The coronavirus treatment drugs market comprises pharmaceutical drugs that are being researched and developed specifically to combat the novel coronavirus (COVID-19). As the virus has infected millions worldwide since late 2019, drug manufacturers have raced to develop antiviral treatments that can help reduce the severity and duration of the illness. Some of the most promising drug candidates currently under investigation include Gilead's remdesivir, which was granted FDA emergency use authorization in May 2020 for treating hospitalized patients. Other treatment approaches under study involve drugs that can modulate the immune system's response to the virus, such as Sanofi and Regeneron's Kevzara.
Key players operating in the coronavirus treatment drugs market are driving significant R&D investments into vaccine development. For instance, Gilead Sciences invested over US$1 billion in 2020 to fund remdesivir trials and scale up manufacturing capacity to meet anticipated demand. The company is also exploring potential combination treatment options using remdesivir with other antiviral drugs. Similarly, Sanofi and Regeneron have committed substantial resources towards clinical research on Kevzara and ongoing development of a vaccine candidate based on Regeneron's proprietary technology.
The Coronavirus Treatment Drugs Market Growth is fueling market expansion as infected case counts continue increasing worldwide. As of March 2021, there have been over 120 million cases globally with the need for effective pharmaceutical interventions remaining high. Hospitalizations have also burdened healthcare systems, creating the need for therapeutic options that can reduce ICU admissions. Vaccine rollout is ongoing but treatment demand will likely persist in the medium term until widespread immunity is achieved through vaccination.
Porter’s Analysis
Threat of new entrants: Emerging drugs require large investments in R&D which acts as a entry barrier for new companies. Patents also provide protection to existing players.
Bargaining power of buyers: Due to emergency situation of pandemic, bargaining power of buyers like hospitals and patients is relatively low as access to treatment is important than prices.
Bargaining power of suppliers: Major pharmaceutical companies hold patents and expertise in developing drugs reducing supplier bargaining power.
Threat of new substitutes: Alternate treatment options are limited as coronavirus is a new virus. Research on vaccines and alternative medications are ongoing reducing threat of substitutes for existing drugs.
Competitive rivalry: Large pharmaceutical companies are collaborating as well as competing to develop effective drugs at a faster pace. Competition is leading to innovation at a rapid rate.
Geographical Regions
Currently North America region dominates the coronavirus treatment drugs market with around 35% share in 2019, driven by growing cases and investments in R&D. Presence of major pharmaceutical players and healthcare spending also contributes to the large market size.
Asia Pacific region is expected to show fastest growth over the forecast period attributed to rising healthcare investments, growing cases in densely populated countries like India and China, and emergence of regional Pharma companies. Increasing collaboration with international players is boosting COVID drugs R&D in Asia.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
