Trending News: What Is the Impact of COVID-19 on Antiviral Therapy Market During Projected Period of 2020-2027?
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The abrupt rise of the COVID-19 pandemic has made an optimistic impact on the global antiviral therapy market growth in 2020. Growing research and development activities on the potential applications of antiviral drugs to cure COVID-19 infection is boosting the growth of the global market. Market players are estimated to come up with lucrative opportunities for the growth of the market in the upcoming years.
The latest research report on the global antiviral therapy market published by Research Dive states the impact of COVID-19 pandemic on the present and upcoming growth of the market. This report is a complete research formulated by considering all the vital aspects such as regional market conditions, opportunities, market boomers and decliners, and size & scope of the market.
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Key Highlights of the Report:
The COVID-19 crisis has affected the global market for antiviral therapy in a positive way. According to the report, the global antiviral therapy market was accounted for $48.1 million in 2018 and is expected to garner $79.8 million by growing at a CAGR of 6.7% by 2026. In the current situation, the market has garnered a revenue of $54.7 million due to the rising importance of antiviral drugs in the treatment of COVID-19 disease.
Factors Driving the Market Growth amidst Covid-19 Pandemic:
The global antiviral therapy market is expected to observe remarkable growth owing to rising investments in R&D of antiviral therapies, efficiency of antiviral drugs to treat COVID-19 infections, and growing interest of pharmaceutical companies in the production of antiviral drugs. Moreover, growing demand for antiviral drugs from various countries is accelerating the growth of the global market.
Current Face of the Market Due to COVID-19:
Some of the top players in this market are focused on developing more advanced drugs and entering into partnerships and collaborations to expand their business during the crisis period. For instance, in May 2020, Cipla, a leading multinational pharmaceutical company has collaborated with Gilead Sciences for the manufacture and distribution of the investigational drugs used for the treatment of corona virus-infected patients. The company has also collaborated with the Hyderabad-based Indian Institute of Chemical Technology (IICT) to develop anti-viral drugs for treating COVID-19 infection.
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Moreover, in April 2020, Ennaid Therapeutics, LLC, a foremost biopharmaceutical venture has announced that they are advancing the production of ENU200 to treat patients of COVID-19 viral infection. Such steps taken by major players are contributing to the growth of the global antiviral therapy market.
Future Scope of the Market:
According to the report, the global antiviral therapy market is anticipated to undergo continuous growth post-COVID-19 pandemic due to an expected surge in the demand for antiviral medicines. New entrants and some of the leading players including Johnson & Johnson Services, AbbVie Inc., Inc., GlaxoSmithKline plc., Bristol-Myers Squibb Company, Gilead Sciences, Inc., Merck & Co., Inc., Informa plc., F. Hoffmann-La Roche Ltd., Cipla Inc., Dr. Reddy’s Laboratories Ltd., and others are projected to come up with innovative advances and bring in rewarding opportunities for the market growth in the next few years.
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