Global Remdesivir Market 2024 , Forecast To 2033
7 Mar, 2024
The remdesivir market has experienced exponential growth recently, expanding from $4.95 billion in 2023 to $6.49 billion in 2024, with a compound annual growth rate (CAGR) of 31.2%. This growth can be attributed to factors such as the increasing prevalence of COVID-19 and government support for research and development. Looking ahead, the market is expected to see continued exponential growth, reaching $14.12 billion in 2028 at a CAGR of 21.4%. Factors contributing to this growth may include ongoing COVID-19 response efforts and global vaccination campaigns. Major trends in this period could include personalized medicine and alternative antiviral therapies.
Global Remdesivir Market Key Driver
The increasing government expenditure is expected to propel the growth of the remdesivir market going forward (43). 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 (44). Government expenditure is instrumental in the growth and accessibility of Remdesivir, especially during public health crises (45). By providing funding, regulatory support, purchasing power, and research investments, governments can contribute to the availability and affordability of this critical antiviral medication (46). 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 (47). The amount spent on capital projects for services rose from $81.37 billion in 2021–2022 to $104.72 billion in 2022–2023 dollars (48). Therefore, the increasing government spending is driving the growth of the remdesivir market (49).
Get A Free Sample Of The Global Remdesivir Market ReportGlobal Remdesivir Market Segments
The remdesivir market covered in this report is segmented –
1) By Route Of Administration: Oral, Intravenous
2) By Dosage Form: Tablets, Frozen Solution, Lypholized Solution
3) By Distribution Channel: Hospitals, Clinics, Drug Stores/Pharmacies, Online, Other Distribution Channels
By Geography: 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.
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.
Major Remdesivir Industry Players
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
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Remdesivir Market Overview
Remdesivir refers to a class of drugs called antivirals that are used to treat hospitalised adults and children 28 days of age and older who weigh at least 6.6 pounds for coronavirus disease 2019 (COVID-19 infection) caused by the SARS-CoV-2 virus (3 kg). who have a significant risk of developing severe COVID-19, which could result in hospitalisation and death