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COVID-19 Therapeutics Market Anticipated to Contract to More Than US$16.2 Billion with a -8.3% CAGR by 2031 | TMR Report

04-14-2025 11:54 AM CET | Health & Medicine

Press release from: Transparency Market Research

COVID-19 Therapeutics

COVID-19 Therapeutics

The global COVID-19 therapeutics market, valued at US$30.7 billion in 2021, is expected to undergo significant contraction over the next decade. It is projected to decline at a compound annual growth rate (CAGR) of -8.3% from 2022 to 2031, reaching more than US$16.2 billion by the end of 2031. This notable downturn reflects the evolving landscape of the pandemic, driven by widespread vaccination, reduced acute demand for treatments, and shifting healthcare priorities. Despite the contraction, the market retains relevance as a critical component of ongoing COVID-19 management, adapting to long-term needs like long COVID and variant-specific therapies through 2031.

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Understanding the COVID-19 Therapeutics Market

COVID-19 therapeutics include antiviral drugs (e.g., remdesivir, Paxlovid), monoclonal antibodies (e.g., sotrovimab), corticosteroids (e.g., dexamethasone), and other agents used to treat acute infections, prevent severe outcomes, or manage post-COVID conditions. The 2021 valuation of US$30.7 billion reflects peak demand during the pandemic's height, with the projected decline to US$16.2 billion by 2031 signaling a transition from emergency response to stabilized, niche applications.

The -8.3% CAGR indicates a unique market dynamic, driven by reduced incidence of severe cases rather than obsolescence. The market's role in addressing residual and emerging COVID-19 challenges sustains its value.

Key Drivers of Market Contraction

Several factors are driving the COVID-19 therapeutics market toward its US$16.2 billion valuation by 2031. First, widespread vaccination and immunity are primary contributors. By 2022, over 60% of the global population had received at least one vaccine dose, per WHO data, significantly reducing hospitalizations and demand for acute therapeutics. This shift aligns with the market's -8.3% CAGR, as preventive measures outpace treatment needs.

Second, the decline in severe COVID-19 cases is reshaping demand. Early pandemic surges fueled massive uptake of drugs like remdesivir and monoclonal antibodies, but effective vaccines and milder variants like Omicron have decreased ICU admissions. While antivirals like Paxlovid remain relevant for high-risk groups, reduced case severity drives the market toward US$16.2 billion as broad-spectrum use wanes.

Third, market saturation and competition are accelerating contraction. Emergency use authorizations (EUAs) in 2020-2021 spurred rapid drug launches, but many therapies faced efficacy challenges against new variants or were outpaced by generics and biosimilars. This oversupply, coupled with healthcare systems redirecting funds to non-COVID priorities, supports the market's downward trajectory through 2031.

Leading Players:

F. Hoffmann-La Roche Ltd
Gilead Sciences, Inc.
Eli Lilly and Company
Pfizer Inc.
Merck & Co., Inc.
GSK plc.
Celltrion Healthcare Co.,Ltd.
Sorrento Therapeutics, Inc.
AstraZeneca

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Market Segmentation and Regional Insights

The market segments by drug type, application, and geography. Antivirals lead due to their outpatient utility, followed by corticosteroids for hospitalized patients and monoclonal antibodies for specific cases. Applications include acute COVID-19 treatment, prophylaxis, and long COVID management, with long COVID emerging as a growing niche. Distribution occurs via hospital pharmacies, retail pharmacies, and government channels, with hospitals leading during peak surges.

Regionally, North America held a significant share of the US$30.7 billion valuation in 2021, driven by high case loads, advanced healthcare, and rapid EUA approvals in the United States. Europe followed, with strong markets in Germany and the UK, supported by centralized procurement. The Asia-Pacific region, however, is expected to retain steady demand through 2031, fueled by uneven vaccine coverage, recurrent outbreaks, and long COVID cases in China and India.

Challenges and Opportunities

The market faces challenges. Rapidly evolving variants reduce the efficacy of existing therapies, requiring constant R&D investment. High costs of drugs like Paxlovid (hundreds per course) limit access in low-income regions, while regulatory shifts away from EUAs tighten approval pathways. Vaccine hesitancy and healthcare fatigue further complicate demand forecasting. The -8.3% CAGR reflects a market adapting to these uncertainties.

These challenges, however, present opportunities. Companies focusing on long COVID therapies or pan-coronavirus antivirals could sustain relevance, supporting the market's stabilization at US$16.2 billion. Innovations in affordable generics or combination therapies offer growth potential within niches, while expanding access in underserved regions could mitigate contraction. Partnerships with global health bodies like COVAX could further maintain market viability.

The Road to 2031

By 2031, the global COVID-19 therapeutics market is projected to reach more than US$16.2 billion, reflecting ten years of contraction at a -8.3% CAGR from US$30.7 billion in 2021. This shift is driven by vaccination success, milder disease profiles, and redirected healthcare focus. As the forecast concludes, the market's trajectory suggests a pivot toward specialized applications, with potential for adaptive therapies to shape future resilience.

In conclusion, the COVID-19 therapeutics market demonstrates a unique evolution from 2022 to 2031. Contracting from US$30.7 billion to over US$16.2 billion, it adapts to a post-peak pandemic landscape with targeted solutions. Stakeholders-from pharmaceutical firms to policymakers-play a vital role in this transition, ensuring therapies address residual COVID-19 challenges worldwide through 2031 and beyond.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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