by 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 are used for treating the symptoms and complications caused by coronavirus. These drugs are antiviral medications that help fight the virus in the body. Some common Coronavirus Treatment Drugs include Remdesivir, Favipiravir, Hydroxychloroquine, Lopinavir/ritonavir (Kaletra) etc. Due to the ongoing COVID-19 pandemic, there is a huge demand for effective treatment drugs in the market.
Market key trends:
One of the key trends in the Coronavirus Treatment Drugs Market is increasing pipeline of drugs. Many biotech and pharmaceutical companies are actively working on developing new drugs with improved efficacy and safety against coronavirus. For instance, Merck & Co., Inc. is developing an oral antiviral drug called Molnupiravir for the treatment of mild-to-moderate COVID-19 cases. Another key trend is the development of combination therapies using existing drugs. Combining drugs that work through different mechanisms helps reduce resistance and boost effectiveness.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the coronavirus treatment drugs market is low due to high capital requirements and established brand loyalty of existing players. However, the demand created by the pandemic has lowered the entry barriers to some extent.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute treatment options. Buyers can negotiate on price points based on their requirements.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw material suppliers have a limited number of players. However, establishing long term relations and contracts balances the power.
Threat of new substitutes: The threat of new substitutes is high as several players are engaged in R&D for development of new and better treatment drugs.
Competitive rivalry: The competitive rivalry in the market is high considering the presence of large number of pharmaceutical companies focusing on developing coronavirus treatment drugs.
Key Takeaways
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 prevalence of coronavirus cases globally.
Regional analysis: North America is currently the largest market for coronavirus treatment drugs owing to high prevalence of COVID-19 cases and rapid adoption of treatment drugs in the region. However, Asia Pacific is expected to witness the fastest growth over the forecast period with strong potential in China, India, and South Korea.
Key players: Key players operating in the coronavirus treatment drugs market include 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. Players are focused on developing new drugs and enhancing manufacturing capacities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
