by The global Coronavirus pandemic since late 2019 has caused massive loss of lives all over the world. There is a growing global demand for effective treatment options against the virus to curb its spread and reduce mortality. Various drugs are currently under research and development to target specific proteins and pathways related to SARS-CoV-2. Some existing drugs are also being repurposed and tested for their efficacy against the virus. Major pharmaceutical companies and research institutes are investing heavily in R&D to come up with safe and effective therapeutic solutions.
The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 25 Billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Effective treatment against coronavirus is the need of the hour currently being addressed through various pharmaceutical interventions. Drugs that can alleviate symptoms and reduce hospitalization are in high demand. Research is focused on antibodies, antivirals, and other immune modulators that can target different stages of viral entry and replication in host cells. Companies are developing drug candidates in collaboration with academic institutes for clinical evaluation. If proven successful, these treatment options have the potential to significantly curb mortality and help healthcare systems to manage rising caseloads.
Market key Trends
The key trends in the Coronavirus treatment drugs market include focus on repurposing existing drugs for improved efficacy, development of combination therapies, and efforts to expedite clinical trials and regulatory approvals. Many companies are conducting late stage clinical trials on repurposed drugs like remdesivir and favipiravir. Combination therapies involving immune modulators are also showing promising results. Regulators have simplified approval pathways to accelerate availability of potential treatment options. While no highly effective drug has been approved yet, ongoing R&D efforts hold hope for reducing disease severity and improving patient outcomes in the future.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the coronavirus treatment drugs market as it requires high R&D investments and clinical trials.
Bargaining power of buyers: The bargaining power of buyers is high as treatment drugs are medical necessities and customers can negotiate on pricing and demand for advanced drugs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major players control the supply of key ingredients and patented drugs.
Threat of new substitutes: The threat of new substitutes is low as coronavirus mutations may require continuous development of new drugs.
Competitive rivalry: The competition is high among major players like Gilead Sciences, Fujifilm Holdings Corporation etc. to develop effective drugs.
Key Takeaways
The global Coronavirus Treatment Drugs Market Share is expected to witness high growth. The outbreak of COVID-19 pandemic has fast tracked the development and approval of drugs which is driving the market. The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 25 Billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
North America is currently dominating the market due to high cases and rapid approval of drugs in the region. This is attributed to the increasing number of COVID-19 cases in countries like the US and rapid approval of drugs by the FDA. For instance, Remdesivir by Gilead Sciences was one of the first drugs to receive emergency use approval to treat hospitalized patients.
Key players: Key players operating in the coronavirus treatment drugs market are Gilead Sciences, Fujifilm Holdings Corporation, AbbVie, and GlaxoSmithKline. Gilead Sciences’ Remdesivir was the first drug to receive regulatory approval for treatment of COVID-19 patients. Fujifilm’s Avigan tablets are being tested for treatment in several countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
