The Global demand for Covid-19 Medicine market in terms of revenue was worth of USD 1,790.2 Million in 2020 and is expected to reach USD 28.0 Million in 2027, growing at a CAGR of -51.4% from 2021 to 2027. From 2020 to 2021, the market is growing with 19.10% AGR. The global covid-19 medicine market is expected to grow at a significant growth rate due to the number of driving factors.
Brandessence Market Research is working on a new report title "Covid-19 Medicine Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027"
Scope of covid-19 medicine market:
Coronaviruses cause respiratory tract infections in humans that can only cause common cold and others that cause severe respiratory problem and ultimately death. As Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus i.e. SARS-CoV-2, which has spread rapidly throughout the world and in March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic. This pandemic has severely weakened health systems & economic and social progress globally. While countries, have taken strong measures to cover the spread of COVID-19 through better diagnostics and treatment, the coronavirus medicine may provide an effective solution by enhancing immunity and controlling the disease spread.
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The global COVID-19 Medicine market research reports segments as follows:
The study provides a crucial view of global covid-19 medicine market by segmenting the market based on drug type, distribution channel and region & country level. Based upon drug type, the market is segmented into chloroquine, hydroxychloroquine/Plaquenil and others. Based upon distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies and others.
Global COVID-19 Medicine Market: By Drug Type
Others (Other Anti Viral, Multivitamins, Corticosteroids and Others)
Global COVID-19 Medicine Market: By Distribution Channel
Factors such as the present coronavirus outbreak which has led to an increasing demand for the medicine all over the world, increasing healthcare expenditures, growing concerns regarding Coronavirus outbreaks at regular intervals and the growing need to protect populations across the globe from known as well as unencountered virus strains are expected to drive the growth of global Covid-19 medicine market. As the 2019 novel coronavirus (2019-nCoV) was officially named as COVID-19 pandemic by the World Health Organization and spread to more than 180 countries. For instance; according to the World Health Organization; as of February 16th, 2021, India has about 1,09,25710 confirmed cases of COVID-19 and Globally, there are about 10,91,51,283 confirmed COVID-19 cases across 192 counties which has led to about 24,07,688 deaths. Thus, there is increasing demand for medicine for prevention of outbreak. In addition, as health financing is necessary to the ability of health systems to maintain & improve human welfare and as there is rapid growth in cases of COVID-19, which has challenged national healthcare capacity, testing systems at an advanced ICU and public health infrastructure level to develop the preventive measure for the pandemic. Thus, many of the governments are taking so many efforts and spending more to develop an effective medicine for Covid-19.
Hence increasing healthcare expenditure for Covid-19 medicine is also driving the growth of global covid-19 medicine market. Moreover, increasing research & development activities for the covid-19 medicine is also supplementing the market growth. However, time required for each stage of clinical trials of medicine and high costs associated with research & development of drugs may hamper the market growth. In spite of that, growing investment in research & development to develop more effective Covid-19 medicine may provide an opportunity for the further growth of the market.
The drug type segment of covid-19 medicine market is dominated by Remdesivir with the largest market share of 75.83% in 2020. The distribution channel segment of covid-19 medicine market report is dominated by Hospital Pharmacies segment by capturing the largest market of 74.82 % in year 2020.
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Some major key players for COVID-19 Medicine market are,
Currently, many companies are heavily investing on produce highly effective drugs and gain approvals for the drugs from government organization.
Gilead Sciences, Inc.
Tiziana Life Sciences
Geographically, North America region is expected to dominate the global Covid-19 medicine market. This is due to the increasing research & development activities for covid-19 medicine in this region. For instance; on November 11th, 2020 Eli Lilly's Covid-19 antibody drug treatment gets emergency USFDA clearance. The FDA authorized the experimental treatment, called bamlanivimab, for use against mild-to-moderate Covid-19 in adults, including those who are 65 and older, and pediatric patients. Eli Lilly & Co.’s antibody therapy was granted an emergency-use authorization by U.S. drug regulators for treating Covid-19, widening access to a treatment that early data suggests is effective in keeping people infected with the coronavirus out of the hospital. The Food and Drug Administration authorized the experimental treatment, called Bamlanivimab, for use against mild-to-moderate Covid-19 in adults, including those who are 65 and older, and pediatric patients, the agency said on its website. Bamlanivimab is an investigational medicine used to treat mild to moderate symptoms of COVID-19 in non-hospitalized adults and adolescents (12 years of age or older who weigh at least 88 pounds [40 kg]), and who are at high risk for developing severe COVID-19 symptoms or the need for hospitalization. Bamlanivimab is a neutralizing antibody drug. When there’s a virus in their body, like COVID-19, their immune system makes antibodies to fight it off.
Moreover, Europe is expected to show a significant growth in the global Covid-19 medicine market due to large population base, growth in research funding, and exponential registered cases of COVID-19 in this region. For instance; according to a WHO report; on October 4th, 2020; it was estimated that incidence of new cases has continued to increase in the European Region overall. France, the Russian Federation, the United Kingdom, Spain, and Israel reported the highest numbers of new cases in the past week. With over 1.2 million COVID-19 cases, and over 63,000 new cases in the past week (436 cases per 1 million population), the Russia Federation is reporting the second highest number of new cases in Europe and the sixth highest number globally.
Market Trends of COVID-19 Medicine Market
In recent years, scientists and leading organizations are developing various drugs by using a wide range of techniques some of which are never been approved for medical purposes before and some of which are already well established. While manufacturing, drugs manufacturers are focused on the speedy recovery of patients. To overcome the effects or decrease the risk of coronavirus the number of drug companies are ready to enter the market. Additionally, the increasing number of coronavirus patients is the major factor as well as the concern globally. Coronavirus is adversely impacted all economies worldwide. Following are some drugs that are approved by the government for coronavirus cases in the emergency use:
On 22nd October, 2020; The U.S. Food and Drug Administration approved the antiviral drug Veklury (remdesivir) for use in adult and pediatric patients 12 years of age and older and weighing at least 40 kilograms (about 88 pounds) for the treatment of COVID-19 requiring hospitalization. Veklury should only be administered in a hospital or in a healthcare setting capable of providing acute care comparable to inpatient hospital care. Veklury is the first treatment for COVID-19 to receive FDA approval. The approval of Veklury was supported by the agency’s analysis of data from three randomized, controlled clinical trials that included patients hospitalized with mild-to-severe COVID-19. The FDA has granted an emergency use authorization for the rheumatoid arthritis drug baricitinib to treat COVID-19 in some cases. Baricitinib is a pill that seems to work against COVID-19 by reducing inflammation and having antiviral activity. According to FDA, baricitinib may be used in combination with remdesivir in people who are hospitalized with COVID-19 who are on mechanical ventilators or need supplemental oxygen.
Chloroquine and Hydroxychloroquine increase the endosomal pH, inhibiting combination of severe acute respiratory syndrome coronavirus 2 and the host cell membranes. Chloroquine prevents glycosylation of the cellular angiotensin-converting enzyme 2 receptor, which may interfere with the binding of severe acute respiratory syndrome-associated coronavirus to the cell receptor. The US Food and Drug Administration approved limited emergency use for chloroquine and hydroxychloroquine as a treatment for COVID-19. Chloroquine is being tested in various clinical trials conducted by government agencies and academic institutions. Other antivirals drugs are also planned to be fast-tracked for testing for Coronavirus. Hydroxychloroquine and chloroquine have antiviral properties against SARS-CoV-2, the virus that causes COVID-19.
On February 21st, 2020; Zhejiang Hisun Pharmaceutical’s anti-viral drug Favilavir (Favipiravir) has been approved as an investigational therapy to treat the coronavirus, reported by local media. According to media reports, Favilavir has been approved by China as the first antiviral drug against coronavirus. The anti-viral drug Favilavir has been approved by the National Medical Product Treatment Administration of China for the treatment of coronavirus covid-1 treat. Favilavir has been approved for marketing in the treatment of influenza and is one of three drugs that have shown efficacy against coronavirus in human trials. For example, Favipiravir sells under the brand name Avigan and is an approved drug for the treatment of influenza. The drug will be sold under the Brandon Faviton brand and will be available in 200 mg and 400 mg tablets. Pune-based pharmaceutical marketing company Britton Pharmaceuticals is all set to export the anti-viral drug Favpipirvir to one of the countries, awaiting the approval of the Indian Drug Controller to bring the drug to India.
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