The Coronavirus treatment drugs market consists of various anti-viral drugs and vaccines being developed for the effective treatment and prevention of COVID-19 disease.
The Coronavirus treatment drugs market consists of various anti-viral drugs and vaccines being developed for the effective treatment and prevention of COVID-19 disease. Coronavirus treatment drugs play a crucial role in inhibiting the replication of SARS-CoV-2 virus and speeding up the recovery process in infected individuals. The demand for safe and effective coronavirus treatment drugs have accelerated significantly due to the ongoing pandemic.
The global Coronavirus Treatment Drugs Market is estimated to be valued at US$45 Billion 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 Key Trends:
The demand for safe and effective coronavirus treatment drugs have accelerated significantly due to the ongoing pandemic leading to an increased focus on research and development of new drugs and vaccines for the treatment and prevention of COVID-19 disease. There is an ongoing clinical trial of over hundreds of antiviral drugs and vaccine candidates targeting different stages of SARS-CoV-2 virus such as entry, replication, assembly and release. The successful development of these pipeline drugs will help address the high unmet needs and facilitate strong market growth over the forecast period from 2023 to 2030.
Segment Analysis
The global coronavirus treatment drugs market is dominated by antiviral drugs segment. These are the only available treatment options approved for coronavirus disease. Within antivirals, Remdesivir drug accounts for more than 65% of the market share. Developed by Gilead Sciences, it is the only approved treatment in many countries as of now. Other segments include vaccines, monoclonal antibodies, and other supportive care drugs which account for a marginal share currently.
Key Takeaways
The global Coronavirus Treatment Drugs Market Share is expected to witness high growth in the forecast period. The global Coronavirus Treatment Drugs Market is estimated to be valued at US$45 Billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
North America holds the largest market share currently due to high cases and prompt availability of approved drugs in the region. Asia Pacific region is expected to be the fastest growing market owing to rising cases from emerging economies like India and China. High healthcare spending, increasing coronavirus infections, and early availability of Remdesivir drug has contributed to the region's large share. However, with cases surging in densely populated regions of Asia Pacific, the share of North America is expected to decline marginally in the coming years.
Key players operating in the coronavirus treatment drugs market are Gilead Sciences, GlaxoSmithKline, Merck & Co, Pfizer Inc and F. Hoffmann-La Roche Ltd. Gilead Sciences has maintained its dominance with its antiviral drug Remdesivir, which was one of the first drugs to receive emergency use approvals globally. Other companies are focusing on vaccine development and collaborations to tap into the growing market opportunities. Partnerships between large pharmaceutical companies and research institutes are expected to fast track the development of newer treatment options.
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