Overview and Scope
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
Sizing and Forecast
The remdesivir market size has grown exponentially in recent years. It will grow from $4.95 billion in 2023 to $6.49 billion in 2024 at a compound annual growth rate (CAGR) of 31.2%. The growth in the historic period can be attributed to increasing prevalence of covid-19, rising awareness of remdesivir, government support for remdesivir, clinical trials and research, government purchases.
The remdesivir market size is expected to see exponentially grown in the next few years. It will grow to $14.12 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to ongoing covid-19 response, emerging variants, global vaccination campaigns, pandemic preparedness, global health initiatives. Major trends in the forecast period include personalized medicine, combination therapies, production scalability, telemedicine and remote monitoring, research on new indications, alternative antiviral therapies.
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Segmentation & Regional Insights
The remdesivir market covered in this report is segmented –
1) By Route Of Administration: Oral, Intravenous
2) By Dosage Form: Tablets, Frozen Solution, Lypholized Solution
3) By Distribution Channel: Hospitals, Clinics, Drug Stores/Pharmacies, Online, Other Distribution Channels
North America was the largest region in the remdesivir market in 2023. Middle East is expected to be the fastest growing region in the remdesivir market report during 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.
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Major Driver Impacting Market Growth
The increasing government expenditure is expected to propel the growth of the remdesivir market going forward. Government expenditure, also known as government spending, refers to the total amount of money that a government or public sector entity allocates and disburses to finance its operations, programs, services, and projects. Government expenditure is instrumental in the growth and accessibility of Remdesivir, especially during public health crises. By providing funding, regulatory support, purchasing power, and research investments, governments can contribute to the availability and affordability of this critical antiviral medication. For instance, in July 2023, according to the Government Digital Service, a UK-based government body, the central government’s own current spending on services increased from $876.47 billion to $963.74 billion in 2022–23. The amount spent on capital projects for services rose from $81.37 billion in 2021–2022 to $104.72 billion in 2022–2023 dollars. Therefore, the increasing government spending is driving the growth of the remdesivir market.
Key Industry Players
Major companies operating in the remdesivir market include Gilead Sciences Inc., BrightGene Bio-Medical Technology Co Ltd, Hainan Haiyao Co. Ltd., Sichuan Kelun Pharmaceutical Co. Ltd., Hunan Warrant Pharmaceutical, Cipla Limited, Pfizer Inc., Merck & Co. Inc., Cayman Chemical Company, Dr Reddy’s Laboratories Ltd., Inovio Pharmaceuticals, Shenzhen BORUI Pharmaceutical Technology Co. Ltd., Berry Global Group, Hetero Labs Limited, Mylan N.V., Jubilant Generics, Zydus Cadila Health Care Limited, Syngene International Limited, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Teva Pharmaceutical Industries, Ferozsons Laboratories Limited, Jubilant Life Sciences, Laurus Labs, Macleods Pharmaceuticals, Natco Pharma, Sandoz Group AG, Strides Pharma Science Limited, Torrent Pharmaceuticals, Beximco Pharmaceuticals Ltd., Fresenius Kabi, Gland Pharma Limited, Hikma Pharmaceuticals, Lark Laboratories
The remdesivir market report table of contents includes:
1. Executive Summary
2. Remdesivir Market Characteristics
3. Remdesivir Market Trends And Strategies
4. Remdesivir Market – Macro Economic Scenario
5. Global Remdesivir Market Size and Growth
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31. Global Remdesivir Market Competitive Benchmarking
32. Global Remdesivir Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Remdesivir Market
34. Remdesivir Market Future Outlook and Potential Analysis
35. Appendix
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