May 29, 2024
Coronavirus Treatment Drugs Market

Coronavirus Treatment Drugs Market to Witness Significant Growth due to Increasing Research and Development Activities

The global coronavirus treatment drugs market has witnessed significant growth in recent times owing to the rising number of research and development activities conducted by pharmaceutical companies and academic research institutes. These organizations are working rigorously to develop effective therapeutics and vaccines against coronavirus. Coronaviruses are enveloped positive-strand RNA viruses that infect humans and some domestic and wild animals. The most common human coronaviruses, HCoV-229E, HCoV-NL63, HCoV-OC43, and HCoV-HKU1, usually cause mild to moderate upper-respiratory tract illnesses, like the common cold. However, in recent times another coronavirus strain called SARS-CoV-2 has emerged which can cause a severe acute respiratory syndrome called COVID-19. Currently, there is no approved vaccine or drug available to treat or prevent COVID-19.

The global coronavirus treatment drugs market is estimated to be valued at US$ 29736.57 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 Dynamics:
Increasing research and development activities is a major driver of the coronavirus treatment drugs market over the forecast period. Many pharmaceutical and biotechnology companies are working towards developing novel drugs to treat coronavirus infection. For instance, Gilead Sciences initiated clinical trials for remdesivir to treat COVID-19. Furthermore, several academic institutes are investigating multiple compounds and therapies which can help treat coronavirus. Regeneron Pharmaceuticals is developing antibody therapies while Pfizer Inc. is working on an oral antiviral drug candidate to treat COVID-19. Such extensive research is propelling the market growth.

SWOT Analysis

Strength: Diseases caused by coronavirus are rapidly increasing, boosting the demand for effective treatment drugs. Several pharmaceutical companies are aggressively conducting research and clinical trials to develop coronavirus treatment drugs. Government bodies are also providing regulatory and funding support to accelerate drug development.

Weakness: Developing new drugs requires extensive research, clinical testing, and regulatory approvals which make the process lengthy and costly. Existing drugs approved for other indications need to be repurposed and tested extensively for treating coronavirus infection. Variants of coronavirus challenge drug efficacy.

Opportunity: The coronavirus pandemic has created an urgent global need for safe and effective pharmaceutical interventions. Successful drugs can achieve huge sales potential by catering to a massive target patient population worldwide. Collaborations between countries and companies can help fast-track drug development through shared resources.

Threats: Other drug makers may develop comparable treatment options, increasing competition. Failure or delay of drug candidates in clinical trials poses significant financial risks. Regulatory requirements can increase due to virus mutations affecting drug effectiveness. Patent expiries of blockbuster drugs impact company revenues.

Key Takeaways

The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth over the forecast period driven by rising coronavirus cases globally. The global coronavirus treatment drugs market is estimated to be valued at US$ 29736.57 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.

Regional analysis: The Asia Pacific region represents considerable market potential for coronavirus treatment drugs market because it is home to over half of the world’s population. Countries like China and India have extensive healthcare infrastructure, lower manufacturing costs, and are increasingly adopting modern medical technologies. Indian pharmaceutical companies are engaged in coronavirus vaccine and drug research through collaborations.

Key players: Key players operating in the coronavirus treatment drugs market include ADVANZ Pharma, Bristol Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen, Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co., Ltd., and Bridge Pharma Inc. These companies are focusing on clinical trials and new product launches across regions to strengthen their market presence.

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