The coronavirus (COVID-19) is an infectious disease caused by the novel coronavirus. Those affected by COVID-19 are likely to experience mild to moderate respiratory illness and recover without requiring special treatment, but people in the age group of 50 years and above, and those and suffering from other health disorders such as hypertension, diabetes, and kidney failure are at a severe risk of infection and require specific treatment. Moreover, currently there is no medication for treating the coronavirus, and health physicians are suggesting corticosteroids, anti-viral therapies for individuals with severe symptoms.
The global coronavirus treatment drugs market is estimated to be valued at US$ 15,912 million in 2020 and is expected to exhibit a CAGR of 17.5 % during the forecast period (2020-2027).
Figure 1. Global Coronavirus Treatment Drugs Market Value (US$ Mn), 2016-2027
The increasing prevalence of COVID-19 is expected to propel growth of the global coronavirus treatment drug market during the forecast period. According to the World Health Organization’s report, manifestation of COVID-19 has resulted in more than 60.9 million infected individuals worldwide as of 27th November 2020.
Furthermore, key companies are focused on research and development of treatments which is expected to propel growth of the global coronavirus treatment drugs market during the forecast period. For instance, in May 2020, the Washington University School of Medicine started the investigational clinical trial study on efficacy of the Duvelisib drug for the treatment of COVID-19. According to researchers from theWashington University School of Medicine, Duvelisib acts by PI3K inhibition, which could potentially reduce aberrant hyperactivtation of the innate immune system, preferentially polarize macrophages, reduce pulmonary inflammation, and limit viral persistence, and improve patients' health.
Coronavirus Treatment Drugs Market Report Coverage
|Base Year:||2019||Market Size in 2020:||US$ 15,912 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||17.5 %||2027 Value Projection:||US$ 49,204 Mn|
Serum Institute of India, Pfizer Inc., AstraZeneca plc., Bharat Biotech International Limited, Cadila Healthcare Limited, Johnson & Johnson, Moderna, GlaxoSmithKline plc., CanSino Biologics, Sinovac Biotech, Novavax, Inc., Glenmark Pharmaceuticals Limited, Dr. Reddy's Laboratories, and Merck & Co., Inc.
|Restraints & Challenges:||
Global Coronavirus Treatment Drugs Market – Impact of Coronavirus (COVID-19)
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. Currently, medication for treating COVID-19 is unavailable and several health organizations are recommending drugs which are prescribed for other health conditions but can be effective and safe for treating COVID-19.
For instance, in October 2020, the US National Library of Medicine stated that dexamethasone and remdesivir drugs can be used for the treatment of the patients suffering from severe and moderate symptoms of COVID-19. The individuals suffering from coronavirus infections are classified according to their severity of symptoms and health condition such as patients who are hospitalized but do not require oxygen; patients who are hospitalized and require oxygen, patients who are hospitalized and require non-invasive ventilation; and patients who are hospitalized and require invasive mechanical ventilation.
Figure 2. Global Coronavirus Treatment Drugs Market Share (%), By Region, 2020
North America is expected to hold dominant position in the global coronavirus treatment drugs market during the forecast period as key players are focusing on research and development of COVID-19 treatment. For instance, in June 2020, the Tufts Medical Center started investigational clinical trial study on drug Infliximab, a TNFα inhibitor therapy, which can be used in patients with severe COVID-19 symptoms and will prevent further clinical deterioration of patients with severe symptoms and reduce the need for advanced cardiorespiratory support. Currently the study is in the phase 2 of clinical trial.
Major players operating in the global coronavirus treatment drugs market are Serum Institute of India, Pfizer Inc., AstraZeneca plc, Bharat Biotech International Limited, Cadila Healthcare Limited, Johnson & Johnson, Moderna, GlaxoSmithKline plc., CanSino Biologics, Sinovac Biotech, Novavax, Inc., Glenmark Pharmaceuticals Limited, Dr. Reddy's Laboratories, and Merck & Co., Inc.
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