Reportlinker.com announces the release of the report "Coronavirus (COVID-19) Current Therapy Global Market Report 2020: COVID 19 Growth and Change" - https://www.reportlinker.com/p05933757/?utm_source=GNW
The global COVID-19 current therapy market is expected to grow from $10.83 billion in 2019 to $16.51 billion in 2020 at a compound annual growth rate (CAGR) of 52.5%. The growth is mainly attributed to the COVID-19 outbreak and the urgent need to treat the growing number of cases. With no effective therapeutics discovered so far, existing drugs such as Remdesivir, Hydroxychloroquine, Ritonavir, Lopinavir, Interferon Beta, among others are repurposed for the COVID-19 treatment. The market is then expected to stabilize and reach $27.27 billion in 2023 at a CAGR of 18.2%.
The coronavirus (COVID-19) current therapy market consists of sales of drugs currently used for the treatment of COVID-19 infection. The market report includes single-drug therapeutics and combination drug therapeutics used in treating COVID-19 patients. The market consists of revenue generated by the companies that manufacture coronavirus current therapeutics by the sales of these products.
North America is anticipated to be the largest region in the COVID-19 current therapy market by the end of 2020.
In March 2020, Sanofi and Regeneron Pharmaceuticals planned to initiate clinical trials of rheumatoid arthritis drug Kevzara (sarilumab) for the treatment of COVID-19 symptoms. The US Food and Drug Administration (FDA) approved Kevzara in 2017 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 coronavirus (COVID-19) current therapy market covered in this report is segmented by drug type into antiviral (remdesivir; ritonavir; lopinavir); antimalarial (hydroxychloroquine); interferons (interferon beta); corticosteroid (dexamethasone); others, and by end-use into hospitals; clinics; research institutes; others.
High costs involved in research and development of therapeutic drugs and vaccines and long waiting time required for each phase of clinical trials are expected to limit the growth of coronavirus (COVID-19) current therapy market. According to a recent study published in the Journal of Health Economics by 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 the 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.
The outbreak of the pandemic COVID-19 contributed to the growth of 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 COVID19 including 517,337 deaths reported to WHO as 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 the 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.
Read the full report: https://www.reportlinker.com/p05933757/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001