The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 25812.99 Mn in 2023 and is expected to exhibit a CAGR of 17.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Coronavirus treatment drugs help control the infection, reduce symptoms, and help recovery. These drugs include drugs for influenza-like symptoms, drugs targeted at the virus itself, monoclonal antibody therapies, vaccines and others.
Market key trends:
One of the key trends in the coronavirus treatment drugs market is the rising focus on development of antiviral drugs that specifically target the virus. This includes drugs such as remdesivir, favipiravir and molnupiravir. Remdesivir was the first drug to receive regulatory approval for treatment of COVID-19. However, research is ongoing to develop more effective and affordable treatment options. Moreover, development of effective vaccines is also helping contain the spread of the virus and reduce burden on the healthcare systems. This in turn is driving growth of the coronavirus treatment drugs market.
Strength: The coronavirus treatment drugs market witnesses high demand due to rising cases of COVID-19 globally. Several drugs and vaccines are under development and clinical trials to curb the pandemic.
Weakness: Developing effective drugs requires extensive research and clinical trials. Drug approval is a lengthy process involving various stages of testing for safety and efficacy.
Opportunity: Government initiatives and investments in vaccine development activities present lucrative opportunities. Partnerships between pharma companies and research institutions aid drug development.
Threats: Drug resistance, mutations in the virus strain pose challenges. Slow vaccine uptake and pandemic fatigue impact the market.
The Global Coronavirus Treatment Drugs Market Size is expected to witness high growth, exhibiting a CAGR of 17.5% over the forecast period, due to increasing research funding for drug development. Several biopharma companies received funds for clinical trials and bringing vaccines/drugs to the market sooner.
Regional analysis: North America dominates the market due to high infection rates and rapid vaccine uptake in the US and Canada. Asia Pacific exhibits high potential attributed to the expansions of domestic players in India and China. Initiatives by countries like India to manufacture drugs affordably boosts the regional market.
Key players operating in the coronavirus treatment drugs market are Serum Institute of India, Pfizer Inc., AstraZeneca plc., Bharat Biotech International Limited, Cadila Healthcare Limited, Johnson & Johnson, Moderna, GlaxoSmithKline plc., CanSino Biologics, Sinovac Biotech, Novavax, Inc., Glenmark Pharmaceuticals Limited, Dr. Reddy’s Laboratories, and Merck & Co., Inc. Collaborations between companies and ongoing clinical trials are expected to leading to new product launches.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it