Remdesivir Market is expected to witness substantial CAGR from 2020 to 2030
Latest research findings from Market Industry Reports (MIR) report titled “Remdesivir Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030” suggests that global remdesivir market is expected to witness substantial CAGR from 2020 to 2030.
The factors contributing to the growth of remdesivir market include, rising number of coronavirus disease (COVID-19) and increasing government initiatives. The advantages of remdesivir observed during the trails such as shortened time of recovery by an average of four days is another key factor driving its demand. Agreements signed by Gilead with generic manufacturers to deliver treatment at a substantially lower cost in the developing countries is also anticipated to boost the market growth during the forecast period. However, the possibility of shortage of the drug and the concerns related to the safety and efficacy of remdesivir amongst the patient population are some factors that are likely to hinder the market growth to a certain extent.
The initial novel coronavirus outbreak in China led to COVID-19 pandemic. COVID-19 has rapidly affected millions of lives worldwide thereafter. For instance, in U.S by the end of June 2020 there were approximately 3.1 million total cases with active cases being around 1.5 million. Rapid surge in the number of COVID-19 cases is expected to drive the growth of remdesivir market. Moreover, results from the NIAID study on patients hospitalized with COVID-19 showcased that remdesivir shortened time to recovery by an average of four days. This positive result is expected to spur its demand in the coming years.
Moreover, amidst the current COVID-19 pandemic, there is an increasing need for a drug that can be used for the treatment of patient with severe COVID-19. There are many companies that are striving to find the potential of different existing drugs that can be used to meet need of this situation. Remdesivir is one such investigational drug that has been given Emergency Use Authorization (EUA) by U.S.FDA, to be used for treating hospitalized adult & pediatric patients with suspected or laboratory confirmed SARS-CoV-2 infection and severe COVID-19. The decision to give an EUA was done after a clinical trial by the National Institutes of Health (NIH) showed promising results. Such initiatives by the government owing to increasing need for a treatment medicine are anticipated to boost the remdesivir market.
However, the shortage of the drug internationally is a key factor that is likely to hamper the market growth. Concerns related to the safety and efficacy of remdesivir among the patient population as the drug has yet not received FDA approval is another pivotal factor that is likely to restrain the market to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Remdesivir Market by Form (Lyophilized Powder and Concentrated Solution), Patient Type (Pediatric Patients and Adult Patients), End Users (Hospitals and Clinics) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/remdesivir-market/368
Regionally, Asia Pacific is estimated to witness the highest CAGR during the forecast period. The factors that are anticipated to fuel the remdesivir market include, voluntary licensing agreements by Gilead Sciences, Inc., with generic pharmaceutical manufacturers based in India, Egypt, and Pakistan to expand supply of remdesivir. These agreements allow the companies to manufacture remdesivir for distribution in 127 countries. Moreover, these licenses are royalty-free until a product other than remdesivir or a vaccine is approved to treat or prevent COVID-19 or until the World Health Organization (WHO) declares the end of the Public Health Emergency of International Concern regarding COVID-19. Furthermore, the rapidly rising number of COVID-19 cases in this region is anticipated to further propel the growth of remdesivir market.
Some of the prominent players operating in the global remdesivir market include Gilead Sciences, Inc., BrightGene Bio-Medical Technology Co.,Ltd., Hainan Haiyao Co., Ltd., EVA PHARM, Cipla Inc., Mylan N.V., Hetero, Ferozsons Laboratories, Zydus Cadila, Dr. Reddy's Laboratories Ltd. and Beximco Pharmaceuticals Ltd., among others.
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