The Global Remdesivir Market is expected to grow from $2.87 billion in 2021 to $11.17 billion in 2026 at a compound annual growth rate (CAGR) of 31.2%, according to the report “Remdesivir Global Market Report 2022” released on Report Linker.
The market growth could be mainly due to companies resuming their operations and getting back to normal life while recovering from the COVID-19 crisis, which had promoted restrictive measures involving remote working, social distancing, and the closure of commercial activities.
Developed by Gilead Sciences, remdesivir has been one of the most promising drugs for the treatment of severe COVID-19 illness. The U.S. Food and Drug Administration (FDA) approved remdesivir for the treatment of COVID-19 infection in October 2020.
The global remdesivir industry consists of sales of remdesivir, sold under the brand name Veklury, which has been found highly effective in treating the COVID-19 disease.
Gilead has been expanding its remdesivir production because of the high demand globally. Remdesivir is a synthetic compound that belongs to the class of antiviral drugs that target RNA synthesis.
The drug is administered intravenously or orally. The dosage forms include tablets, solution, and lyophilized solution, which are distributed through various channels like hospitals, clinics, drug stores or pharmacies, online, and others.
In 2021, North America was the largest region in the remdesivir market, according to the report. It is expected that the Middle East is the fastest-growing region in the forecast period. Other regions in this report include Asia-Pacific, Europe, North America, South America, and Africa.
One of the key factors driving the growth of the global remdesivir market is the increasing prevalence of COVID-19. Worldwide, the virus has affected more than 462 million people and killed over 6 million people so far. In the United States, COVID-19 has affected more than 81 million and killed over 992,300.
Remdesivir is one of the costly COVID drugs and its high cost is a key factor hampering the growth of the market. The estimated price of Remdesivir is between $4,580 and $5,080, according to the Institute for Clinical and Economic Review (ICER).
Gilead has licensed companies to manufacture generic remdesivir for sale in 127 countries. Companies such as Cipla, Ferozsons Labs, Hetero Labs, Jubilant Lifesciences, and Mylan will have the right to manufacture and market generic versions of remdesivir in lower-income countries.
