Coronavirus Treatment Drugs Market Is Estimated To Witness High Growth Owing To Opportunity Of Development Of Novel Drugs

Pharmaceuticals
Sachin CMI's picture

Coronavirus Treatment Drugs broadly refer to the class of drugs that are mainly used for treating coronavirus infection. Some of the key drugs used include Favipiravir, Remdesivir, Lopinavir/ritonavir, and Hydroxychloroquine. Coronavirus Treatment Drugs have shown promising results in relieving the symptoms associated with coronavirus infection and shortening the recovery period. Development of new molecules that can inhibit viral replication inside the body is another way novel drugs are advancing treatment of coronavirus.

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 3.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:


The opportunity for development of novel drugs remains lucrative in the Coronavirus Treatment Drugs Market. While existing drugs have shown effectiveness, there is still scope for developing targeted drugs with higher efficacy and improved safety profiles. With coronavirus still posing a threat, development of novel preventive and therapeutic drugs continues to be a priority area. Research into development of monoclonal antibodies, small molecule antivirals and vaccines holds promise for more effective management and treatment of coronavirus in the future.

Porter's Analysis:


Coronavirus Treatment Drugs Market


Threat of new entrants: Low due to high R&D costs, clinical trials, and requirements for regulatory approval.


Bargaining power of buyers: Moderate as buyers have some influence over price but have little influence over other decisions.


Bargaining power of suppliers: Moderate as major pharmaceutical companies have considerable influence over drug development and pricing.


Threat of new substitutes: Low as new drug development takes significant time and resources with no clear substitute currently available.


Competitive rivalry: High as major players constantly compete on drug efficacy, side effects, price and marketing.

SWOT Analysis:


Coronavirus Treatment Drugs Market


Strengths: Strong R&D capabilities of major players. Growing government support and funding for drug development.


Weaknesses: High development costs. Uncertainty over long term efficacy and safety of newly developed drugs.


Opportunities: Increasing coronavirus cases globally. Potential for combination/adjuvant therapies. Scope for repurposing existing drugs.


Threats: Potential side effects and resistance with prolonged use. Regulatory hurdles for clinical trials and approval. Intense competition.

Key Takeaways:

The Global Coronavirus Treatment Drugs Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 25812.99 Mn representing annual growth of 3.5%.

Regional analysis indicates that North America currently dominates the market and is expected to maintain its leading position owing to presence of major pharmaceutical companies and rising coronavirus cases in the US and Canada. Asia Pacific is expected to be the fastest growing region led by countries like China and India with their large population base and investments in healthcare infrastructure and research.

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. Major companies are focusing on clinical trials of candidate drugs targeting different stages of viral infection like protease inhibitors, RNA replication inhibitors, immunomodulators etc. Collaborations and partnerships are also on the rise to expedite development and availability of effective treatment options.

 

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