by Coronavirus treatment drugs are used for the treatment of coronavirus diseases such as COVID-19. These drugs help in reducing symptoms, assist in speedy recovery, and provide protection against the deadly virus. 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 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising number of coronavirus cases globally is expected to drive the growth of the coronavirus treatment drugs market during the forecast period.As per World Health Organization (WHO),as of March 2020, there were over 118,000 confirmed cases of COVID-19 in 114 countries and over 4,000 deaths. This significant rise in coronavirus infected population has increased the demand for effective treatment drugs for coronavirus diseases. Various drugs are being tested for their efficacy in treating coronavirus-infected patients. Some of the major drugs being evaluated are chloroquine, remdesivir, favipiravir, and Kaletra (lopinavir/ritonavir).
SWOT Analysis
Strength: Coronavirus treatment drugs provide targeted treatment for COVID-19 patients. Development of new drugs to treat coronavirus is expected to increase the options available for COVID-19 treatment.
Weakness: High costs associated with drug development and clinical trials. Regulatory approvals are a lengthy process which delays market availability of new treatment drugs.
Opportunity: Increased R&D investments from governments and companies to develop effective coronavirus treatment drugs. Emerging of new virus strains also creates opportunities for development of better targeted drugs.
Threats: Potential side-effects and safety issues related to new drugs under development. Slow trial enrollment and data issues can delay regulatory approvals. Dependency on government/insurer reimbursement policies.
Key Takeaways
The global coronavirus treatment drugs market share is expected to witness high growth over the forecast period. The market witnessed significant growth during the initial phase of the pandemic due to the high demand for treatment options.
North America currently dominates the market owing to increasing research activities focused on COVID-19 drug development in the region. Companies in the US and Europe are leading clinical trials and gaining approvals for new treatment drugs.
Key players
operating in the coronavirus treatment drugs market are Gilead Sciences, AbbVie, Johnson & Johnson, GlaxoSmithKline, Merck, Pfizer, Roche, Sanofi, Novartis, AstraZeneca and Bayer. These players are focused on developing small molecules, antibodies, antiviral medicines, and other therapies for COVID-19. While vaccines are the primary prevention tool, treatment drugs continue to play a vital role, especially for high-risk patients. The market is anticipated to grow further with the emergence of multi-drug combinations and long-acting formulations in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
