Topical Antivirals Market Size, Share, Industry Report 2031

Report Description

Topical Antivirals Market Outlook 2031:

The global topical antivirals market was estimated at USD 788.0 Million in 2022 and is anticipated to reach USD 986.7 Million by 2031, expanding at a CAGR of 2.9% during the forecast period.

Topical antiviral agents are medications that are applied directly on the skin to treat viral infections. These agents work by inhibiting the replication and spread of viruses, thereby reducing the severity and duration of symptoms. Topical antivirals are used for various health issues containing:

• Herpes simplex virus (HSV)

• Human papillomavirus (HPV)

• Varicella-zoster virus (VZV)

• Influenza virus

• Cytomegalovirus (CMV)

Get Free Sample Report

Macro-economic Factors

Healthcare Expenditure

Topical antivirals are a part of the healthcare sector. Healthcare spending in the majority of countries continues to rise across the globe, owing to rising investment in topical antivirals. According to the National Health Expenditure Accounts, the healthcare spending in US increased by 2.7% to USD 4.3 trillion in 2021, or USD 12,914 per person, and accounted for 18.3% of GDP. Increased spending on drug development, solutions, and others is a key factor driving the market.

Patent protection

Patent protection is a crucial factor in the pharmaceutical industry, as companies invest heavily in research and development (R&D) to create new and innovative products. Patents provide companies with the market exclusivity for a period of time, which allows them to recoup investments made in R&D and maintain the market share.

In the case of topical antivirals, patent protection ensures that the manufacturers of these drugs have the exclusive right to manufacture and sell them for a period of time. This allows them to maintain profitability and continue investing in R&D.

According to the World Intellectual Property Organization (WIPO), the pharmaceutical industry is one of the majorly research-intensive industries across the globe, with a significant proportion of R&D investment going towards the development of new drugs. In 2019, global pharmaceutical research and development expenditure was estimated to be around USD 186 billion.

Patents play a key role in driving innovation and investment in the industry. WIPO reports that between 2010 and 2018, the number of patent applications in the pharmaceutical sector increased by an average of 6.5% annually.

Topical Antivirals Market Dynamics

Market Driver- Increasing Prevalence of Viral Infections

The primary factor driving the market is the increasing incidence of viral infections such as herpes simplex virus (HSV), human papillomavirus (HPV), and human immunodeficiency virus (HIV). For instance, the WHO – World health Organization estimates that there are more than 400 million people globally that are living with HSV-2, and the prevalence is increasing in many countries.

Similarly, the incidence of HPV is also increasing, and according to WHO, it is common sexually transmitted infection globally, affecting around 1 in 4 people in the US alone. Therefore, the demand for effective topical antivirals is expected to increase significantly in the coming years, driving the market.

Market Driver- Increasing Technological Advancements

Advancements in drug delivery systems and diagnostic tools have significantly increased the effectiveness of topical antivirals. For instance, the development of liposomal and polymerase inhibitors has improved the delivery of antiviral drugs and reduced the side effects. Moreover, the development of new diagnostic tools such as polymerase chain reaction (PCR) and antigen tests has enabled early detection of viral infections and facilitated targeted therapy.

As per a research article published in the Advanced Drug Delivery Reviews Journal, the improved drug delivery systems have led to a high drug concentration in the desired area, thereby providing improved efficacy for topical antivirals. This is expected to fuel the growth of the global topical antivirals market during the forecast period.

Market Restraint- High Cost of Antiviral Drugs

High costs of antiviral drugs are impeding the growth of the global topical antivirals market. The cost of antiviral drugs ranges from hundreds to thousands of dollars per year, making them unaffordable for many patients in low and middle-income countries.

Even in developed countries, the high cost of these drugs leads to limited access to treatment for many patients, particularly those without insurance or with high-deductible pl. This impacts the market growth of topical antivirals negatively, particularly in the price-sensitive regions.

Market Opportunity- Increasing Popularity of Combination Therapies

Combination therapies are becoming increasingly popular for the treatment of viral infections and offer growth opportunities for the market players. Combination therapies improve treatment outcomes by targeting multiple aspects of viral replication simultaneously, reducing the risk of drug resistance, and increasing efficacy.

Topical antivirals are well-suited for combination therapy, as they are combined with other topical drugs or administered alongside systemic antiviral drugs. Therefore, the demand for topical antivirals as a part of combination regimens is expected to increase significantly in the coming years.

Scope of The Topical Antivirals Market Report  

The report on the global topical antivirals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Topical Antivirals Market Segment Insight

Based on type, the market is fragmented into branded and generics. The generics segment is held a 23.1% share of the market. The rising demand for generic topical antivirals has emerged owing to affordability which is anticipated to propel the segment in the coming years.

Get Free Sample Report

In terms of the herpes type, the market is fragmented into herpes labialis and herpes genitalis. The Herpes Genitalis is estimated to hold a 54.8% share of the market during the forecast period. The increasing prevalence of HSV-1 infection due to changing sexual behaviors, a rise in stress levels, and weakened immune systems are contributing factors for the rise of herpes cases. This is expected to boost the segment in the coming years.

On the basis of Distribution channel, the market is fragmented into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies. The hospital pharmacies segment is expected to hold a 53.2% share of the market during the forecast period as Hospital pharmacies play a critical role in ensuring a rational drug supply for patients. Moreover, buying medicine from hospital pharmacies is both convenient and safe for the patient.

On the basis on end user, the market is fragmented into hospitals, homecare, and clinics. The hospitals segment is expected to hold a 45.7% share of the market during the forecast period. The increasing prevalence of antiviral diseases that are generally cured in hospitals is expected to boost segment growth.

Get Free Sample Report

Regional Outlook

Based on region, the market is classified into namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a substantial CAGR during the forecast period. North America is expected to maintain its dominance in the global market during the forecast period, due to the primary focus of treatment for COVID-19 has been on oral or intravenous (IV) administration of antiviral drugs.

Additionally, the availability and use of topical antiviral medications for COVID-19 depend on factors such as the severity of the disease, the healthcare setting in which the patient is being treated, and the availability of the medication, which is expected to fuel the market in the region.

The market in Europe is expected to expand rapidly in the coming years, due to the increasing focus of key market players on providing mobile topical antivirals services and the use of topical antivirals in the adult population.

This is expected to boost the market during the forecast period. Furthermore, the key Europe market players are constantly focusing on introducing newer technologies into the market to meet changing consumer demands, which is expected to drive regional market in the coming years.

In Europe, some clinical trials have been conducted to evaluate the effectiveness of topical antivirals against COVID-19. For example, a study conducted in France in 2020 evaluated the use of a topical antiviral called povidone-iodine as a mouthwash to reduce viral load in COVID-19 patients. The study concluded the use of povidone-iodine to be a safe and effective adjunctive treatment for COVID-19.

Another study conducted in Germany in 2021 evaluated the use of the topical antiviral heparin in COVID-19 patients with respiratory distress syndrome. The study found that heparin is able to inhibit viral replication and has potential therapeutic benefits in treating COVID-19.

Get Free Sample Report

Key Market Developments

In June 2021, the Switzerland-based pharmaceutical company, Novartis, announced that it had entered into a partnership with CureVac to develop and manufacture a mRNA COVID-19 vaccine. This includes a potential second-generation vaccine as well as a vaccine for emerging variants. The agreement also includes the production of lead mRNA cancer vaccine candidate of CureVac.

In March 2021, the Japan-based pharmaceutical company, Shionogi, announced that it had partnered with the UK-based company, Hikma Pharmaceuticals, to develop and commercialize a novel treatment for COVID-19. It was based on the use of the antiviral drug, favipiravir. The companies planned to conduct clinical trials of the treatment in the US and other countries.

In January 2021, the US-based company, Virpax Pharmaceuticals, announced that it had signed a licensing agreement with NanoViricides to develop and market a topical nanoviricide drug candidate for the treatment of herpes simplex virus infections. It had potential applications in treating COVID-19. The companies plan to focus on clinical development and commercialization of the drug candidate.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the global Topical Antivirals market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Topical Antivirals Market Performance