Antiviral drugs are utilized for treating viral infections, such as coronavirus, hepatitis, influenza, and human immunodeficiency virus (HIV). Further, broad-spectrum antiviral drugs can be utilized for treating an array of viruses. The rising incidence of viral infections like hepatitis, HIV, influenza, respiratory syncytial virus (RSV), and the latest novel coronavirus is projected to boost the requirement for antiviral drugs thereby driving the market growth.
The need for anti-viral drugs is projected to escalate at a fast rate on account of the novel coronavirus outburst. As there are no potential treatments and vaccines for Covid-19, firms are attempting to repurpose prevailing medicines in the battle against the novel virus. The use of specific prevailing anti-viral drugs as a treatment for Covid-19 is fueling to the growth of global antiviral drugs market. Nevertheless, if any of these medications within trails show potential outcomes in treating the coronavirus infection, the market will witness further expansion in the future.
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However, owing to the collapse of the value chain in applicable APIs shipped from China, a shortage is being witnessed across the world. With producers attempting to uphold positive credit, there still lies some uncertainty how this huge demand for antiviral drugs will be met. Apart from this, the market has observed introduction of strong R&D activities and novel & cutting-edge formulations & treatments, like combination therapy, vaccines, and others. Thus, all of this is expected to drive the growth of the global antiviral drugs market during the forecast period. On the contrary, high failure risk, government strictness, and escalated cost of therapy & R&D are few of the factors projected to hamper the market expansion.
To cite, early May, in India, Glenmark Pharmaceuticals started phase III of clinical trials on antiviral tablet Favipiravir, the foremost firm in the nation to do so. Green light was received from the Drug Controller General of India (DCGI) by the company in late April. Favipiravir has shown action against influenza viruses and has been permitted in Japan for treating novel influenza virus infections.
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