Coronavirus treatment drugs provide an effective solution to treat the deadly COVID-19 pandemic disease by reducing the severity and mortality of the disease. These drugs help in inhibiting the virus from entering host cells and replicating, prevent respiratory distress, mitigate the cytokine storm and restore immunity. With rising cases of coronavirus infections worldwide, the demand for drugs to treat the disease is growing steadily.
The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 20 Billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
There is a massive market opportunity for pharmaceutical companies to develop effective coronavirus treatment drugs that can cure the disease. Developing a drug that can inhibit the virus from replicating and spread will significantly reduce mortality rates worldwide. Such a treatment can help countries ease lockdowns and social distancing guidelines by containing the virus spread. An effective cure can boost economic activities and revive global trade and travel. It can also provide long term solution to recurring infection waves and help humans build immunity against the novel coronavirus. Pharmaceutical companies have a huge market potential to cater to the massive global demand for a cure by investing in R&D of promising drug candidates currently under clinical trials.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the coronavirus treatment drugs market requires huge R&D investments and clinical trials. Additionally, established players have significant brand recognition and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for coronavirus treatment drugs is inelastic. However, the availability of generic alternatives provides some bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many ingredient suppliers and contract manufacturing organizations.
Threat of new substitutes: The threat of new substitutes is moderate as research is ongoing for development of new antiviral drugs and vaccines.
Competitive rivalry: The competitive rivalry is high among the major players to gain higher market share through new product launches and acquisitions.
SWOT Analysis
Strengths: Established distribution network, huge R&D capabilities, patent protection for major drugs.
Weaknesses: Heavy dependence on a few drugs, pricing pressures and regulatory hurdles.
Opportunities: Growth in emerging markets, scope for new indications and combination therapies.
Threats: Patent expiries of major drugs, increasing generic competition and ongoing research for improved treatment alternatives.
Key Takeaways
The global Coronavirus Treatment Drugs Market Share is expected to witness high growth. The market size stood at $10 billion in 2023 and is estimated to reach $15 billion by 2030, registering a CAGR of 3.5% during the forecast period.
Regional analysis: North America currently dominates the market owing to advanced healthcare infrastructure and availability of reimbursement. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by rising coronavirus cases, increasing healthcare spending and presence of generic manufacturers.
Key players: Key players operating in the Coronavirus Treatment Drugs market are Pfizer, Roche, Gilead Sciences, GSK and Merck. Pfizer leads with its oral antiviral drug Paxlovid having reported robust sales. However, the patent expiry of Gilead's flagship drug remdesivir in 2023 will increase competition.
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