by 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 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 consists of drugs that are used for treating coronavirus infections such as COVID-19. These include antiviral drugs, immune therapies, vaccine and other supportive care treatments. Antiviral drugs work by preventing the virus from replicating inside the body. Vaccines help develop immunity against the disease by mimicking an infection. These drugs play a crucial role in saving lives and curbing the spread of the virus globally.
Market key trends:
One of the key trends in the Coronavirus Treatment Drugs Market is the ongoing clinical trials and emergency approvals for vaccine developments. Major companies are collaborating with research institutions and governments worldwide to fast track the development and availability of effective vaccines. For instance, Pfizer and Moderna have received emergency approval for their mRNA vaccines. Also, research is being conducted on monoclonal antibody therapies and antiviral drugs for treatment. Growing cases globally are further accelerating research and development activities in this market.
Porter’s Analysis
Threat of new entrants: The coronavirus treatment drugs market has moderate threat of new entrants due to high capital requirements for R&D of new drugs and patents protecting existing drugs.
Bargaining power of buyers: The bargaining power of buyers is low in this market as the treatment of coronavirus is crucial for patients.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many pharma companies producing active pharmaceutical ingredients.
Threat of new substitutes: The threat of new substitutes is low as coronavirus is a new disease with limited treatment options currently available in the market.
Competitive rivalry: The competitive rivalry is high due to presence of many large pharmaceutical companies.
Key Takeaways
The global Coronavirus Treatment Drugs Market Share is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing research funding for development of novel drugs.
Regional analysis: North America dominated the global market and projected to maintain its lead over the forecast period. Asia Pacific region is expected to exhibit fastest growth during forecast period driven by growth opportunities in India and China.
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. Majority of key players are focusing on R&D to develop more efficacious drugs against coronavirus.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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