Attributed to a rising penetration of generics and innovations in disease treatment, the $869.3m global herpes labialis treatment market is anticipated to expand at a compound annual growth rate (CAGR) of 4.6% over the 2017 to 2027 forecast period, attaining a value worth $1.358bn by the end of 2027.
Over a 10-year forecast period, the demand for herpes labialis treatments is likely to be driven by growing instances of viral infection worldwide, as well as the evolution of drug types and modes of action. In addition, strategic mergers and acquisitions (M&A) activities among leading industry players and amplifying investments in research and development (R&D) ventures will also turn out to be profitable for the global herpes labialis treatment market during the assessment period.
North America to maintain a leading regional market position
Supported by the strong presence of a few of the key industry players, North America’s herpes labialis treatment market is expected to continue its dominance throughout the forecast period.
While this region registered more than a 35% value share, Western Europe recorded a share of over 20% in 2017. The North American region is presumed to exceed revenues worth $450m by the end of 2027, observing a declining CAGR of 3.9%. Although the US will lead the North American region, Future Market Insights (FMI) projects that Canada will witness the high adoption of herpes labialis treatment in the assessment period.
However, emerging regional markets such as the Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), Eastern Europe and Latin America will see rapid growth in the forecast period.
APEJ is identified to be the fastest growing market at a promising CAGR of 5.7%, followed by the MEA, which is predicted to grow at 5.3% CAGR over the 2017 to 2027 forecast period.
Strengthening efforts and accelerating investments in the examination of the clinical efficacy of drugs, increasing expenditure on R&D infrastructure, growing consumer awareness and development of advanced cost-effective treatment options at a rapid pace, will collectively grow the market in emerging countries. In addition, lenient foreign direct investment (FDI) policies that govern the pharmaceuticals industry in developing economies prompt at the inflow of a series of opportunities for drug companies to explore these regional markets in the near future.
Key market players of the worldwide herpes labialis treatment market
Some of the leading players competing in the global herpes labialis treatment market include Novartis, Valeant Pharmaceuticals International, Pfizer, Abbott Laboratories, Mylan, Sun Pharmaceutical Industries, Teva Pharmaceutical Industries, and GlaxoSmithKline.
A majority of these key players are directing their efforts towards extending existing product portfolios, while others are focusing on strategic M&As to grab larger market shares in terms of revenue. Many top brands are looking forward to capitalising on growing opportunities in emerging regional markets.
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