Remdesivir (COVID 19) Market Overview
Remdesivir is an antiviral medication that has gained major momentum and spike in sales to treat patients that have contracted fatal coronavirus diseases. This medication has been curated by Gilead Sciences which is a biopharmaceutical company. This medication is administered in the form of an injection and is thus, injected into the veins of the patients to whom it is prescribed. This is a promising disease that is gaining a lot of demand from various countries and prominent market players across the globe. In some places, this drug is being under the brand name - Veklury. Apart from hospitalized adults, this medication can be prescribed by doctors to children who are above 12 years of age. The hospitals and healthcare centers across the world are opting for conditional use as the efficiency of the medicine is still unknown. Whereas, in other mushrooming geographies of the world, medicine witnessing a huge demand in various waves of infection brought in during the pandemic spread.
The Remdesivir (Covid 19) market trends and the rising number of positive cases demand this medicine on a large scale. Owing to these factors, the Remdesivir (Covid 19) Market size is expected to widen at an excellent rate. The Remdesivir (Covid 19) market valuation for the global period that ends in 2027 stands at a whopping USD 15.6 Billion. Also, the rate of growth for the market stands at 8.87% CAGR.
COVID 19 Analysis
Since the first case of the novel coronavirus was reported back in 2019 in Wuhan, China, the unavailability of treatment for this unknown virus was a major matter of concern for healthcare professionals. Post its deadly spread across the world ad it gaining the status of a pandemic in 2020, the government is entering into collaborations that will speed up the process of the companies for developing vaccines that are compatible to create antibodies against different variants and pass various stages of the clinical trials.
As per the tests conducted on 68% of the people, 36 patients showed signs of recovery after being injected with Remdesivir. Also, the clinical trials for the medicine are underprocessed as per the guidelines of the WHO. the clinical trials of Remdesivir alongside three other drugs are believed to be high on accuracy when it comes to treating the patients that are covid positive.
Most of the countries of the world are experiencing an increase in the geriatric population which are having a medical history like fluctuating blood pressure, diabetes, health illness, and nerve problems amongst others. If they contract the novel coronavirus, they are at a higher risk, and hence, to reduce the fatality rate and improvise on the healthcare services and solutions available in such circumstances, the Remdesivir (Covid 19) market is providing this medicine on a large scale. This is one of the major drivers for the Remdesivir (Covid 19) market.
However, the cost to procure this medicine is quite high and disparity in income and purchasing power is a major matter of concern for the global growth of the Remdesivir (Covid 19) market by the end of 2027.
The Remdesivir (COVID 19) market growth is a result of its applicability and efficiency to provide a reliable treatment to patients suffering from the virus. Globally, the number of positive coronavirus cases crossed a figure of 1.19 million. Apart from this, medicine is a good source for treatment to ease the issues created due to chronic diseases. The wide applicability and acceptance have a lot to offer to the Remdesivir (Covid 19) market. However, the government is intervening which should be worked upon and efforts to reduce the intensifying competition are a must.
Owing to the pandemic situation and fatality degree amongst the patients who have tested positive for the deadly novel coronavirus, the Remdesivir (Covid 19)market has been divided into segments that will enable the market to meet the global need and also grow as per the predictions. The Remdesivir (Covid 19) market segmentation has been mentioned as follows:
Based on dosage
As an emergency drug to treat the patients who test covid positive, the dosage depends on the age group of the person and the weight. But the dominant dosage is 100 mg worldwide.
5 mg - the patients who weigh between 3.5 kg to 40 kg, use the medicine for injection and Lyophilized powder
10 mg - this dose was tested on rhesus monkey and IV bolus injection was used. This initiated a reduction of issues like respiratory illness, and lung pathology amongst others post 12 hours in comparison to the animals that received vehicle treatment.
100 mg - the patients that weigh more than 40 kgs, receive a single dose of 200 mg on the first day followed by a single dose of 100 mg for maintenance from the second day.
Based on distribution channel
The Remdesivir (COVID 19) Market growth is possible because of its availability across 2 major channels namely the hospitals and drug stores. However, the distribution lies in the hands of the commercial drug distributor, the decisions regarding their availability in hospitals lies in the hands of the government bodies. However, the drug’s availability in the drug stores still needs approval for sale.
Owing to its products across different regions, the North American region is expected to have a dominant hand over the Remdesivir (Covid 19) market during the ongoing forecast period that ends in 2027. Following the trend, the European region is expected to undergo substantial growth concerning the global demand for the drug. The number of covid positive patients was more in countries like the Middle East and African regions and hence, it is likely to become the fastest-growing region for the growth and use of the medicine. The APAC regions like China, Japan, and India are also expecting substantial growth because of the overall growing demand for the antivirus drug amongst these regions.
Most of the mushrooming economies of the world are fighting with the ill effects of the pandemic and treating the positive patients in the best possible way. Also, the use of this medicine is recommended for treating chronic illnesses and diseases has grown to meet the demand. The prominent Remdesivir (Covid 19) market players producing this antivirus drug are as follows:
The report helps to understand the users behind the trending use of this medicine to treat covid positive patients worldwide. This report solves various speculations about the substantial use of this antivirus medicine. Also, the report clears the air of confusion related to the dosage, prescription, and its ability to treat other chronic diseases, as well. The report is helpful to understand the scope of the Remdesivir (Covid 19) market as it considers the opinions of the market leaders to predict the expected growth rate of the Remdesivir (Covid 19) market and the final market valuation. Also, the report discusses the production efforts of the key market players that will help in catering to global demand.
|Market Size||2027: USD 15.6 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Dosage, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Gilead Sciences, Inc. (US), Mylan (US), Cipla (India), Hetero Labs (India), and Jubilant Life Sciences (India)|
|Key Market Opportunities||
|Key Market Drivers||Intense competition among industries|
Remdesivir is an antiviral medication that has gained major momentum and spike in sales to treat patients that have contracted fatal coronavirus diseases.
The Global Remdesivir Market is studied from 2020- 2027.
Gilead Sciences, Inc. (US), Mylan (US), Cipla (India), Hetero Labs (India), and Jubilant Life Sciences (India) are the major companies operating in Global Remdesivir Market.
Remdesivir Market is projected to reach USD 15.6 Million by 2027, growing at a CAGR of 8.87% from 2021 to 2027.