Coronavirus treatment drugs are used for the treatment of various strains of coronavirus including COVID-19, SARS, MERS and others. These drugs help prevent and treat the symptoms of coronaviruses. The growing prevalence of coronaviruses and urgent need to develop effective treatment options is driving research and development activities in this market. 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 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
R&D investments in new drug discovery to treat coronavirus infections has been one of the key trends observed in the coronavirus treatment drugs market. Following the COVID-19 outbreak, pharmaceutical companies and research institutes have increased focus on the development of therapeutics and vaccines. For instance, Gilead Sciences' remdesivir was the first drug to receive FDA approval for treatment of hospitalized COVID-19 patients. The company has invested over US$ 1 Bn in R&D for remdesivir. Similarly, other leading players such as Pfizer, Merck, Johnson & Johnson and AstraZeneca have allocated large R&D budgets for clinical trials and research on coronavirus treatment drugs. This heavy investment in new drug development is expected to drive the coronavirus treatment drugs market growth over the forecast period.
Segment Analysis
The global coronavirus treatment drugs market is segmented into antiviral drugs, immune support drugs, monoclonal antibodies and vaccines. Among these, antiviral drugs dominate the market with over 37% share. This is because antiviral drugs directly target the virus and inhibit its replication mechanism. Some of the commonly used antiviral drugs to treat coronavirus include remdesivir, favipiravir and lopinavir/ritonavir.
Key Takeaways
The global coronavirus treatment drugs market demand is expected to witness high growth in the coming years.
Regional analysis shows that North America currently dominates the market with over 41% share owing to large spend on healthcare and biomedical research in the US. However, Asia Pacific is estimated to grow at the fastest pace during the forecast period of 2023-2030 as the epidemic spreads across emerging countries in this region including India and China.
Key players
operating in the coronavirus treatment drugs market are F. Hoffmann-La Roche Ltd, Gilead Sciences, Inc., Regeneron Pharmaceuticals Inc., and Shionogi & Co., Ltd. F. Hoffmann-La Roche Ltd leads the market with its antiviral drug remdesivir (Veklury) which was the first treatment approved by the US FDA for coronavirus.
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