COVID-19 Therapeutics Market Value to Surpass US$ 16.2 Billion by 2031: Transparency Market Research, Inc. Study
WILMINGTON, DE / ACCESSWIRE / February 8, 2023 / The COVID-19 pandemic led to a surge in clinical trials in research laboratories and medical centers across the world for the formulation of medication and therapies to treat patients suffering from the virus. Some of the distribution channels for COVID-19 therapeutics include hospital pharmacies, retail pharmacies, and online pharmacies.
The launch of new therapies helped to lead COVID-19 therapeutics market players to generate revenue and gain an edge over other players. In February 2022, Eli Lily and Company announced the Food and Drug Administration's approval for a new antibody to neutralize the Omicron variant.
Additionally, prominent players collaborated with other players to expand presence and increase revenue share. Leading manufacturers improved their production capacities in a bid to meet consumer requirements.
Key Findings of Market Study
The surge in Demand for Anti-Viral Drugs: Based on drug class, the global market has been classified into anti-viral, corticosteroids, kinase inhibitors, monoclonal antibodies, and others such as convalescent plasma and anti-inflammatory drugs. The anti-viral segment is anticipated to account for the dominant share during the forecast period. Anti-viral drugs have shown the capability to decrease the severity of the symptoms by slowing the replication of the virus. Additionally, the approval for anti-viral drugs has been quicker than for monoclonal antibodies.
Increase in Demand for Parental Route of Administration: In terms of administration, the global market has been bifurcated into oral and parental. The parental segment held a dominant market share in 2021. The parental route provides rapid medication to any patient. The medication is offered directly to the patient's bloodstream. Additionally, the parental route of administration does not rely on the patient's capability to swallow the medication. It offers accurate drug delivery and reduces the chances of side effects.
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COVID-19 Therapeutics Market - Key Drivers
The rise in investment by governments toward the development of new therapeutics is driving the global market
An increase in demand for new drugs for protection against new strains of the virus is likely to help expand market size during the forecast period
COVID-19 Therapeutics Market - Regional Landscape
North America accounted for the dominant market share in 2021. The surge in the number of coronavirus cases in countries such as the U.S. and Canada fueled the demand for COVID-19 therapeutics and bolstered market development in the region.
Europe witnessed strong growth during the pandemic due to an increase in investment to improve healthcare infrastructure in countries such as the U.K. and Germany
Asia Pacific experienced strong growth during the pandemic owing to a surge in the number of cases and a rise in government support to treat patients who had contracted the virus in developed and developing countries such as China and India
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COVID-19 Therapeutics Market - Key Players
The global COVID-19 therapeutics market is fragmented, with the presence of several international and local players. The entry of new players is likely to intensify the competition during the forecast period.
Prominent market players are investing in R&D to manufacture improved COVID-19 therapeutics that meet consumer requirements.
Key players operating in the global COVID-19 therapeutics market are:
Eli Lily and Company,
Merck and Company, Inc.,
AstraZeneca, and GSK.
The global market has been segmented as follows:
Others (convalescent plasma, anti-inflammatory drugs, others)
By Route of Administration
Middle East & Africa
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