According to the deep-dive market assessment study by Growth + Reports, the global HIV drugs market
peaked at ~US$ 30.89 billion in 2021. The market is expected to witness a CAGR of ~6.25 from 2022 to 2030.
Increasing HIV/AIDS prevalence especially in low and middle-income countries is one of the major factors in boosting the global HIV drugs market. The number of people receiving HIV treatment is increasing as they are becoming more aware of the infection and its drug treatment options. In addition, the development of HIV therapeutics and medical trials, and product launches are the factors driving the growth of the market. Also, the government initiatives in creating awareness amongst the population to prevent and manage HIV to reduce the economic burden is further supporting the HIV drugs market expansion.
According to World Health Organization (WHO) 2021 report, currently, around 38.4 million individuals are infected with HIV worldwide. And it has also been estimated that around 1.5 million people acquired HIV in 2021. Although the rate has declined over the last few decades still, a large part of this infected population is living with unmet needs for HIV care. This has led to governments of various economies especially the low emerging to take initiatives and create awareness to adopt HIV therapy. India for instance is the third largest economy with HIV cases in the world. The government of India has taken various initiatives to support HIV/AIDS affected individuals. The National AIDS Control Program was launched in 1992 by the National AIDS Control Organization (NACO) under the Ministry of Health and Family Welfare. This body has recently taken new strategic steps to reduce HIV cases and further support the rights and fulfill the unmet needs of HIV/AIDS-affected individuals. Thus, such steps by the governments and CSR activities are expected to boost the global HIV drugs market.
Although there is no cure for the human deficiency virus (HIV) infection, it can lead to the development of acquired immunodeficiency syndrome (AIDS). Therefore, many key players in are now focusing on developing revolutionary therapies with the aim to end the epidemic by introducing effective and lifesaving drugs. For instance, Rukobia (fostemsavir), manufactured by ViivHealthcare, the first HIV attachment inhibitor proved to be a lifesaver drug for HIV-infected individuals. Further continuous drug approvals are also supporting the HIV drugs market. In 2022, FDA approved the first-ever long-acting injectable for adolescents, manufactured by Janssen Pharmaceuticals.
Despite all these measures and awareness, certain restraints and challenges are hindering the growth of the global HIV drugs market. These barriers include side effects associated with HIV drugs, stringent government approval of these drugs, and low awareness of these therapeutics in emerging markets. It has been observed that HIV drugs often cause side effects such as headaches, depression, nausea, vomiting, and abdominal pain, because of which many individuals stop using these treatments. This will limit the growth of the HIV drugs market.
Due to the increasing prevalence of HIV infection and increasing acceptance of new treatments, the European HIV drugs market is expected to grow at a considerable pace during the forecast period. In the recent decade, European countries such as the U.K., Germany, and France have seen a significant rise in HIV cases for a variety of reasons. According to the European Center for Disease Prevention and Control, around 1 million people were diagnosed with HIV in 2021. This, in turn, is fueling the growth of the HIV drugs market in the region. Moreover, the presence of major manufacturers such as ViiV Health is having a positive impact on the growth of the HIV preventive drugs market across Europe. Further government initiatives such as the European Action Plan for HIV/AIDS in creating awareness and reducing the prevention of HIV/AIDS in the region is supporting the expansion of HIV drugs market.
Some of the prominent players operating in the HIV drugs market are Mylan N.V., AbbVie Inc., Bristol-Myers Squibb Company, ViiV Healthcare Limited, Genentech, Inc., Gilead Sciences, Inc., Merck & Co., Boehringer Ingelheim International GmbH, GlaxoSmithKline plc, and Janssen Pharmaceuticals, Inc. among others.
Web – www.growthplusreports.com