LOS ANGELES, Feb. 02, 2021 (GLOBE NEWSWIRE) -- According to Acumen Research and Consulting, the Global Covid-19 Treatment Market is anticipated to grow with moderate CAGR during the forecast period 2020 – 2027
Rapid R&D activities and high government spending on drug development are major factors expected to drive the growth of the global covid-19 treatment market.
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North America presently accounts for a significant revenue share in terms of R&D in the global covid-19 treatment market due to high government spending on the development of a vaccine. The U.S. government has awarded Novavax US$ 1.6 Bn to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States. Pandemic effect across the region is at an alarming rate the government in collaboration with private players is focused on the development of advanced treatment. The United States passed 25 million confirmed cases and the largest death toll of over 420,000. Drug manufactures are investing high in R&D activities. Pfizer Inc. a global drug manufacturing company spent a total of US$ 7.66 Bn in R&D for the full year 2017, reaching a three-year high of US$ 8.65 Bn in 2019. The company has introduced a new BNT162 vaccine that is in the final stage of the clinical trial. The government as point for preventive measure is focused on launching various programs to create awareness among consumers and provide a flawless vaccination process. In 2020, the US government launched Operation Warp Speed a covid-19 vaccine program that expects to have up to 100 million doses by the end of the year.
The Asia Pacific region is expected to witness faster growth in the target market due to increasing efforts by the government to enhance the vaccine production capacity. The government of emerging economies is investing high in the development of present infrastructure to facilitate the R&D and production activities. In 2020, the Serum Institute of India, in collaboration with Oxford University developed the fort covid-19 vaccine. The company invested US$ 100 Mn on a potential COVID-19 vaccine. The government of countries such as India is focused on developing the hospital infrastructure to deliver advanced care to the patients. The establishment of new covid-19 centers and plasma banks is expected to support the growth of the target market. The government of India established the country’s first RBD Plasma Bank and RBD-Coronavirus Antibody Testing Centre set up at Lifeline Blood Bank.
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Widespread of covid-19 across the globe and increasing government & drug manufacturer's focus on the development of advanced treatment are major factors expected to drive the growth of the global covid-19 treatment market. As of 8 April 2020, the global COVID-19 vaccine R&D landscape includes 115 vaccine candidates of which 78 are confirmed as active and 37 are unconfirmed. The government is spending high on R&D activities. Most COVID-19 vaccine development activity is in North America, with 36 (46%) developers of the confirmed active vaccine candidates compared with 14 (18%) in China, 14 (18%) in Asia (excluding China) and Australia, and 14 (18%) in Europe. Factors such as high cost associated with R&D and manufacturing of the vaccine and lack of advanced healthcare infrastructure in developing countries are major factors expected to hamper the growth of the global covid-19 treatment market. In addition, lack of funding and side-effects of the vaccine are factors expected to challenge the growth of the covid-19 treatment market. However, increasing government spending on the development of present infrastructure and increasing investment by major players for R&D activities and effective development of advanced treatment are factors expected to create new opportunities for players operating in the covid-19 treatment market over the forecast period. In addition, increasing focus on partnership and agreements and favorable business policies by the government is resulting in the emergence of small and mid-size enterprises which is expected to support the revenue transaction of the target market.
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The global covid-19 treatment market is segmented into type, application, and end-use. The type segment is bifurcated into life support, an antiviral medicine, plasma therapy, immunotherapy, and others. Among type the plasma therapy segment is expected to account for a major reasonable revenue share in the target market due to increasing R&D activities on plasma therapy and the introduction of the innovative solution by major players. The application segment is divided into children and adults. Among the application, the adult segment is expected to account for major revenue share in the target market. Players operating in the global covid-19 treatment market are Cadila Healthcare, Johnson & Johnson, ImmunoPrecise, Novartis, AstraZeneca, Cipla, AbbVie, Bayer, Regeneron Pharmaceuticals, and Ascletis Pharma.
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