Remdesivir Global Market Report 2024

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%. Historical growth in the utilization and recognition of remdesivir can be primarily attributed to several key factors. These include the escalating prevalence of COVID-19, heightened awareness regarding the drug remdesivir, substantial government support directed towards its usage, extensive clinical trials and research initiatives exploring its efficacy, and significant government procurement efforts to acquire and distribute the medication. These elements collectively contributed to the growth observed in the past period within the domain of remdesivir.

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%. Anticipated growth in the upcoming period is linked to several key factors, including sustained efforts in responding to COVID-19, concerns related to emerging variants, widespread global vaccination campaigns, readiness for future pandemics, and a continued focus on global health initiatives.

Rising government expenditure is anticipated to drive the expansion of the remdesivir market. This form of spending, encompassing funds directed by the government toward operations, programs, and services, plays a pivotal role in fostering the accessibility and growth of Remdesivir, particularly in times of public health crises. By allocating resources, providing regulatory support, and investing in research, governments contribute significantly to enhancing the availability and affordability of this critical antiviral medication. For instance, in July 2023, the UK government increased its spending on services and capital projects, thereby contributing to the market's growth.

The escalating demand for clinical trials and research is poised to fuel the remdesivir market. These systematic investigations in healthcare evaluate the safety and efficacy of medical interventions, including Remdesivir's effectiveness in treating viral infections like COVID-19. These trials yield vital scientific evidence regarding the drug's impact on symptom severity, duration, and safety. For instance, as of May 2023, there has been a notable increase in registered clinical studies, indicating a growing need for research and trials. This surge in demand underscores the driving force behind the market's growth. Major companies in the remdesivir market are obtaining FDA approvals for new drugs, such as Veklury (Remdesivir), to bolster their market position. Veklury, approved by the FDA in January 2022, serves as an antiviral medication specifically designed to treat mild to moderate COVID-19 symptoms in adults and children. This strategic move by companies like Gilead Sciences Inc. Contributes to their profitability and market dominance.

Strategic partnerships among key market players are fostering profitability within the remdesivir market. For example, in 2021, Gilead Sciences Inc., in a collaboration with the Center for Translational Antiviral Research, aims to explore an oral modification of remdesivir. This partnership seeks to develop an oral form of the drug for home consumption, promising a significant advancement in COVID-19 treatment. Such collaborations underline efforts to innovate and create effective antiviral medications for various diseases, emphasizing the market's growth potential.

In February 2023, Kite Pharma, a US-based biotechnology firm, completed the acquisition of Tmunity Therapeutics Inc for an undisclosed sum. This strategic move is aimed at granting Kite access to a range of pre-clinical and clinical initiatives, as well as efficient production techniques. Notably, the acquisition includes access to Tmunity's 'armored' CAR T technology platform, which holds promise for enhancing the effectiveness of various CAR T therapies against tumors.

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.

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. The countries covered in the remdesivir market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary routes of administering remdesivir are oral and intravenous. Intravenous administration involves delivering the drug or substance directly into a vein using a syringe or tubing. Remdesivir is available in various dosage forms such as tablets, frozen solutions, and lyophilized solutions. These medications are distributed through diverse channels including hospitals, clinics, drug stores or pharmacies, online platforms, and other relevant healthcare avenues.

The remdesivir market research report is one of a series of new reports 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.

The remdesivir market consists of sales of nucleotide analogue 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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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