The drug remdesivir has been gaining a lot of traction post the outbreak of the COVID-19 pandemic. Initially, remdesivir was known to be an anti-viral drug that was administered to treat the Ebola virus. However, with clinical trials and researches, the drug proved to be somewhat effective in treating coronavirus as well, creating a whopping demand in the global remdesivir market.
With the rising number of cases of COVID-19 patients and the increasing number of people getting hospitalized, the demand in the global remdesivir market has also surged for the treatment of patients having the symptoms of coronavirus. Moreover, the increasing prevalence of viral infections like Ebola, COVID-19, and other viral diseases are also fueling the market growth. Remdesivir has emerged as one of the promising drugs at the time of the pandemic, which is being tested for further effectiveness by several research institutes and laboratories around the globe. In addition, governments of several countries are also investing heavily in the production and research of the drug, contributing to the overall market growth.
The manufacturers have increased the production of the drug experiencing the global demand for the treatment of COVID-19. Nevertheless, with the lack of information about the effect of drugs on the patients, and no proper statistics about the recovery rate, the credibility of the drug is still questionable. This factor is expected to hamper the growth in the global remdesivir market in the coming years. Moreover, the high cost of the drug and hoarding of drugs by the vendors and selling them at unreasonable prices is another factor challenging the overall growth in the market.
The global remdesivir market is majorly categorized into dosage, patient, application, end-user, and region. In terms of dosage, the global market is segregated into 200mg, 100mg, 5mg, and 2.5mg. On the basis of patient, the market is divided into geriatric, adults, and pediatric. The application segment is sub-categorized into SARS-COV, Ebola, COVID-19, and MERS-COV. The end-user segment is classified into online pharmacies, drug stores, clinics, and hospitals.
Geographically, the global remdesivir market is led by North America due to rising cases of people suffering from COVID-19. Besides, easy availability, presence of key players, and rising prevalence of viral infections are some more reasons behind the regional growth. The region is trailed by Europe, attributed to the increasing awareness about viral diseases and the effective drugs in the region. Besides, Asia Pacific is expected to grow exponentially due to rising cases and clinical trials of viral diseases.
The key players leading the global remdesivir market are BrightGene Bio-Medical Technology Co., Ltd., Gilead Sciences, Inc., Saptagir Laboratories Pvt. Ltd., Mylan N.V., Ferozsons Laboratories Limited, Hovione, EVA PHARM, Syngene, Zydus Cadila., Dr. Reddy’s Laboratories Ltd., Pfizer Inc., Biocon, Beximco Pharmaceuticals Ltd., Hikma Pharmaceuticals PLC, Hunan Warrant Chiral Pharmaceutical Co., Ltd., Everest Organics Limited, Hetero, PI & PI BOITECH INC, Jubilant Life Sciences Limited, Cipla Inc., etc. Recently, the US National Institutes of Health has claimed that a drug manufactured by Gilead Sciences Inc., a California-based company when administered reduces the recovery time by 5 days from the average of 10 to 15 days in case of COVID-19 patients. The company manufactures the drug by the name Veklury.
