The coronavirus treatment drugs market comprises drugs that are being developed for the treatment of the novel coronavirus disease, COVID-19. Some of the treatment options under research include antiviral medicines, plasma from recovered patients, antibody therapies, and adjuvants. Viruses cannot reproduce on their own and need to hijack the host cell’s machinery. Antivirals try to interfere with different stages of the viral life cycle such as entry, replication, protein synthesis and release to stop the virus from multiplying. With over 480 million COVID-19 cases reported globally till date and the emergence of newer variants such as Omicron, there is a rising demand for effective therapeutic drugs to manage serious infections. The global coronavirus treatment drugs market is estimated to be valued at US$ 25,812.99 million in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for therapeutics due to increasing COVID-19 cases worldwide is expected to drive the growth of the coronavirus treatment drugs market over the forecast period. According to Our World in Data, as of July 2022, over 480 million confirmed cases of COVID-19 have been reported globally with a sharp rise witnessed during the recent Omicron variant outbreaks. Additionally, the discovery of newer variants with increased transmissibility like Omicron has amplified concerns regarding disease recurrence. This has accelerated research activities focused on developing effective treatment options against SARS-CoV-2. Major pharmaceutical players are collaborating to expedite drug development programs. For instance, in February 2023, Pfizer Inc. entered into a research collaboration agreement with Ionis Pharmaceuticals, Inc. to develop novel antisense oligonucleotide therapies for coronaviruses including SARS-CoV-2.
Segment Analysis
The coronavirus treatment drugs market is segmented into antiviral drugs, vaccines/immunization, respirators and respiratory support, complementary medicines, and others. The antiviral drugs segment dominated the market in 2023 with an estimated market share of over 45%. This is because of increasing demand for drugs such as remdesivir, favipiravir, arbidol, and hydroxychloroquine, which are being used to treat coronavirus patients across the globe.
PEST Analysis
Political: Governments globally are investing heavily in R&D for developing vaccines and drugs for coronavirus treatment. For instance, the US government invested US$ 3 billion to fund projects related to vaccine development.
Economic: The coronavirus outbreak has negatively impacted the global economy with rising unemployment rates and falling GDP growth rates in 2020. However, increased government and healthcare spending on coronavirus R&D is boosting the coronavirus treatment drugs market.
Social: The rapid spread of the coronavirus worldwide has increased public health awareness. People are willing to pay for effective treatment options like vaccines.
Technological: Biotechnology and pharmaceutical companies are using advanced research techniques like artificial intelligence, machine learning, and genomic analysis to expedite coronavirus vaccine development processes.
Key Takeaways
The global coronavirus treatment drugs market size was valued at US$ 25812.99 Mn in 2024 and is expected to reach US$ 36900 Mn by 2030, expanding at a CAGR of 3.5% during the forecast period.
Regional analysis:
North America is expected to continue dominating the coronavirus treatment drugs market during the forecast period, driven by factors such as the approval of promising drugs like Paxlovid and Molnupiravir in the US. The Asia Pacific region is anticipated to witness the fastest growth during the forecast period backed by rising cases in populous countries such as India and China along with increasing government investments in indigenous vaccine production.
Key players
operating in the coronavirus treatment drugs market are Pfizer, Merck & Co., AbbVie, Gilead Sciences, Bristol-Myers Squibb Company, Johnson & Johnson, Regeneron Pharmaceuticals, and Roche. Pfizer has been at the forefront with successful drugs like Paxlovid, approved for treating COVID-19. Merck & Co. recently gained approval for its oral drug Molnupiravir. Regeneron developed a monoclonal antibody therapy called REGEN-COV, which has been authorized for treatment and post-exposure prevention of coronavirus infection
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it