Herpes Simplex Virus Treatment Market is Estimated To Witness High Growth Owing To Increasing Prevalence Of Herpes Simpl

Herpes simplex virus (HSV) infects mucosal and cutaneous tissues in humans, causing sores or lesions on the skin and mucosal surfaces. The major types of HSV are HSV-1 and HSV-2. HSV-1 mainly causes oral lesions while HSV-2 primarily causes genital lesions. Acyclovir, famciclovir, and valaciclovir are commonly used antiviral drugs prescribed for herpes treatment to reduce severity, frequency and duration of recurrences and suppress asymptomatic virus shedding.

The Herpes Simplex Virus Treatment Market is estimated to be valued at US$ 2374.76 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The herpes simplex virus treatment market is expected to witness significant growth over the forecast period owing to the increasing prevalence of herpes simplex virus globally. As per the World Health Organization (WHO), around 3.7 billion people under the age of 50 are infected with HSV-1 or HSV-2 globally. Approximately 66-80% of adults globally have HSV-1 infection. Favorable research funding scenarios for developing new treatment options and vaccines for herpes is also expected to boost the market growth during the forecast period. The development of new drug formulations to make herpes treatment more effective with lesser side effects will further contribute to the growth of the market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the herpes simplex virus treatment market requires substantial R&D investments and clinical trials for drug development. Manufacturers also need to obtain regulatory approvals which takes significant time and resources.

Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment options for herpes simplex virus are limited. Additionally, the chronic nature of the disease ensures continuity in medication demand.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material providers and manufacturers in the market. This ensures competitive pricing of raw materials.

Threat of new substitutes: There is low threat of new substitutes as currently no substitutes exist for herpes simplex virus treatment. All approved drugs target the virus specifically.

Competitive rivalry: The competition in the market is high due to many established players offering generic and branded drugs.

SWOT Analysis

Strengths: Wide product portfolio and strong brand presence of key players. Increasing awareness about herpes diagnosis and treatment.

Weaknesses: Drugs have side effects like nausea, headache and fatigue. Herpes recurs throughout life requiring long term treatment compliance.

Opportunities: Rising cases of herpes virus infections globally due to unsafe sex practices. Growing geriatric population susceptible to herpes infections.

Threats: Patent expiries of leading drugs enabling entry of generic versions. Stringent regulations for new drug approvals.

Key Takeaways

The Global Herpes Simplex Virus Treatment Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing awareness initiatives by key players and government organizations. North America dominated the global market in 2023 and is expected to retain itsleading position over 2023-2030 owing to rising prevalence of herpes infections and strong presence of major pharma companies in the region. Europe is anticipated to be the fastest growing regional market between 2023 and 2030 backed by supportive regulatory environment and healthcare reimbursement systems.

Regional analysis

The Asia Pacific region is poised to showcase high Y-o-Y growth during the forecast period owing to huge patient population, increasing healthcare expenditure, and growing medical tourism industry in the region. Countries like China and India are major contributors to the Asia Pacific market due to shifting consumer preference towards western lifestyle which has led to surge in unsafe sex practices and rising prevalence of STDs like herpes.

Key players

Key players operating in the Herpes Simplex Virus Treatment market are Fresenius SE & Co. KgaA, Glenmark Pharmaceuticals, Carlsbad Tech, GlaxoSmithKline PLC, Zydus Cadila, Epi Health LLC, Viatris Inc., Apotex Inc., Teva