According to MRFR analysis, Global Remdesivir (COVID 19) Market is expected to register a CAGR of 31.2% during the forecast period of 2020 to 2027 and reach USD 10,119.99 Million by 2027.
Remdesivir is an antiviral drug. FDA approved the remdesivir drug in April 2020 for the clinical trials for COVID 19 treatment. Studies have shown that around 46% of US patients have been recovered from COVID 19 quickly.
The growth of the global Remdesivir (COVID 19) market can be contributed to the growing need for rescue medication, including remdesivir drugs, due to the outbreak of COVID-19 globally. Furthermore, the rising geriatric population is also expected to fuel market growth during the forecast period. However, the availability of various substitutes for Remdesivir (COVID 19), are expected to restrain the growth of the global Remdesivir (COVID 19) market.
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Gilead Sciences, Inc., Bright Gene, Hainan Haiyao, Cipla, Pfizer, Merck, Cayman Chemical, Kelun Pharma, Hunan Warrant Pharmaceutical, Dr. Reddy's Laboratories, and others are some of the major market leaders in Remdesivir. Organic strategies such as product launches, mergers, and collaborations are used by the companies operating on the market to boost their share. Gilead Sciences, Inc., for instance, has announced it will donate 1.5 million doses of the medication for compassionate use. The company has also started manufacturing liquid and freeze-dried ways to improve supplies. UK-based AstraZeneca has approached rival drug maker Gilead Sciences about a potential merger.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East Africa. The Americas region held the largest market in 2020, owing to the growing cases of COVID 19 in the region. The remdesivir (COVID 19) market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European remdesivir (COVID 19) market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The remdesivir (COVID 19) market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing rate of COVID 19 cases, the market in Asia-Pacific is expected to be the fastest-growing. The remdesivir (COVID 19) market in the Middle East Africa has been divided into the Middle East and Africa.
Some of the key players in the global remdesivir (COVID 19) market are Gilead Sciences, Inc. (US), Mylan (US), Cipla (India), Hetero Labs (India), and Jubilant Life Sciences (India)
Global Remdesivir (COVID 19) market has been segmented based on the Dosage and Distribution Channel.
Based on the dosage, the global remdesivir (COVID 19) market has been segmented into 5mg, 10mg, 50mg, and 100mg. The 100 mg segment is expected to hold the largest market share owing to rise in COVID 19 and 100 mg is specifically used for older people and COVID 19 is affecting more in older people
On the basis of distribution channel, the market has been segmented into hospitals and drug stores. The hospitals are expected to hold a major market share owing to government regulation i.e. the drug can be given in the hospitals only.
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