The Asia Pacific anti-viral therapies market is expected to reach US$ 16,118. 52 million by 2027 from US$8,135. 93 million in 2019; it is estimated to grow at a CAGR of 9. 0% during 2020–2027.
New York, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Anti-Viral Therapies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type, Mechanism of Action, and Application, and Country" - https://www.reportlinker.com/p05978817/?utm_source=GNW
The market is growth is primarily attributed to the increasing R&D expenditures in pharmaceutical companies and rising government support for research activities and clinical trials in Asia Pacific.Additionally, strong pipeline of anti-viral drugs, and growing emphasis on launching anti-viral agents are likely to fuel the growth of the Asia Pacific anti-viral therapies market during the forecast period.
High cost of drug development is a key factor restraining the growth of the market.
Antiviral therapy is one of the most exciting branches of virology. These therapies are based on several strategies—direct-acting antivirals target viral proteins, enzymes, or nucleic acids; passive antibodies neutralize circulating viruses; and several other antivirals target cellular proteins or processes essential for viral replication.
The clinical trials industry in Asia Pacific has seen exceptional growth in the last 10 years, along with steady improvement in R&D environment.The region hosts a growing pool of scientific and development expertise, advanced technologies, and quality clinical outsourcing providers.
Clinical trials generally cost less in Asia than in the western world.With cheaper resources and staffing, companies can save 25–40% on costs in China and India, compared to that in the US and European countries.
Commercial clinical trial sites in China numbered 5,628 in 2017, and foreign pharmaceutical companies are projected to increase their spending on research and development in the country to US$ 29.3 billion by 2021.
The government is also increasing funds for the conduct of new research and clinical trials.The pace of vaccine development to fight against COVID-19 is growing due to large number of companies focusing on clinical trials and forming collaborations to drive rapid growth and attain sufficient production capacity.
Many companies are conducting clinical trials for COVID-19 in collaboration with the research centers.Glenmark Pharmaceuticals has initiated phase III of clinical trials in India for Favipiravir.
China till now has approved three COVID-19 vaccines in the second phase of clinical trial.The biotech industry is forming a vital part in the fight against Covid-19, in terms of developing vaccines, therapeutic drugs, diagnostics, and research.
Ongoing research on the development of drugs for rare diseases is enhancing the growth rate of the market. Hence, government funding for research activities and clinical trials is expected to increase the development of new therapies, thereby boosting growth of the anti-viral therapies market during the forecast period.
Countries in Asia Pacific are experiencing the rise in number of COVID-19 cases.A research team from Beijing, China has successfully tested a drug on animal that would reduce the recovery time for COVID-19 patients and confer short-term immunity to the virus.
Further, the National Medical Products Administration of China has approved the anti-viral drug Favilavir to treat COVID-19 patients. Additionally, China has approved to assess a third vaccine candidate against COVID-19.
In 2019, the branded drugs segment accounted for a larger share of the Europe antiviral therapies market.The branded antiviral drugs are more trusted than the generic drugs.
Further, robust research and development activities, increasing number of drug discoveries, and rising number of patents for drugs are the factors supporting the growth of this segment.
A few of the major secondary sources associated with the Asia Pacific anti-viral therapies market report are the World Health Organization (WHO), International Society for Pharmaceutical Engineering, China Food and Drug Administration (CFDA), National Health Commission (NHC) of China, and India Brand Equity Foundation (IBEF).
Read the full report: https://www.reportlinker.com/p05978817/?utm_source=GNW
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