Major players in the remdesivir market are Gilead Sciences Inc., Bright Gene, Hainan Haiyao, Kelun Pharma, Hunan Warrant Pharmaceutical, Cipla, Pfizer, Merck, Cayman Chemical and Dr. Reddy’s Laboratories.
The global remdesivir market is expected to grow from $2.87 billion in 2021 to $3.77 billion in 2022 at a compound annual growth rate (CAGR) of 31.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.17 billion in 2026 at a CAGR of 31.2%.
The remdesivir market consists of sales of remdesivir drugs currently found effective in treating the COVID-19 disease.Remdesivir (RDV) is one of the promising drugs used currently for the treatment of the COVID-19 disease.
Gilead, the US drug manufacturer is expanding its Remdesivir production due to the high demand for this drug. RDV is a synthetic compound throughout the class of antiviral drugs that target RNA synthesis.
The main routes of administration in remdesivir are oral, intravenous.Intravenous generally relates to a method of administering a drug or other substance into a vein using a syringe or tube.
The different dosage forms include tablets, frozen solution, lypholized solution and is distributed through various channels such as hospitals, clinics, drug stores/pharmacies, online, others.
North America is the largest region in the remdesivir market in 2021.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing prevalence of COVID-19 disease globally is a key factor driving the growth of the remdesivir market.According to the World Health Organization (WHO), there were 10,719,946 cases of COVID-19 including 5,17,337 deaths reported to WHO as on 24th May 2020, and this number is expected to grow in the near future.
American authorities have approved the immediate use of experimental remdesivir, which seemed to help several patients with coronavirus recover more quickly, and this was the first drug that helped to overcome COVID-19, which killed more than 300,000 individuals around the globe. Gilead Sciences, which is working to develop the drug, has seen its share of New York trading increase by more than 5.5% in the first quarter of 2020. The United States and Asia shares have increased expectation that an experimental drug will further support in the control of COVID-19 symptoms. Therefore, the increasing prevalence of COVID-19 disease across different parts of the globe is expected to drive the growth of the remdesivir market.
The high cost associated with the drug is a key factor hampering the growth of the market. Gilead Sciences that produces remdesivir donates its initial supply of 1.5 million doses, but the company has demonstrated that it would have to begin charging the drug for sustainable production. There are various speculations on the pricing of the drug. According to the Institute for Clinical and Economic Review (ICER), the estimated price of Remdesivir would be between $4,580 to $5,080. The higher-end pricing of remdesivir is expected to hinder the growth of the market.
Also, Gilead licensed remdesivir for COVID-19 to companies manufacturing generic drugs for sale in 127 countries.Five generic companies Cipla, Ferozsons Labs, Hetero Labs, Jubilant Lifesciences and Mylan will have the right to manufacture and sell generic versions of the drug in mostly lower-income countries, as well as higher-income countries that face significant obstacles to healthcare access.
The licensees won’t pay royalties to Gilead until the pandemic is called off or until a second drug is approved. This is likely to challenge the growth of the market.
In March 2020, Gilead Sciences, Inc., an America-based biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines, acquired Forty Seven Inc. for $4.9 billion. This acquisition will strengthen Gilead’s immuno-oncology research and development portfolio. Forty Seven Inc. is a US-based clinical-stage immuno-oncology company focused on developing novel checkpoint therapies.
The countries covered in the remdesivir market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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