According to a new report published by Allied Market Research, titled, “Global HIV Drugs Market by Medication Class and Region: Global Opportunity Analysis and Industry Forecast, 2020–2027,"
The global HIV drugs market accounted for $30.89 billion in 2019, and is expected to reach $36.49 billion by 2027, registering a CAGR of 3.8% from 2020 to 2027.
Human immunodeficiency virus (HIV) is one of the most challenging infectious diseases that affected around 39.6 million people globally by the end of 2018, according to the Joint United Nations Programme on HIV/AIDS (UNAIDS). Antiretroviral Therapy (ART) drugs are used for the treatment of HIV as they prevent the growth of the HIV virus.
The major factors that boost the growth of the market include increase in prevalence of HIV globally and rise in treatment & diagnosis rate. In addition, there is escalation in government initiatives to increase awareness among people about HIV cause, symptoms, available treatment options, and the crucial role of these treatments in the control of HIV virus growth. Therefore, raising awareness through such government initiatives is expected to drive the HIV drugs market growth. However, stringent government regulations for the approval and commercialization of HIV drugs and side effects of HIV restrain the growth of the market.
As per the industry experts, long-term effect of COVID-19 outbreak is expected to be witnessed over the coming years. The outbreak has led to a situation of financial crisis in many countries. Moreover, in regions severely affected by COVID-19, HIV treatment procedures have been reduced to life or limb salvaging cases, owing to new government directives or hospital guidelines. Furthermore, all these factors are anticipated to impact the peripheral artery disease market as well in the future.
The global HIV drugs market is bifurcated on the basis of medication class and region. On the basis of medication class, the market is segmented into multi-class combination drugs, nucleoside reverse transcriptase inhibitors (NRTIs), non-nucleoside reverse transcriptase inhibitors (NNRTIs), protease inhibitors (PIs), entry inhibitors, and HIV integrase strand transfer inhibitors. In the medication class, the multi-class combination drugs segment holds the largest market share as it involves the most advanced technique used for the treatment of HIV infection.
Region-wise, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. The North America region accounted for 48.40% of the overall HIV drugs market in 2019, and is expected to maintain this lead over the forecast period. The growth of the HIV drugs market in the region is attributed to the well-established healthcare system, higher diagnosis & treatment rate, government funding for R&D, and increase in adoption of advanced treatment options for the HIV-infected population. However, the Asia-Pacific and LAMEA HIV drugs markets are projected to grow faster, registering a CAGR of 4.4% & 3.6%, respectively, during the analysis period, owing to the prevalence of a large HIV-infected population in these regions, improvement in the healthcare infrastructure, and rise in the diagnosis & treatment rate of HIV. In addition, government initiatives to increase awareness among people have also boosted the HIV drugs market growth.
Key players in this market have adopted new product launch as the preferred strategy to expand their business. The key players profiled in this report include Boehringer Ingelheim International GmbH, Merck & Co., Inc., GalaxoSmithKline plc. AbbVie, F. Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., Pfizer Inc., Gilead Sciences, Inc., Johnson & Johnson, and Cipla Limited.
Key findings of the study
- North America accounted for 48.40% market share in 2019, and is expected to maintain this trend over the forecast period.
- On the basis of medication class, the multi-class combination drugs segment is anticipated to grow at a CAGR of 4.1% from 2020 to 2027.
- The Asia-Pacific HIV drugs market is estimated to grow at a CAGR of 4.4% during the forecast period.