February 15, 2025

The Coronavirus Treatment Drugs Market Is Expected To Be Flourished By Growing Therapeutics Advancements

Coronavirus treatment drugs are used to treat infection caused by SARS-CoV-2, the virus that causes COVID-19. These drugs include antiviral drugs such as Remdesivir, monoclonal antibody therapies such as Bamlanivimab, and other therapeutics in development stages. Remdesivir is currently approved for treatment of hospitalized COVID-19 patients. Monoclonal antibody therapies like Bamlanivimab are also approved for outpatient treatment of mild-to-moderate COVID-19. Continuous pipeline of potential therapeutics and vaccines are also in different stages of clinical trials.

The global Coronavirus Treatment Drugs Market is estimated to be valued at Us$ 25,812.99 million 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 Dynamics:

Growing therapeutics advancements is one of the key drivers expected to drive the coronavirus treatment drugs market growth over the forecast period. Various pharmaceutical companies and research institutions are continuously investing in research and development of potential antiviral drugs, antibody therapies, and vaccines for treatment and prevention of COVID-19. Numerous clinical trials are underway to evaluate potential pipeline candidates which upon regulatory approval can enter the market and bolster the growth. For instance, in October 2022, Merck entered into an agreement with Ridgeback Biotherapeutics to develop and manufacture Molnupiravir, an oral antiviral drug for treatment of COVID-19.

In addition, rising cases of coronavirus infections globally is also fostering the demand of effective therapeutic options for treatment. According to World Health Organization (WHO), as of October 2022, there have been over 620 million confirmed cases and over 6.5 million deaths reported globally due to the COVID-19 pandemic. Growing prevalence of the disease signifies the need for advanced treatment solutions and thus acts as a driver for the coronavirus treatment drugs market.

Segment Analysis

The global coronavirus treatment drugs market can be segmented into antiviral and supportive care drugs. The antiviral drugs segment currently dominates the market, accounting for over 60% share. This is primarily because various drugs belonging to this segment such as remdesivir and favipiravir have received emergency use authorization for treatment of COVID-19. These drugs have shown efficacy in clinical trials in shortening recovery time and reducing severity of symptoms in infected patients.

PEST Analysis

Political: Governments across the globe have increased funding for research & development of coronavirus treatment drugs. Various regulatory approvals are being expedited to make these drugs available quickly.

Economic: The COVID-19 pandemic has significantly impacted global economy. However, increased healthcare spending to fight the outbreak is driving demand for treatment drugs.

Social: The rapid spread of the virus has increased public awareness. People are willing to pay for effective treatment options to reduce mortality.

Technological: Advanced technologies like artificial intelligence and machine learning are being utilized for faster drug discovery and clinical trials. Collaboration between research institutions has also increased.

Key Takeaways

The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth. The global coronavirus treatment drugs market is estimated to be valued at US$ 25,812.99 million in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.

Regionally, North America currently dominates the market due to presence of major players and rapid regulatory approvals. However, Asia Pacific region is expected to emerge as the fastest growing market in coming years backed by increasing investments in life sciences sector in countries like China and India.

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. Among these, GlaxoSmithKline and Otsuka Pharmaceutical’s drugs remdesivir and favipiravir respectively have received widespread acceptance in treatment of hospitalized patients.

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

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →