The Europe anti-viral therapies market is expected to reach US$ 21,122. 66 million by 2027 from US$ 11,401. 67 million in 2019; it is estimated to grow at a CAGR of 8. 1% during 2020–2027. 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 Europe.
New York, Oct. 28, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Europe 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/p05978841/?utm_source=GNW
Additionally, strong pipeline of anti-viral drugs, and growing emphasis on launching anti-viral agents are likely to fuel the growth of the Europe 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.
Research and development (R&D) is an essential part of any business.Pharmaceutical companies focus on R&D to introduce new drugs with enhanced medical and commercial potential.
These companies invest majorly in R&D activities with an aim to deliver high-quality and innovative products in the market. As per the Association of the British Pharmaceutical Industry Pharmaceutical R&D expenditures grew by >11% in the UK in 2001, reaching an estimated US$ 5.23 billion. Johnson & Johnson, and Pfizer are among the top 10 leading R&D investing companies. The UK’s relative stability compared to the rest of Europe as a base for investment to an increase in R&D activity there by the three largest pharmaceutical investors. AstraZeneca, GlaxoSmithKline, and Pfizer collectively signify over 70% of total R&D spending in the UK, while other manufacturers with a significant presence in the country include Merck, Sharp & Dohme, Organon, Eli Lilly, and Novartis. Additionally, the pharma companies in the Germany are highly engaged in R&D activities.
Europe has witnessed exponential growth in the count of COVID-19 cases.Spain, Italy, Germany, France, and the UK are among the most affected European countries.
Growing research activities to develop treatment against corona virus is likely to favor the growth of the market in this region.In June 2020, the scientists from the University of Oxford tested existing drugs as therapies against this novel virus.
Further, the European Commission in July authorized the anti-viral drug Remdesivir for its use in the treatment of COVID-19 patients, making it the first approved drug in the European Union for the treatment.
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 Europe anti-viral therapies market report are the World Health Organization (WHO), International Trade Administration (ITA), European Federation of Pharmaceutical Industries and Associations (EFPIA), International Health Regulation (IHR), Association of the British Pharmaceutical Industry, and National AIDS Trusts (NAT).
Read the full report: https://www.reportlinker.com/p05978841/?utm_source=GNW
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