Coronavirus (COVID-19) Current Therapy Global Market Report 2023

NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Major players in the coronavirus (COVID-19) current therapy market are Moderna Therapeutics, Novavax, Bravovax, Ascletis Pharma, Altimmune, Clover Biopharmaceuticals, Inovio Pharmaceuticals, Inc., Biocryst Pharma, Gilead Sciences, and Regeneron Pharmaceuticals.

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The global coronavirus (COVID-19) current therapy market is expected to decline from $28.16 billion in 2021 to $16.43 billion in 2022 at a compound annual growth rate (CAGR) of -41.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The coronavirus (COVID-19) current therapy market is expected to decline to $1.57 billion in 2026 at a CAGR of -44.4%.

The coronavirus (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.

Coronavirus (COVID-19) current therapy refers to a drug created and used to treat mild to moderate COVID-19 in those who have a higher risk of experiencing significant illness as a result of COVID-19.

North America is the largest region in the coronavirus (COVID-19) current therapy market in 2022.Middle East is expected to be the fastest growing region in the forecast period.

The regions covered in the coronavirus (COVID-19) current therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of drugs in coronavirus (COVID-19) current therapy are redeliver, hydroxychloroquine, ritonavir, lopinavir, interferon beta, and others.Remdesivir is an antiviral drug that works by preventing an RNA-based virus from replicating its viral genome within an infected cell.

It was first used to combat the Ebola virus.It can be administered through various routes such as oral and intravenous.

The different sectors include hospitals, clinics, and research institutes; others.

The outbreak of the pandemic COVID-19 contributed to the growth of the coronavirus (COVID-19) current therapy market.On March 11, 2020, the World Health Organization (WHO) declared the outbreak as a global pandemic.

According to the World Health Organization (WHO), there were 10,719,946 cases of COVID-19 including 517,337 deaths reported to WHO on 3rd July 2020, and this number is expected to grow soon.As there is no officially approved drug for COVID-19, the demand has risen significantly for repurposed drugs that are used for corona therapy.

Countries across the world are facing shortages of drugs and drug manufacturers are ramping up production to meet the global demand. Coronavirus Treatment Acceleration Program (CTAP) is a special emergency program initiated by the FDA for the development of potential COVID-19 therapies to be made available to the patients as quickly as possible.

High costs involved in the research and development of therapeutic drugs and vaccines and the long waiting time required for each phase of clinical trials are expected to limit the growth of the coronavirus (COVID-19) current therapy market. According to a recent study published in the Journal of Health Economics by the Tufts Center for the Study of Drug Development, it is estimated to cost $2.6 billion in developing a new prescription medicine and gain marketing approval, and seven out of eight pipeline drugs will fail in the development process. Moreover, the time required for each phase of the clinical trial and drug approval process takes an average of 12 years for an experimental drug to reach the market. High costs and long waiting times for drug development are expected to hamper the coronavirus (COVID-19) current therapy market.

Convalescent Plasma Therapy is used as an experimental therapy to treat COVID-19 patients.The blood plasma of patients who have recovered from a disease is called convalescent plasma (CP).

Convalescent Plasma (CP) therapy is a type of passive antibody therapy in which blood plasma is isolated from patients who have recovered from the disease of interest and administered to the patient with severe disease to suppress the virulence and improve clinical symptoms.The blood plasma of recovered COVID-19 patients has antibodies to fight COVID-19 infection.

According to guidance issued by the FDA, Convalescent Plasma Therapy is recommended as an investigational product during a public health emergency.By 30th April 2020, around 2,004 participating sites adhering to a single expanded access protocol by the US FDA had been registered, around 7,774 patients have enrolled, and 3,809 of them have undergone convalescent plasma transfusion.

The experimental convalescent plasma therapy is likely to gain attention if enough data is supporting the results.

In March 2020, Sanofi and Regeneron Pharmaceuticals planned to initiate clinical trials of the rheumatoid arthritis drug Kevzara (sarilumab) for the treatment of COVID-19 symptoms.The US Food and Drug Administration (FDA) approved Kevzara to treat rheumatoid arthritis.

The drug is part of an ongoing antibody partnership between Sanofi and Regeneron.Kevzara is a fully-human monoclonal antibody that inhibits the interleukin-6 (IL-6) pathway by binding and blocking the IL-6 receptor.

IL-6 may play a role in driving the overactive inflammatory response in the lungs of patients who are severely or critically ill with COVID-19. Following a review by the Independent Data Monitoring Committee (IDMC) of all available Phase 2 and Phase 3 data, the trial will be immediately amended so that only critical patients continue to be enrolled to receive Kevzara 400 mg.

The countries covered in the coronavirus (COVID-19) current therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The coronavirus (COVID-19) current therapy market research report is one of a series of new reports that provides coronavirus (COVID-19) current therapy market statistics, including coronavirus (COVID-19) current therapy industry global market size, regional shares, competitors with a coronavirus (COVID-19) current therapy market share, detailed coronavirus (COVID-19) current therapy market segments, market trends and opportunities, and any further data you may need to thrive in the coronavirus (COVID-19) current therapy industry. This coronavirus (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.

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