The coronavirus treatment drugs market consists of therapeutic drugs to treat coronavirus infected patients. Coronavirus treatment drugs including antiviral drugs, vaccines, and immunoglobulins are used to cure the disease by targeting the virus itself. As the coronavirus pandemic has negatively impacted public health and economies worldwide, there is an increased focus by pharmaceutical companies and governments to develop effective treatment drugs to combat the virus.
The global coronavirus treatment drugs market is estimated to be valued at US$ 29736.57 Mn in 2024 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:
Increased investment in R&D activities for developing novel treatment drugs is one of the major trends being witnessed in the coronavirus treatment drugs market. Several public and private organizations have increased their funding to support research for new treatment options. For instance, in March 2020, the U.S. government announced spending of over US$ 2.5 billion to accelerate vaccine development and support therapeutic drug development. Moreover, many companies have joined collaborative efforts and public-private partnerships to expedite clinical trials of potential treatment drugs. This increased focus on R&D is expected to result in the approval of more effective drugs to treat coronavirus infected patients over the forecast period.
The global coronavirus treatment drugs market is dominated by antiviral drugs segment. Antiviral drugs directly target various stages of virus lifecycle inside human body and prevent viral replication. These drugs are prescribed to symptomatic COVID-19 patients exhibiting moderate to severe conditions requiring hospitalization. Remdesivir and hydroxychloroquine are the leading antiviral drugs approved for emergency use against SARS-CoV-2 infection. The dominance of antiviral drugs segment is attributed to growing patient preference and doctor prescription for these clinically proven therapeutics versus experimental vaccines and antibody drugs.
The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth over the forecast period. Growing geriatric population which is highly vulnerable to COVID-19 infection and recurrent SARS-CoV-2 outbreaks are fueling the demand for effective treatment options. The global coronavirus treatment drugs market is estimated to be valued at US$ 29736.57 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
North America captured over 35% share of the overall market in 2024 owing to rising COVID-19 cases and government initiatives to boost treatment access. However, Asia Pacific region is emerging as the fastest growing regional market with countries like China and India contributing significantly to the demand. This is attributed to increasing healthcare expenditures, large patient pools, and improvements in healthcare infrastructure in this region.
Key players operating in the coronavirus treatment drugs market are ADVANZ Pharma, Bristol Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen, Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co., Ltd., and Bridge Pharma Inc. Majority of these companies are actively engaged in clinical trials of antiviral drugs and monoclonal antibodies for development of more effective treatment alternatives against SARS-CoV-2 infection and new emerging variants
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it