July 27, 2020
According to the research report titled ‘Global Coronavirus (COVID-19) Treatment Market Size study with COVID-19 Impact, by Treatment Type (Disease treatment drugs, Preventive vaccines) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global coronavirus (COVID-19) treatment market is expected to register considerable growth over 2020-2026.
For those uninitiated, COVID-19 is caused by SARS-CoV-2 (severe acute respiratory syndrome corona virus 2) and is currently affecting millions of people across the globe. In fact, according to WHO, as of 20th April 2020, coronavirus has spread in around 209 countries with up to 2,314,621 confirmed COVID-19 cases and over 157,847 deaths worldwide.
Various pharmaceutical companies are focusing on R&D activities in a bid to develop therapeutic and preventive medications in order to address the growing prevalence of coronavirus, which in turn is driving the growth of COVID-19 treatment market. The unexpected outbreak of the disease has not only improved the operational efficiency but also increased the sales of these companies.
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Rising number of COVID-19 cases has impelled the demand for long-term and short-term respiratory support systems, thereby stimulating the industry outlook. Additionally, increasing collaborations and strategic alliances among leading companies as well as ongoing clinical trials of COVID-19 drugs are further aiding the market expansion.
On 16th March 2020, for instance, NIH (National Institute of Health) in the U.S. started COVID-19 vaccine trials. Similarly, Gilead Sciences was reportedly analyzing remdesivir, a nucleoside analog drug in February 2020 and was in phase-3 clinical trial for COVID-9 treatment.
Considering the geographical landscape, North America currently accounts for a significant share of global COVID-19 treatment market and is poised to accumulable appreciable returns in the ensuing years. Growing occurrence of coronavirus in the U.S. have enhanced the demand for testing kits in order control the spread of the disease, which in turn is swaying the business dynamics in the region.
On the other hand, Asia-Pacific coronavirus treatment industry is slated to record a healthy CAGR through 2026. High population base in tandem with increasing number of COVID-19 cases are favoring the market scenario in APAC.
The key participants in global coronavirus treatment market are BravoVax Co. Ltd., Ascletis Pharma Inc., Janssen Pharmaceuticals, Altimmune Inc., Greffex Inc., CanSino Biologics Inc., ExpreS2ion Biotechnologies ApS, Clover Biopharmaceuticals, Inovio Pharmaceuticals Inc. and Moderna Therapeutics among others.