The global COVID-19 treatment market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to an exponential increase in the number of COVID-19 cases requiring short and long-term respiratory support. Moreover, the establishment of multiple collaborations among pharmaceutical players and research institutions for the development of treatments vaccines, with clinical trials currently underway that presents a key aspect for the market growth.
The COVID-19 pandemic outbreak, which is caused by the Severe Acute Respiratory Syndrome Corona Virus 2 (SARS-CoV-2), impacted millions of individuals around the world. The pandemic has sparked a race among pharmaceutical companies to create both therapeutic and preventive therapies. Governments around the world are responding to curb the threat of COVID-19 by enacting all necessary measures including social isolation, nationwide lockdown, travel restrictions, and large-scale quarantines. These actions have had severe impact on several businesses and the overall consumer spending. SARS-CoV-2 has spread over 150 countries, according to the World Health Organization (WHO), with over 460,000 confirmed cases and 20,000 deaths as of March 27, 2020. Several pharmaceutical players have engaged for the development of several drugs or vaccines including off-label medications for the disease treatment and symptom alleviation section.
Development of various vaccines and getting approval from regulatory agencies present key trend for the market expansion. For instance, the approval of favilavir, developed by Zhejiang Hisun Pharmaceutical, on February 18, 2020 was a key aspect for rising antiviral medicine approved in China. Moreover, Gilead Sciences' remdesivir and anti-malarial medication chloroquine are the two other treatments with promising results for the COVID-19. The US Food and Drug Administration (FDA) has granted emergency use authorization for Bayer's 1 million doses of chloroquine and Novartis' 30 million doses of hydroxycholroquine for the treatment of the disease. Furthermore, the China International Exchange and Promotive Association for Medical and Health Care (CPAM) suggested for using lopinavir, ritonavir, and nebulized alfa-interferon to treat SARS-CoV-2.
Market Trends, Drivers, Restraints, and Opportunities
- Rising prevalence of SARS-CoV-2 and its variant types across the globe is a key driving factor for the market growth. Many countries are still facing the issues of new COVID-19 variants that force to shut some industrial sectors.
- Rapid development of diagnostic kits and increasing approval of various vaccines for emergency use from regulatory bodies across the globe are anticipated to propel the market expansion in the coming years.
- Rising partnerships with several research institutions for the development of treatments and expansion of laboratory testing of vaccines are expected to spur the market growth during the forecast period.
- Issues around the lack of substantial evidence for effective result of the existing vaccines is a key challenge that can hamper the market growth.
- Ongoing research and heavy funding for drug discovery from pharmaceutical players are projected to create lucrative opportunities for the market expansion during the forecast period.
Scope of the Report
The report on the global COVID-19 treatment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
COVID-19 Treatment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Treatment Types (Disease Treatment Drugs and Preventive Vaccines)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Moderna, Inc.; DIOSynVax; and Inovio Pharmaceuticals, Inc.
Market Segment Insights
Disease treatment drugs segment is projected to account for a large market share
Based on treatment types, the global COVID-19 treatment market is bifurcated into disease treatment drugs and preventive vaccines. The disease treatment drugs segment is expected expand at a rapid pace during the forecast period owing to rising development of off-label medications for the disease treatment. Moreover, the expansion of drug discovery in laboratory for finding effective treatment drugs worldwide present another key driving factor for the segment growth. However, the preventive vaccines segment is projected to hold a major share of the market in the coming years owing to high approval of vaccines for the disease prevention globally. Increasing regulatory approval for various preventive vaccines acts as a vital step for the expansion of the segment growth.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the COVID-19 treatment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period as many emerging economies including China and India have been affected by the pandemic at a significant extent. Moreover, the rapid development of various vaccines from regional pharmaceutical players and rising approval of the vaccines by regulatory bodies of the respective countries play an important role for the regional market growth.
The global COVID-19 treatment market has been segmented on the basis of
- Disease Treatment Drugs
- Preventive Vaccines
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Moderna, Inc.
- Inovio Pharmaceuticals, Inc.
Key players competing in the global COVID-19 treatment market include Moderna, Inc.; DIOSynVax; and Inovio Pharmaceuticals, Inc.