by The 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.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The coronavirus treatment drugs market comprises products used for treating coronavirus infected patients. Some of the major treatment drugs are remdesivir, lopinavir/ritonavir, hydroxychloroquine, interferons, and favipiravir. Remdesivir inhibits viral RNA polymerase and acts as a prodrug. Lopinavir/ritonavir is combination of HIV protease inhibitors used to inhibit SARS-CoV-2 main protease. Hydroxychloroquine and chloroquine are used to inhibit lysosomal activity and alter the pH required by SARS-CoV-2 infection. Interferons such as interferon alpha and beta are used to boost immune response against SARS-CoV-2. Favipiravir acts as a prodrug for viral RNA polymerase inhibition.
Market Dynamics:
Major drivers fueling growth of the global coronavirus treatment drugs market are rising prevalence of coronavirus infected cases globally and ongoing research and clinical trials to develop effective treatment. According to World Health Organization (WHO), as of November 2022, there have been over 635 million confirmed cases of COVID-19 globally, including an estimated 6.6 million deaths reported to WHO. The rise in cases is pushing demand for treatment drugs. Moreover, various pharmaceutical companies and research institutes are engaged in developing highly effective drugs against coronavirus through ongoing clinical trials. For instance, remdesivir received FDA approval for treatment of COVID-19. Increasing approval and availability of effective drugs is expected to drive the market growth over the forecast period. However, high costs associated with drug development may hamper market growth.
Segment Analysis
The coronavirus treatment drugs market is dominated by antiviral drugs segment. This is because antiviral drugs help directly fight against the virus by either stopping their replication or preventing them from multiplying in the body. Some of the key antiviral drugs being used for coronavirus treatment include remdesivir, favipiravir, and lopinavir/ritonavir combination.
PEST Analysis
Political: Governments across the globe are increasing their healthcare budgets to boost R&D activities for developing effective vaccines and treatments for coronavirus. Various regulatory approvals are being fast-tracked to make these drugs available quickly.
Economic: The outbreak has severely impacted the global economy due to lockdowns and disruption of business activities. However, it has also created opportunities in the healthcare sector with rising investments into coronavirus treatment research.
Social: Heightened public awareness and increased vaccination uptake are positively impacting the market. People are progressively adopting a healthier lifestyle with more focus on boosting immunity.
Technological: R&D initiatives are being scaled up with advanced technologies like artificial intelligence and machine learning being leveraged to discover new drug molecules at a faster pace. Genome sequencing is also helping gain insights into virus mutations.
Key Takeaways
The global Coronavirus Treatment Drugs Market Share is expected to witness high growth, exhibiting 17% CAGR over the forecast period, due to increasing R&D investments by key players and governments amid rising cases worldwide.
Regionally, North America captured over 30% market share in 2023 due to lucrative growth opportunities and presence of major pharma companies conducting clinical trials. Asia Pacific is expected to witness the fastest CAGR during the analysis period on back of expanding healthcare infrastructure and growing medical tourism across China and India.
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. Companies are actively conducting clinical trials and collaborating with research institutes to fast-track development of effective vaccines and therapeutics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
