The coronavirus treatment drugs market consist of drugs that are specifically designed to treat COVID-19 infections caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Some of the key drugs in this market include antiviral drugs such as Remdesivir that target the virus directly, drugs like Dexamethasone that treat inflammations caused by COVID-19, and monoclonal antibody therapies such as Sotrovimab that help neutralize the virus. With rising cases of COVID-19 across the globe, the need for effective treatment drugs has increased significantly. The global coronavirus treatment drugs market plays a crucial role in fighting this pandemic by developing and producing drugs that can minimize the infection's severity and save lives.
The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 29736.57 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:
One of the key trends in the coronavirus treatment drugs market is the increasing focus on monoclonal antibody therapies. These antibodies produced in laboratories mimic natural antibodies formed in the body against pathogens like SARS-CoV-2. Some of the major monoclonal antibody drugs for COVID-19 currently in development and use include Bamlanivimab, Etesevimab, Casirivimab, Imdevimab, and Sotrovimab. These antibodies have shown great potential in reducing hospitalization risk and lessening the severity of COVID-19. With rising investments in monoclonal antibody research, it is expected that more such effective treatment options will be added to the market in the coming years.
Porter’s Analysis
Threat of new entrants: Low, as this is a specialized segment that requires huge research funding and expertise. New players require time and resources to build capabilities.
Bargaining power of buyers: Moderate, as buyers have some options available but demand is inelastic in nature given health implications.
Bargaining power of suppliers: Low, as R&D requires collaboration of varied stakeholders and suppliers have limited alternatives.
Threat of new substitutes: Low, as treatment of coronavirus requires specialized research given its novel nature and limited alternatives currently exist.
Competitive rivalry: High, as key players strongly compete on parameters like innovation, clinical trials and market approvals given potential market size.
Key Takeaways
The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Coronavirus Treatment Drugs Market is estimated to be valued at US$ 29736.57 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
Regional analysis: North America holds the major share currently. Within this region, the US contributes significantly to R&D spending and drug approvals. Also, Europe and Asia Pacific are expected to witness faster growth due to increasing government support and manufacturing capabilities in these regions.
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. These companies strongly compete on parameters like innovation, clinical trials and market approvals given potential market size.
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