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Remdesivir Global Market Size, Share Analysis And Trends By 2033
Remdesivir Global Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the remdesivir market are receiving FDA approvals for new drugs such as Veklury (Remdesivir) to increase their profitability in the market. Veklury (remdesivir) is an antiviral medication used to treat COVID-19 in adults and pediatric patients who are at least 28 days old and weigh at least 3 kg. For instance, in January 2022, Gilead Sciences Inc., a US-based pharmaceuticals company announced that Food and Drug Administration has approved its new drug called Veklury (Remdesivir). Veklury is used to treat mild to moderate COVID-19 symptoms in adults and children who are hospitalized or not and are at high risk for developing severe COVID-19, including hospitalization or death.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Remdesivir Market 2024 Key Insights:
• The remdesivir market size will grow to $14.12 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
• Role Of Government Expenditure In Driving Remdesivir Market Growth
• Gilead's New FDA-Approved Drug Veklury (Remdesivir) To Treat Covid-19
• North America was the largest region in the remdesivir market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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