Growing awareness among people regarding HIV and the benefits of prophylactic HIV drugs will continue to boost the sales of prophylactic HIV drugs during the forecast period.
In 2021, the global market for Prophylactic HIV Drugsis anticipated to be worth around US$ 30 billion. This demand is expected to develop at a compound annual growth rate (CAGR) of 4% between 2022 and 2032, with a value of more than US$ 40 billion by 2028. The rise in demand is attributable to rising HIV infection rates around the world, as well as increased awareness about HIV/AIDS prevention.
For many years, HIV has been a primary cause of death worldwide, affecting millions of individuals. The virus impairs affected people's immune systems, making them vulnerable to a variety of illnesses and malignancies. While there is no permanent cure for HIV, it can be managed by improving access to appropriate prevention, diagnosis, treatment, and care.
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The rising emphasis on HIV prevention is a primary driver of demand for preventive HIV drugs. These sophisticated therapies are precisely developed to prevent HIV infection in specific conditions, and they are especially successful in preventing HIV transmission via sex and injection drug use.
Pre-exposure prophylaxis (PrEP) efficacy has grown, leading to increased global usage of this preventative strategy. PrEP reduces the risk of HIV transmission through intercourse and injectable drug use by approximately 99% and 74%, respectively, according to the Centres for Disease Control and Prevention (CDC). Because of their efficiency in preventing and controlling HIV infection, Prophylactic HIV Drugs such as antiretroviral (ARV) are also gaining popularity.
The growing public awareness of HIV and the benefits of Prophylactic HIV Drugs are expected to drive up sales during the forecast period. By making these drugs more accessible, the hope is to help reduce the incidence of HIV and improve the quality of life for those living with the disease.
What are the Challenges Faced by Prophylactic HIV Drugs Market?
Despite its positive outlook, the market for HIV prevention drugs confronts a few hurdles. Some of these issues include side effects from prophylactic HIV treatments, stringent government approval for these drugs, and a lack of information of these therapeutics in low-income emerging economies.
Prophylactic HIV Drugs have been linked to a variety of side effects, including headaches, depression, nausea, vomiting, and stomach discomfort. As a result, many people avoid using these therapies. As a result, the market for HIV preventive drugs is shrinking.
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How Will Prophylactic HIV Drugs Market Fare in Europe?
Due to rising HIV infection rates and increased acceptance of innovative treatments, the Europe Prophylactic HIV Drugs market is likely to rise rapidly over the forecast period.
Over the last few decades, there has been a large increase in HIV incidence in European countries such as the United Kingdom, Germany, and France due to a variety of circumstances. nearly the previous three decades, nearly 2.2 million persons in the WHO European Region have been diagnosed and reported with HIV, according to the European Centre for Disease Prevention and Control. As a result, the region's market for preventive HIV drugs is growing.
Furthermore, the presence of leading manufacturers such as ViiV Health is positively impacting the growth of the European market for Prophylactic HIV Drugs.
Market Competition
Some of the leading manufacturers of Prophylactic HIV Drugs include Gilead Sciences, Inc, Merck Sharp & Dohme Corp., Merck & Co. Inc., Mylan NV, Cipla Inc., Genentech Inc., Bristol-Myers Squibb Company, and Johnson & Johnson Health Care Systems Inc.
These key players are rigorously investing in research and development to advance in HIV therapeutics. They have adopted strategies such as new product launches and approvals, mergers, partnerships, acquisitions, launching awareness campaigns, etc. to expand their customer bases as well as to gain an upper hand in the global Prophylactic HIV Drugs market. For instance, in December 2021, the US Food and Drug Administration approved first injectable treatment “Apretude” for HIV pre-exposure prevention.
More insights available
North America is a mature HIV drugs market, with a high prevalence rate and a well-established healthcare system. The United States accounts for a significant portion of the region's HIV drugs market, with a high adoption rate for antiretroviral therapies. The availability of insurance coverage for HIV treatment and a robust research and development ecosystem further contribute to the market growth.
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Key Segments Profiled in the Prophylactic HIV Drugs Industry Survey
By Drug Class:
By Distributional Channel:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 29, 2023
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