COVID-19 Current Therapy Global Market Report 2024
COVID-19 Current Therapy Global Market Report 2024
The COVID-19 current therapy market size has declined steeply in recent years. It will decline from $11.73 billion in 2023 to $5.87 billion in 2024 at a compound annual growth rate (CAGR) of -50.0%. The decline in the historic period can be attributed to limited treatment options, varying treatment efficacy, supply chain disruptions, rapidly evolving scientific knowledge, emergence of variants.The COVID-19 current therapy market size is expected to see steep decline in the next few years. It will decline to $2.34 billion in 2025 at a compound annual growth rate (CAGR) of -60.1%. The decline in the forecast period can be attributed to global vaccine rollout impact, long-term effects and chronic cases, regulatory and market access challenges, global economic factors. Major trends in the forecast period include investing in developing monoclonal antibody therapies, convalescent plasma therapies, cell-based therapies, and antiviral therapies, collaboration with government institutions and undergoing strategic partnerships with other pharmaceutical companies.The outbreak of the COVID-19 pandemic has significantly contributed to the growth of the COVID-19 current therapy market. The World Health Organization (WHO) declared the outbreak a global pandemic, and as of August 2022, reported global COVID-19 cases had reached 581.8 million. With no officially approved drug for COVID-19, there has been a substantial demand for repurposed drugs used in corona therapy. Countries worldwide are grappling with drug shortages, prompting manufacturers to scale up production to meet the surging global demand. The COVID-19 Treatment Acceleration Program (CTAP), initiated by the FDA, is a special emergency program designed to expedite the development of potential COVID-19 therapies for swift availability to patients.The anticipated growth of the COVID-19 current therapy market is also driven by the expansion of healthcare infrastructure. The healthcare industry plays a crucial role in integrating sectors that provide products and services for curing, preventing, rehabilitating, and offering palliative care to patients. A robust healthcare infrastructure is essential for the effective implementation of COVID-19 therapies, ensuring timely patient care, supporting research and clinical trials, and providing essential resources for optimal treatment delivery. As an illustration, in May 2023, the American Health Care Association reported an increase in the number of hospitals in the US from 6,093 in 2022 to 6,129. Additionally, a report by the UK's Office for National Statistics revealed a 9.4% increase in healthcare spending in the UK between 2020 and 2021 in nominal terms, and a 9.7% increase in real terms. Hence, the expansion of the healthcare industry is a key driver propelling the growth of the COVID-19 current therapy market.Convalescent Plasma Therapy has emerged as an experimental treatment for COVID-19 patients, involving the use of blood plasma from individuals who have recovered from the disease, known as convalescent plasma (CP). CP therapy is a passive antibody therapy where the isolated plasma, containing antibodies from recovered patients, is administered to individuals with severe disease to suppress virulence and improve clinical symptoms. The blood plasma of recovered COVID-19 patients contains antibodies that can combat the infection. The FDA recommends CP Therapy as an investigational product during public health emergencies. Approximately 2,004 participating sites adhering to a single expanded access protocol by the US FDA had been registered, with around 7,774 patients enrolled, and 3,809 of them undergoing convalescent plasma transfusion. The experimental nature of convalescent plasma therapy continues to attract attention, with its potential effectiveness depending on sufficient supporting data.Major companies are intensifying their focus on introducing innovative products to gain a competitive edge. One such innovation is the development of COVID-19 oral antiviral treatments. Antiviral treatments are designed to inhibit the replication and spread of viruses within the body. For example, in November 2021, Pfizer Inc., a US-based pharmaceutical company, launched PAXLOVID, a novel oral antiviral candidate for COVID-19. The Phase 2/3 EPIC-HR study assessing PAXLOVID's efficacy demonstrated a consistent safety profile, making it suitable for patients treated within three days of symptom onset. Interim analysis indicates that PAXLOVID has the potential to save lives, reduce the severity of COVID-19 infections, and prevent up to nine out of ten hospitalizations.In October 2021, Sanofi and Regeneron Pharmaceuticals announced plans to commence clinical trials using the rheumatoid arthritis medication Kevzara (sarilumab) for managing COVID-19 symptoms. The US Food and Drug Administration (FDA) granted approval for Kevzara's use in treating rheumatoid arthritis. This drug is part of an ongoing collaborative effort between Sanofi and Regeneron focused on antibodies. Kevzara, a fully human monoclonal antibody, functions by obstructing the interleukin-6 (IL-6) pathway through binding and inhibiting the IL-6 receptor. IL-6 potentially contributes to the exacerbated inflammatory response observed in the lungs of severely or critically ill COVID-19 patients. Following a comprehensive evaluation by the Independent Data Monitoring Committee (IDMC) of available Phase 2 and Phase 3 data, adjustments to the trial will prioritize enrolling only critical patients to receive Kevzara at a dosage of 400 mg.Major companies operating in the COVID-19 current therapy market report are Gilead Sciences, Inc., F. Hoffmann-La Roche AG, Ipca Laboratories Limited, Zydus Cadila, Regeneron Pharmaceuticals, Inc., Sun Pharmaceutical Industries Limited, AbbVie, Glenmark Pharmaceuticals Limited, Eli Lilly and Company, Wallace Pharmaceuticals, Inc., Mylab Discovery Solutions, Kalbe Farma, He Qi Group Foundation, Beijing Jinwofu Bioengineering Technology Company, Zhejiang Orient Gene Biotech Co. Ltd., Transasia Bio Medicals, Vanguard Diagnostics, HLL Lifecare Limited, Voxtur Bio Ltd., Biocryst Pharma, Clover Biopharmaceuticals, Inovio Pharmaceuticals, Inc., LAB-CARE Diagnostics, ImmunoScience, CPC Diagnostics, Sysmex Corporation, Atomo Diagnostics, Cellmid Limited, Moderna Therapeutics, Novavax, Bravovax, Ascletis Pharma, Altimmune, Hunan Lituo Biotechnology, Hangzhou Biotest Biotech, AmonMed Biotechnology, Getein Biotech, Beijing Tigsun Diagnostics, Vivacheck Lab, Seegene, SD Biosensor, Fujirebio, Siemens Healthcare Pte. Ltd., Senova, LetsGetChecked, Omega Diagnostics, Abingdon Health, Babylon, Motologic, F. Hoffmann-La Roche Ltd., Novacyt Group, AstraZeneca, Pfizer, Zentiva, Boehringer Ingelheim, GlaxoSmithKline, Merck & Co., Novartis AG, Teva Pharmaceutical Industries Ltd., Sanofi, Amgen and AdaptiveBiotechnologies, BioNtech, Cytodyn, Heat biologics, Johnson&Johnson, Takeda pharmaceuticals, Vaxart, Vir Biotechnology, Victory Square Health, Abbott Molecular Inc., ACRO Biotech, Advagen Biotech Ltd., BD, Boditech Med, Inc., Cellex Inc., CerTest Biotec, S.L., Hi Technologies, BATM, BioMedomics Quant Lease, CapeBio, Astel Diagnostics, Canary Health Technologies, Thermo Fisher Scientific.North America is the largest region in the COVID-19 current therapy market in 2023. Middle East is expected to be the fastest growing region in the global COVID-19 current therapy market share during the forecast period. The regions covered in the COVID-19 current therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the COVID-19 current therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.Key drug categories in COVID-19 therapy comprise antivirals, monoclonal antibodies, corticosteroids, supplements, antimalarials, interferons, interleukin inhibitors, other anti-infective medications, and similar treatments. Antivirals are specific medications or compounds crafted to impede virus growth and replication, targeting various stages of the viral life cycle or disrupting viral processes. These drugs are administered via oral or intravenous routes and find application across hospitals, clinics, research institutes, and related sectors.The COVID-19 current therapy market research report is one of a series of new reports that provides COVID-19 current therapy market statistics, including COVID-19 current therapy industry global market size, regional shares, competitors with a COVID-19 current therapy market share, detailed COVID-19 current therapy market segments, COVID-19 current therapy market trends and opportunities, and any further data you may need to thrive in the COVID-19 current therapy industry. This COVID-19 current therapy 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 COVID-19 current therapy market includes revenues earned by entities by tocilizumab, favipiravir, and ivermectin. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.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.This product will be delivered within 3-5 business days.