The coronavirus treatment drugs market consists of various pharmaceutical products being developed to treat patients infected with COVID-19. These drugs include antiviral drugs, vaccines, monoclonal antibodies, and others that provide therapeutic benefits. Development of therapeutics that can effectively diagnose, treat and prevent the further spread of coronavirus infection is the need of the hour.
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 from 2024 to 2031.
Coronavirus Treatment Drugs Market Demand are designed to interfere with the ability of the virus to replicate inside host cells, strengthen the immune system to fight off the infection, and minimize the symptoms associated with COVID-19. Factors such as growing prevalence of coronavirus cases worldwide and increasing research activities for developing effective medicines are boosting the demand for coronavirus treatment drugs.
Key Takeaways
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. These companies are actively conducting clinical trials to develop safe and effective drugs against coronavirus.
Secondly, the growing prevalence of COVID-19 infections across various countries has elevated the need for precise diagnostics and treatment options. Development of targeted drugs without severe side effects can significantly improve patient outcomes.
Furthermore, leading pharmaceutical manufacturers are expanding their global presence and collaborating with research institutes/hospitals to fast track the development and availability of coronavirus drugs worldwide. This ensures accessibility of treatment options in different geographies afflicted by the pandemic.
Market Key Trends
One of the major trends in the Coronavirus Treatment Drugs Market is the ongoing research for development of monoclonal antibodies (mAbs) as potential therapeutics. mAbs have demonstrated effectiveness in neutralizing the virus and reducing the severity of disease. Drugs like Sotrovimab, Evusheld, Bebtelovimab are some mAbs under review or approved for emergency use against COVID-19. Moreover, clinical investigations are testing the benefits of antibody drug cocktails/combinations that can minimize drug resistance.
Development of new antiviral drugs with strong activity against SARS-CoV-2 is another key trend. Novel protease and polymerase inhibitors targeting the virus’s replication mechanism are in different phases of testing. Antiviral pills by Pfizer and Merck have received EUA for outpatient treatment of mild-moderate COVID-19. Their wider availability and affordability can boost market revenues if found safe and effective in real-world use.
Porter’s Analysis
- Threat of new entrants: The biotechnology industry requires significant R&D investments and clinical trials to develop new drugs. These high entry barriers protect the existing players from new competition.
- Bargaining power of buyers: The bargaining power of buyers is moderate. While large pharmacies and healthcare providers can negotiate lower prices, individual consumers have less influence.
- Bargaining power of suppliers: Life science research companies and contract manufacturing organizations represent key suppliers. Their specialized expertise gives them some bargaining leverage over drug makers.
- Threat of new substitutes: Existing treatment options for COVID-19 are limited. However, alternative antiviral drugs and vaccines in the pipeline from other companies pose a potential substitution threat
- Competitive rivalry: Competition is intense among pharmaceutical firms racing to develop more effective, safer coronavirus drugs. They compete on efficacy, safety profile, production capacity and commercialization speed.
Geographical Regions
North America is expected to hold the major market share in terms of value owing to established healthcare infrastructure and increasing COVID-19 cases in the US and Canada. Asia Pacific is anticipated to grow at the fastest rate during the forecast period with rising governmental support for pharmaceutical R&D in China and India. In terms of value, Europe is currently the second largest market concentrated for coronavirus treatment drugs. This is attributed to the early outbreak of the virus and increasing focus of major players on clinical research partnerships within the region. Japan also represents a focus market with many domestic firms pursuing antiviral drug discovery programs.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it