Global Covid-19 Treatment Market: Overview
In the challenging times of the global crisis, the entire world is focusing on speeding up the development of therapeutics, diagnosis, and vaccines to combat the outbreak. With the absence of an approved clinical treatment or drug for treating the novel coronavirus, researchers across the globe have been toiling to make a breakthrough in medicine. As a result, driven by the urgent need to the curb the SARS-Cov-2, the global covid-19 market will receive a considerable impetus over the forthcoming timeline. The treatments that are in pipeline include drugs that are primarily used to treat autoimmune diseases, certain antiviral drugs, and antibodies taken from recovered patients.
Global Covid-19 Treatment Market: Growth Factors
The spur in the investments in research activities for developing a cure for covid-19 is one of the primary growth factors of the global covid-19 treatment market. Management of the symptoms is the only available solution currently, and therefore several symptom management treatments such as the use of retroviral or antiviral medications, steroids, mechanical ventilation, and blood plasma transfusions are being resorted to. In addition to the aforementioned attempts at treating the virus, the advent of FDA-approved antiviral treatment consisting of a drug called remdesivir in August 2020, is also aiding growth of the covid-19 treatment market.
The FDA also approved a treatment known as bamlanivimab that can be used to treat mild to moderate symptoms in children above 12 years of age and adults, especially patients who are above 65, and those with chronic health conditions and obesity. Findings by clinical experts suggest that certain chronic conditions including asthma, diabetes, chronic obstructive pulmonary disease, and heart disease are at a higher risk of developing complications. According to the findings of the Centers for Disease Control and Prevention (CDC), nearly 25 million citizens residing in the US have asthma, which equals to 1 in every 13 people. Therefore, the global covid-19 treatment market will flourish at a considerable rate over the forthcoming years.
The expansion of the global covid-19 treatment market might be hindered by alternatives such as the small size of clinical trials, preventing the determination of the exact effectiveness of the potential treatments. Home-treatment options might also hinder growth. However, as the trend of online consultation is gaining traction across innumerable countries over the world, the global covid-19 treatment market will continue to surge.
Global Covid-19 Treatment Market: Segmentation
The global covid-19 treatment market can be segmented on the basis of treatment, development stage, and region. Vaccines, anti-viral medications, plasma therapy and immunomodulators are the four major segments on the basis of treatment type. The anti-viral medication segment can further be categorized into pipeline drugs and off label drugs. The vaccines segment is poised for high growth over the forecast period, driven by the promise of a definitive treatment to conquer the virus. Clinical phase and non-clinical phase are the key classifications based on development stage.
Global Covid-19 Treatment Market: Regional Analysis
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. With the mass panic instilled by the pandemic situation across the world, several countries in North America have responded to the pandemic by adopting a triage of healthcare facilities, deployment of telemedicine to compensate for personnel shortage, and transformation in medicine dispensing.
Asia Pacific covid-19 treatment market is also representative of immense opportunities for future expansion, triggered by the increasing urbanization and rapidly multiplying population. Overcrowding in countries such as India and China can lead to a higher risk of contagion. The upsurge in the frequency of diabetes, obesity, and hypertension has led to an increased vulnerability to the virus, and this might propel the progress of the market through the projected period. Moreover, the increasing use of non-steroidal anti-inflammatory drugs (NSAIDs) including ibuprofen is also fuelling the market growth.
Global Covid-19 Treatment Market: Competitive Players
Pfizer, Gilead Sciences, Inc., Jubilant, Cipla, Hetero Group, and Hikma are some leading competitors in the global covid-19 treatment market. They are constantly engaging in strategic partnerships, product launches, and acquisitions.
Global Covid-19 Treatment Market: Regional Segment Analysis
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