enable the human body to produce vaccine antigen. Applied DNA Sciences’ subsidiary, LineaRx, and Takis Biotech formed a joint venture to develop a linear DNA vaccine as a treatment for 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.