July 25, 2024

Coronavirus Treatment Drugs Market Is Expected To Drive By Growing Pandemic Concerns

The coronavirus treatment drugs market consist of various therapeutic drugs and vaccines that help treat or prevent the COVID-19 infection caused by SARS-CoV-2 virus. Some of the common treatment drugs available are antiviral medications like remdesivir, favipiravir, and molnupiravir that help stop the virus from multiplying in the body. Vaccines like mRNA vaccines from Pfizer/BioNTech and Moderna have also played a crucial role in curbing the virus spread. With rising cases of new variants like Omicron, the need for effective treatment options has increased significantly. Growing research activities for developing new drugs and vaccines will further aid market growth over the coming years.

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 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 

One of the key trends witnessed in the coronavirus treatment drugs market is the increased investment and funding for research and development of new drugs and vaccines. Pharmaceutical companies and research institutes are collaborating to expedite clinical trials and approval processes. For instance, various pharmaceutical companies partnered with BARDA for funding vaccine development programs. Another trend is the shift towards development of oral antiviral drugs and therapeutic antibodies due to their targeted approach and improved efficacy. Oral drugs help reduce burden on healthcare systems and drive patient adherence as well. With growing mutation in the virus, development of pan-coronavirus drugs is also emerging as an important area of focus.

Porter’s Analysis

Threat of new entrants: The threat is low as extensive research and development is required to develop new coronavirus treatments. Developing new treatment options requires significant capital investments and lengthy clinical trials.

Bargaining power of buyers: The bargaining power of buyers is moderate. While there are several treatment options available, demand for effective treatments is very high given the pandemic situation.

Bargaining power of suppliers: The bargaining power of suppliers is high given the scarce availability of effective treatment drugs and vaccines. Suppliers can influence prices due to inelastic demand.

Threat of new substitutes: The threat is moderate as research continues for development of new and more effective treatment options. Existing therapies also continue to evolve.

Competitive rivalry: Competition is high among existing players to develop more effective therapies and vaccines. Players focus on research collaborations and partnerships to enhance product portfolios.

Key Takeaways

The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth. The growing spread of the virus and increasing cases worldwide are expected to boost demand for effective treatment options. 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 2023 to 2030.

Regional analysis:

 

North America currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to high awareness levels, advanced healthcare infrastructure and increasing R&D investments in the region. Asia Pacific is expected to witness the fastest growth supported by rising healthcare expenditures and improving access to healthcare.

Key players:

 

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. Players are focusing on collaborative efforts to develop and launch effective drugs to cater to the massive demand.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it