In the times of global crisis and pandemic COVID-19, the healthcare industry across the world is facing a pressing urgency to upgrade and fast-track their development of vaccines, therapeutics, and diagnosis to fight the bio-war. With slow approval for clinical trials and drug development to treat coronavirus, researchers around the globe are feeling restricted to come up with a breakthrough in healthcare. Thus, owing to the rising need to eradicate or control SARS-Cov-2, the global COVID-19 treatment market is expected to undergo high demand within the forecast period.
The increase in investment regarding research activities to develop vaccine for coronavirus is among the basic growth factors for the global COVID-19 treatment market. At present, the symptoms management and prevention is the only solution available in the market. However, companies have discovered some vaccines that are being claimed to control the disease to some extent such that the severity can be reduced significantly. Some of the key symptoms management treatment are usage of steroids, blood plasma transfusion, antiviral & retroviral medications, and mechanical ventilations. A significant drug, Remdesivir approved by FDA is also fueling the demand in the global market.
Nevertheless, the global COVID-19 treatment market is estimated to be hampered by the alternatives like unable to figure out the effectiveness of the available treatments, small clinical trials, etc. Moreover, in some cases the home-treatment options are also affecting the market negatively. But, the rising trend of online consultation is picking up a rapid pace since the past few months significantly surging the growth of the global market.
The global COVID-19 treatment market is widely divided into region, application, and type. In terms of type, the market is divided into severity degree and treatment type. On the basis of application, the global market is segregated into adult, children, and special groups comprising pregnant women, kids, and others.
Geographically, the North America COVID-19 treatment market is anticipated to represent a significant share of the market, supported by several factors such as growing number of clinical trials, advanced healthcare infrastructure, supportive government policies, high disposable incomes of the population, and high degree of awareness regarding the management of the pandemic. Due to worsening of the pandemic and increasing panic among the people, the region is adopting restructured healthcare policies & services, change in dispensing of medicine, and installment of telemedicine to curb the shortage.
The region is further trailed by Asia Pacific owing to several opportunities for future growth of the players, rapid urbanization, and increasing population. Moreover, the increasing number of people suffering from hypertension, obesity, and diabetes are likely to contribute to the regional growth in coming years.
Some of the leading firms operating in the global COVID-19 treatment market are Gilead Sciences, Inc., Pfizer, Jubilant, Hetero Group, Cipla, and Hikma. Recently, Bajaj Healthcare Limited (BHL) launched Ivejaj, which are anti-parasitic Lvermectin tablets for the treatment of COVID-19. With this launch, the company experienced a jump of 6.32% in its share price.
