Remdesivir (COVID 19) Market Size was valued at USD 5.5 Billion in 2022. The Remdesivir (COVID 19) market industry is projected to grow from USD 5.9 Billion in 2023 to USD 10.90 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.90% during the forecast period (2023 - 2032).There is an urgent need for a medication that can be utilised to treat patients who have severe COVID-19 symptoms.are the key market drivers enhancing the market growth.Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The pharmaceutical sector has been significantly impacted by the COVID-19 epidemic, among other industries. The urgent need for efficient medicines to battle the virus has been a crucial driver of market expansion in this regard. Remdesivir, one of the medications that attracted attention at this time and helped its market expand, appeared as a potential therapeutic choice for COVID-19 patients. First and foremost, there is an extraordinary demand for treatments due to the scope and severity of the COVID-19 pandemic. There was an urgent need for medications that may treat symptoms, shorten hospital stays, and possibly improve patient outcomes as the virus spread quickly throughout the world, taxing healthcare systems and leading to an increase in hospitalisations. Remdesivir attracted a lot of interest as a potential remedy due to its encouraging outcomes in clinical trials. The worldwide health crises' strong demand was a major factor in Remdesivir's rapid market expansion.
Remdesivir's efficacy and safety profile was another reason boosting the market. Remdesivir was found to be an effective treatment for COVID-19 patients in clinical trials and in real-world situations. By lowering the likelihood of complications brought on by extended hospital stays, this shorter hospital stay not only reduced the strain on healthcare systems but may have also improved patient outcomes. Remdesivir's commercial expansion was spurred in part by the good clinical findings and its ability to fill a medical need. Furthermore, the market for Remdesivir was significantly influenced by regulatory approvals. regulatory organisations accelerated their evaluation procedures to assess possible COVID-19 medicines as the pandemic developed. Remdesivir has been given emergency use authorization and subsequent clearances from organisations including the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). The broad use of Remdesivir made it more accessible and helped the market expand thanks to these authorizations and approvals.
The market expansion of Remdesivir was greatly aided by government programmes and funding. Governments around the world launched a number of initiatives to battle the COVID-19 epidemic after realising the urgent need for efficient therapies. These programmes included funding for possible treatments like Remdesivir as well as their development and acquisition. Remdesivir's availability and accessibility were accelerated with the aid of government funding, which raised market demand.
Additionally, Remdesivir's pricing and reimbursement procedures have an impact on the dynamics of its market. The drug's availability and demand were impacted by the pricing choices made by Gilead Sciences and the reimbursement policies of both public and private healthcare systems. Remdesivir's market grew as a result of pricing agreements and reimbursement plans made by governments and healthcare systems to assure the drug's accessibility and affordability. Therefore, the COVID-19 pandemic has fueled the market expansion of Remdesivir via a number of interrelated mechanisms. The demand for Remdesivir has been significantly fueled by the urgent need for effective therapies, Remdesivir's proven efficacy and safety profile, regulatory approvals, governmental initiatives and funding, pricing and reimbursement policies, and pricing and reimbursement policies. It's crucial to keep in mind that market conditions can change quickly, and Remdesivir's dynamics may have changed since my previous knowledge update in September 2021. For the most accurate and recent information, it is advised to refer to recent market reports and industry studies from reputable sources. Thus, driving the Remdesivir (COVID 19) market revenue.
The Remdesivir (COVID 19) market segmentation, based on dosage includes 5mg, 10mg, 50mg, and 100mg. With 40.65% of market revenue coming from the 100mg segment led the market. An increasing number of people in emerging nations are becoming overweight, and consumer awareness of low-calorie beverages is rising.
The Remdesivir (COVID 19) market segmentation, based on distribution channel, includes Hospitals, Drug stores, others. The category with the highest income was hospitals (55.36%). The industry is expanding due to the prevalence of weight loss supplements in department stores, drug stores, health and beauty salons, and retail pharmacies. An organisation of people who operate in the construction sector is referred to as a "ecosystem". Furthermore, increasing overall customer engagement and experience in stores is constantly aided by store-based channels.
Figure 1: Remdesivir (COVID 19) Market, by Distribution channel, 2022 & 2032 (USD Billion)Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Remdesivir (COVID 19) Market dominated this market in 2022 (45.80%). This is due to the rapidly increasing COVID-19 instances, the high frequency of diseases, the ease of accessibility, and the significant presence of top market competitors in this area. Further, the U.S. Remdesivir (COVID 19) market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: REMDESIVIR (COVID 19) MARKET SHARE BY REGION 2022 (USD Billion)Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Remdesivir (COVID 19) market accounts for the second-largest market share. This is due to rise in the number of people suffering from COVID-19.Further, the German Remdesivir (COVID 19) market held the largest market share, and the UK Remdesivir (COVID 19) market was the fastest growing market in the European region
The Asia-Pacific Remdesivir (COVID 19) Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because the parent firm conceded permission to produce remdesivir in this area given the region's high frequency of viral illness outbreaks. Moreover, China’s Remdesivir (COVID 19) market held the largest market share, and the Indian Remdesivir (COVID 19) market was the fastest growing market in the Asia-Pacific region.
Remdesivir (COVID 19) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Remdesivir (COVID 19) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Remdesivir (COVID 19) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Remdesivir (COVID 19) industry to benefit clients and increase the market sector. In recent years, the Remdesivir (COVID 19) industry has offered some of the most significant advantages to medicine. Major players in the Remdesivir (COVID 19) market, including Gilead Sciences, Inc. (US), Mylan (US), Cipla (India), Hetero Labs (India), and Jubilant Life Sciences (India), and others, are attempting to increase market demand by investing in research and development operations.
A pharmaceutical firm called Cipla Ltd. (Cipla) produces and distributes branded medications, generic drugs, and active pharmaceutical ingredients (APIs). It provides products for conditions like cardiovascular and paediatric illnesses, dermatological and cosmetological issues, HIV/AIDS, diabetes, hepatitis, infectious diseases, critical care, neurological issues, ophthalmic, cancer, malaria, respiratory and urological issues, osteoporosis, and women's health. The corporation also engages in biosimilar and consumer healthcare. In addition to producing metered-dose inhaler equipment, spacers, and associated devices, Cipla also carries out research and development to create new drugs and medication delivery methods. The corporation operates in a number of important regulated and emerging markets, including India, the US, Canada, and South Africa. The headquarters of Cipla are in Mumbai, Maharashtra, India.
A biopharmaceutical company with a research foundation is Gilead Sciences Inc. (Gilead). It is involved in the discovery, development, and commercialization of medications for the treatment of cancer, inflammatory illnesses of the liver, cardiovascular, haematological, and respiratory systems, as well as HIV infection. Through affiliates and distributors in Europe, the Americas, Asia-Pacific, the Middle East, and Africa, the corporation offers its goods. In addition to other places, it has production operations in Cork, Ireland, Foster City, San Dimas, and Oceanside, California. To create new medicines, the company collaborates with academic institutions, medical research centres, and major international pharmaceutical companies. The US city of Foster City is where Gilead is based.
Key Companies in the Remdesivir (COVID 19) market include
Remdesivir (COVID 19) Industry Developments
April 2021:Remdesivir output at India's Cipla Ltd (CIPL.NS) has been increased to assist satisfy "unprecedented demand" as the nation fights a major second wave of infections.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5.5 Billion |
| Market Size 2023 | USD 5.9 Billion |
| Market Size 2032 | USD 10.90 Billion |
| Compound Annual Growth Rate (CAGR) | 7.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Dosage, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Gilead Sciences, Inc. (US), Mylan (US), Cipla (India), Hetero Labs (India), and Jubilant Life Sciences (India) |
| Key Market Opportunities | Obesity in children, healthier and more balanced diets |
| Key Market Dynamics | Increase in health difficulties and worries, leading in costly operations |
Frequently Asked Questions (FAQ) :
The Remdesivir (COVID 19) market size was valued at USD 5.5 Billion in 2022.
The market is projected to grow at a CAGR of 7.90% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are General Mills Inc., Amway, Conagra Brands Inc., Cargill Incorporated, Abbott Laboratories, Kraft Foods Group Inc., The Coca-Cola Company.
The beverage category dominated the market in 2022.
The store based had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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