The Coronavirus Treatment Drugs Market Is Driven By Rising Government Initiatives
The Coronavirus Treatment Drugs Market involves therapeutics that are used for treating the disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Coronaviruses are a large family of viruses that may cause illness in animals or humans. In humans, several coronaviruses are known to cause respiratory infections ranging from the common cold to more severe diseases. The drugs available in the market are remdesivir, favipiravir, chloroquine/hydroxychloroquine and others which provide treatment against the symptoms caused by the virus.
The Global Coronavirus Treatment Drugs Market Size is estimated to be valued at US$ 29736.57 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
The rising prevalence of coronavirus cases globally is driving the demand for effective treatment drugs in the market. As per WHO, as of March 2022, there have been over 458 million confirmed cases of COVID-19, including over 6 million deaths reported to WHO. This increasing disease incidence is contributing to the growth of the market.
The market is also witnessing expansion in terms of availability of drugs across different geographies. Various market players are focusing on conducting clinical trials and obtaining regulatory approvals to extend their geographic presence. Furthermore, the coronavirus outbreak has accelerated research & development activities for novel treatment options.
The major growth driver for this market is the rising initiatives by governments and healthcare organizations globally. Various regions have laid emphasis on collaborative research for developing effective drugs against coronavirus. This is attracting pharmaceutical manufacturers to invest in R&D for potential treatment options. Additionally, increasing healthcare expenditures to strengthen medical systems amid the pandemic is also boosting the demand for drugs in this market.
The current geopolitical situation is impacting the growth of the Coronavirus Treatment Drugs market in several ways. With the ongoing tensions between major global powers like the US and China over trade and technology, collaborations between companies from these countries on R&D for new drugs has become challenging. This is affecting the pace of new drug development and clinical trials for treating Covid-19. The conflicts in Eastern Europe due to the Russia-Ukraine war is exacerbating supply chain issues for raw materials and active pharmaceutical ingredients used in making these drugs. Restrictions on travel and imports due to the war is contributing to shortages and price hikes of certain drugs.
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