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 17.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coronavirus treatment drugs include antiviral drugs, monoclonal antibody therapies, antimalarial drugs, immunosuppressive drugs, and vaccines. These drugs provide symptom relief, help in improving lung function, act against severe infection, and prevent from severity of disease.
Market key trends:
One of the key trends in the coronavirus treatment drugs market is rise in research and development activities for development of more effective drugs. Major companies are focusing on conducting clinical trials of new drug candidates for treating coronavirus infected patients. For instance, in May 2020, Regeneron Pharmaceuticals initiated phase 2/3 clinical trials of its monoclonal antibody cocktail REGN-COV2 for the treatment of coronavirus infected patients.
Segment Analysis
The global coronavirus treatment drugs market is segmented by product type, end-user, and region. By product type, the market is classified into convalescent plasma, monoclonal antibodies, vaccines, and antiviral drugs. Among these, the antiviral drugs segment holds the dominant share of the market owing to its effectiveness as first-line treatment against coronavirus infections. Newer drugs such as Remdesivir have found significant success and boosted this segment's growth.
Key Takeaways
Market size: The Global Coronavirus Treatment Drugs Market Size is expected to witness high growth, exhibiting CAGR of 17.5% over the forecast period, due to increasing research and development activities undertaken by market players and rising prevalence of coronavirus infections globally.
North America holds the dominant share in the global market and is expected to maintain its lead over the forecast period. This is attributed to factors such as presence of major market players and faster uptake of new treatment drugs in the region. The Asia Pacific region is expected exhibit fastest growth rate owing to rising cases of coronavirus, increasing healthcare expenditure, and expanding healthcare infrastructure in the region.
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. These players are engaged in developing and commercializing effective therapeutic drugs through various strategic initiatives such as partnerships, mergers, acquisitions and new product launches.
For More Insights, Read: https://www.newsstatix.com/coronavirus-treatment-drugs-market-size-share-and-growth-forecast-2023-2030/
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