Coronavirus Treatment Drugs, also known as antiviral drugs, work by interfering with an influenza virus's ability to enter host cells, replicate, transcribe or translate its genetic material. With the outbreak of the COVID-19 pandemic, there has been an increased demand for effective Coronavirus treatment drugs to treat those infected.
The global Coronavirus Treatment Drugs Market is estimated to be valued at Us$ 25812.99 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:
Increasing government support for research and development is one of the key trends driving the growth of the Coronavirus Treatment Drugs Market. Governments across the globe have placed vaccine and drug development as top priority and have allocated large funds for research. For instance, the US government's Biomedical Advanced Research and Development Authority (BARDA) awarded over $1 billion in funds for the development of treatment options and vaccines. In addition, governments are cooperating with international health organizations and pharmaceutical companies to expedite clinical trials and approval processes. This increased public funding and support is expected to accelerate the development of effective coronavirus treatment drugs over the forecast period.
Segment Analysis
The global coronavirus treatment drugs market is segmented by drug type, disease type, distribution channel, and geography. By drug type, the market is dominated by antiviral drugs segment as it accounts for over 60% share of the total market. These antiviral drugs are specifically developed to either interfere with the virus's ability to replicate within host cells or to boost the host's immune system to fight against the infection. Common antiviral drugs available for treatment include Remdesivir, Lopinavir/Ritonavir, and Favipiravir.
Key Takeaways
The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth over the forecast period. Factors such as increasing prevalence of COVID 19 cases worldwide and lack of effective vaccines will augment the demand for treatment drugs in coming years and support the market growth. The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 25812.99 in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the global coronavirus treatment drugs market with over 35% share. Higher healthcare spending and presence of major players in the US and Canada are primary factors responsible for regional dominance. In addition, an increasing number of ongoing clinical trials in the region also contributes to its largest market share. The Asia Pacific is expected to grow at the fastest rate during the forecast period due to rising cases in emerging economies like India and China coupled with growing awareness levels.
Key players
Key players operating in the coronavirus treatment drugs market are ADVANZ Pharma, Bristol Myers Squibb, Daiichi Sankyo, GlaxoSmithKline, Novartis, MorphoSys, RemeGen, Resolve Therapeutics, Tear Solutions, VIELABIO, Otsuka Pharmaceutical Co., Ltd., and Bridge Pharma Inc. ADVANZ Pharma, MorphoSys and Novartis are leading drug makers focusing on development of fully human monoclonal antibody therapies for treatment of COVID 19 infections. while GlaxoSmithKline and Daiichi Sankyo are investing in development of new antiviral drugs.
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