Global HIV Drugs Market to Reach US$ 22.5 Billion by 2024
by Chris jackson Market Research
IMARC Group's latest report, entitled “HIV Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global HIV drugs market exceeded the value of US$ 24.7 Billion in 2018. HIV, also known as human immunodeficiency virus, damages the immune system by destroying the white blood cells (WBCs) that fight against the infections. HIV drugs are used to make the immune system strong enough to resist certain infections and related cancers. At present, highly active antiretroviral therapy (HAART) is the most commonly prescribed treatment. It has different combinations of one protease inhibitor and other drugs. These combinations help in enhancing the number of CD4+ cells and decreasing the amount of virus in the blood.
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According to the estimates by the World Health Organization, around 36 million people are living with HIV and more than 1 million people became newly infected at the end of 2017. This growing patient population has led to increased demand for HIV drugs. Further, various initiatives and campaigns undertaken by the governments have created awareness among the masses about the advancements and discoveries of modern medicines for HIV treatment. These awareness campaigns have helped in early detection of the disease, enabling patients to start antiretroviral therapy in the initial stage of the infection. Apart from this, many international organizations are supporting research institutes by providing funds for R&D activities to develop innovative, affordable, safe, and efficient medicines for effective therapeutic solutions.
However, the cost of antiretroviral drugs is relatively high and patients without healthcare coverage find it extremely difficult to pay. Besides this, individuals suffering from the infection are perceived negatively or face discrimination in society due to false opinion or misconception about it. Due to this, the patients usually refuse to visit physicians and undergo disease diagnosis. Along with this, HIV treatment has numerous side effects, such as hyperlipidemia, osteopenia, lipodystrophy and osteoporosis. Many individuals are unable to tolerate these side effects, so they stop treatment. Owing to these factors, the market is anticipated to reach a value of US$ 22.5 Billion by 2024, declining at a CAGR of 2.5% during the forecast period (2019-2024).
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- Based on the drug class, nucleoside reverse transcriptase inhibitors represent the most prominent class. These inhibitors are followed by multi-class combination products, non-nucleoside reverse transcriptase inhibitors, protease inhibitors, fusion inhibitors, entry inhibitors - CCR5 co-receptor antagonist and HIV integrase strand transfer inhibitors.
- The market has also been segregated on the basis of distribution channels into hospital pharmacies, retail pharmacies, online pharmacies and others. Currently, these drugs are majorly distributed through hospital pharmacies.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with some of the key players being Bristol-Myers Squibb, Gilead Sciences, GlaxoSmithKline, Johnson & Johnson and Merck.
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Created on Jul 17th 2019 19:29. Viewed 376 times.