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
Report ID : 368 | Published Date : Jul 2020 | Pages : 160 | Region : Global | Report Code : PH-24
Remdesivir Market Overview and Introduction
Remdesivir is an investigational nucleotide analog developed by Gilead Sciences, Inc. in the year 2009. The drug was initially developed for hepatitis C (HCV) and respiratory syncytial virus (RSV). When the studies were carried out for various uses of remdesivir as an antiviral drug, these studies suggested that it had broad spectrum antiviral activity. Thereafter, this new investigational drug was studied through in vitro studies and in vivo studies in animal models for its potential against various emerging viruses including Ebola, SARS, MERS, and Marburg. Recently in January 2020, after the coronavirus outbreak Gilead Sciences, Inc., started testing remdesivir to determine whether it has a potential against COVID-19. In February 2020, the company initiated multiple ongoing international phase 3 clinical trials to evaluate the safety and efficacy of remdesivir, for the treatment of COVID-19. Remdesivir has yet not been approved by the U.S. FDA, although in June 2020, U.S., the FDA granted an Emergency Use Authorization (EUA) for use of remdesivir for the treatment of hospitalized patients (adults and adolescents from 12 years of age) with severe COVID-19.
Rapidly rising number of cases of coronavirus disease (COVID-19) globally is one of the major factors driving the growth of remdesivir market. Moreover, increasing initiatives by Gilead Sciences, Inc. such as creating a manufacturing & distribution network that is capable of producing large volumes of remdesivir at the fastest pace is anticipated to play a pivotal role in contributing to the growth of the global remdesivir market. However, the possibility of shortage of the drug and concerns related to the safety and efficacy of remdesivir among the patient population as the drug has yet not received FDA approval are some factors that are likely to restrain the market to a certain extent.
The global remdesivir market has been analyzed from four perspective: By Form, By Patient Type, By End User and by Region.
Remdesivir Market By Form
On the basis of Form, the remdesivir market has been segmented into lyophilized powder and concentrated solution. The lyophilized powder segment is estimated to account for the largest share in the global remdesivir market. The largest share of this segment can be attributed to the increasing manufacturing of remdesivir lyophilized powder by generic drug manufacturers such as Cipla Inc., Mylan N.V., among others.
Remdesivir Market By Patient Type
Based on Patient Type, the market has been segmented into pediatric patients and adult patients. In terms of market share, the segment of adult patients is estimated to account for the largest market share. The largest share of this segment can be attributed to the fact that COVID-19 is observed to be more common & severe among adult patients especially the elderly with underlying health conditions compared to pediatric population.
Remdesivir Market By End User
Based on the End User, the market has been segmented into hospitals, clinics and other end users. The hospitals segment is estimated to account for the largest share of the global remdesivir market. The large share of this segment can be attributed to factors such as growing number of hospitalization of patients along with the rapid rising number of COVID-19cases globally. Moreover, according to World Health Organization, approximately 14% of patients with COVID-19 experience severe manifestations of the disease that require hospitalization and supplemental oxygen, and 5% require treatment in intensive care units.
Remdesivir Market By Region
The global remdesivir market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). North America dominates the remdesivir, followed by Asia Pacific. However, Asia Pacific region is anticipated to witness highest CAGR in the coming years. The expected growth is likely to be fueled by licensing agreements made by Gilead Sciences, Inc. with companies such as Cipla, Mylan, and Hetero, among others for manufacturing & distribution of remdesivir to treat COVID-19 patients. Moreover, rapidly increasing cases of COVID-19 among the population in this region is in turn expected to fuel the growth of remdesivir market during the forecast period.
Remdesivir Market Prominent Players
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.,s Beximco Pharmaceuticals Ltd., among others.