Herpes Labialis Treatment Market is projected to reach US$ 1.42 Billion by the year 2028
“The global Herpes Labialis Treatment Market is expected to register a CAGR of nearly 4.7% over the forecast period (2022-2028) owing to increasing cases of recurrent herpes simplex infections. The herpes labialis treatment market recorded sales worth U.S. $ 1.03 Bn in the year 2021 and is expected to reach U.S. $ 1.42 Bn by the year 2028, according to the Future Market Insights (FMI) study.”
Over a 10-year forecast period, the demand for herpes labialis treatment is likely to be driven by growing instances of viral infection worldwide and evolution of drug types and modes of action. Moreover, strategic M&A activities among leading industry players as well as amplifying investments in R&D ventures will also turn out to be profitable for the global herpes labialis treatment market during the assessment period.
North America to Maintain Leading Regional Market Position
Supported by strong presence of a few of the key industry players, North America’s herpes labialis treatment market is expected to continue its dominance throughout the forecast period. While this region registered over 35% value share, Western Europe recorded a share of over 20% in 2017. North American region is presumed to exceed the revenues worth US$ 450 Mn by the end of 2027, observing a declining CAGR of 3.9%. Although the US will lead the North American region, Future Market Insights projects that Canada will witness higher adoption of herpes labialis treatment in the assessment period.
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On the flipside, emerging regional markets such as APEJ, MEA, Eastern Europe, and Latin America will see rapid growth in the forecast period. APEJ is identified to be the fastest growing market at a promising CAGR of 5.7%, followed by MEA, predicted to grow at 5.3% CAGR over 2022-2028. Strengthening efforts and accelerating investments in the examination of the clinical efficacy of drugs, increasing expenditure on R&D infrastructure, growing consumer awareness, and development of advanced, cost-effective treatment options at a rapid pace, will collectively lift the market in emerging countries up. Moreover, lenient FDI policies that govern the pharmaceuticals industry in developing economies prompt at the inflow of a series of opportunities for drug companies to explore these regional markets in near future.
Key Market Players
Some of the leading players competing in the global herpes labialis treatment market include Novartis AG, Valeant Pharmaceuticals International Inc., Pfizer Inc., Abbott Laboratories, Mylan NV, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., and GlaxoSmithKline plc. A majority of key players are directing their efforts towards extension of existing product portfolio, while others are focusing on strategic mergers and acquisitions in order to grab larger market shares in terms of revenue. Many top brands are looking forward to capitalize on growing opportunities in emerging regional markets.
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