New York, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Remdesivir Global Market Report 2023" - https://www.reportlinker.com/p06241865/?utm_source=GNW
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The remdesivir market is expected to reach $11.17 billion in 2026 at a CAGR of 31.2%.
The remdesivir market consists of sales of nucleotide analog and Veklury.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Remdesivir refers to a class of drugs called antivirals that are used to treat hospitalised adults and children 28 days of age and older who weigh at least 6.6 pounds for coronavirus disease 2019 (COVID-19 infection) caused by the SARS-CoV-2 virus (3 kg). who have a significant risk of developing severe COVID-19, which could result in hospitalisation and death
North America is the largest region in the remdesivir market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the remdesivir market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main routes of administration in remdesivir are oral and 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 solutions, and lyophilized solutions and are distributed through various channels such as hospitals, clinics, drug stores/pharmacies, online, and others.
The 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 on 24th May 2020, and this number is expected to grow shortly.
American authorities have approved the immediate use of experimental redeliver, 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 expectations 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 which 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 redeliver 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 $4.9 billion. This acquisition will strengthen Gilead’s immuno-oncology research and development portfolio. Forty Seven Inc. is a US-based clinical-stage immuno-oncology company focused on developing novel checkpoint therapies.
The countries covered in the remdesivir market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The remdesivir market research report is one of a series of new reports that provides remdesivir market statistics, including remdesivir industry global market size, regional shares, competitors with a remdesivir market share, detailed remdesivir market segments, market trends and opportunities, and any further data you may need to thrive in the remdesivir industry. This remdesivir market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06241865/?utm_source=GNW
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