The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 25812.99 Mn or Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coronavirus treatment drugs include antiviral medicines and vaccines which help in preventing and treating the novel coronavirus (COVID-19) infection. Some of the key drugs include remdesivir, favipiravir, casirivimab and imdevimab. These drugs help in reducing hospital stays and lower risk of complications arising due to COVID-19.
Market key trends:
One of the major trends in the coronavirus treatment drugs market is increasing research and development activities for developing novel treatment options. With growing coronavirus cases worldwide, research institutions and pharmaceutical companies are focusing on conducting clinical trials to find effective vaccines and drugs against the virus. For instance, in October 2020, Pfizer/BioNTech announced very promising results from their coronavirus vaccine candidate BNT162b2 in late-stage trials with over 90% efficacy. Moderna reported very high efficacy of over 94% for its mRNA-1273 vaccine candidate in November 2020. Several companies are in late-stage trials of antibody drug candidates as well. Thus, ongoing R&D for novel treatment options is driving the market growth.
Market key trends:
One of the key trends in the coronavirus treatment drugs market is the high demand for antiviral drugs to treat COVID-19 infections. With the outbreak of the COVID-19 pandemic, there is immense focus on developing effective antiviral drugs that can help reduce the severity and mortality associated with the SARS-CoV-2 virus. Several pharmaceutical companies are conducting clinical trials to test existing antiviral drugs like remdesivir and favipiravir or developing new drugs and therapies for COVID-19 treatment.
SWOT Analysis
Strength: Large target patient population as COVID-19 has impacted millions worldwide. Weakness: High investment required for drug development and clinical trials. Unknown long term efficacy and safety of new drugs. Opportunity: High unmet need, available funds from governments and organizations for coronavirus research. Threats: Emergence of new virus variants may require modification of existing drugs. Intense competition in development of COVID-19 treatment drugs.
Key Takeaways
The global Coronavirus Treatment Drugs Market Share size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing research funding for development of effective drugs.
Regional analysis
North America is expected to dominate the global market owing to presence of key pharmaceutical companies and availability of state-of-art research facilities for drug development in the US and Canada. Asia Pacific is anticipated to exhibit fastest growth during the forecast period driven by increasing coronavirus cases and expanding pharmaceutical industry in countries like India and China.
Key players
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it