North America dominates the COVID-19 drugs market
Northbrook, IL -- (SBWIRE) -- 11/20/2020 -- The Global COVID-19 Impact on Vaccines and Drugs Market study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the key players, competitive landscape, key market dynamics, and key player strategies.
According MarketsandMarkets Research – The global COVID-19 vaccines market is projected to reach USD 1,401 million by 2025 from USD 2,273 million in 2022, at a CAGR of -14.9% during the forecast period.
On the other hand, the global COVID-19 drugs market is projected to reach USD 2 million by 2025 from USD 165 million in 2020, at a CAGR of -57.8% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Increasing prevalence of infectious diseases
- Growing funding for vaccine development
- Collaborations among global organizations and vaccine manufacturers
- Adoption of organ-on-chip models in the development of drugs targeting COVID-19
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Funding from global governments and foundations is promoting the growth of the market;
Incentives are needed to engage manufacturers for the large-scale capacity to guarantee sufficient production of SARS-CoV-2 vaccines. In line with this, various global organizations have come forward to expedite the process, such as Gavi, CEPI, and WHO. However, considering the pandemic scenario of COVID-19, much stronger initiatives are required.
In April 2020, the Bill and Melinda Gates Foundation announced plans to help fund factories for seven promising vaccines, even before seeing conclusive data. The foundation aims to help scale up manufacturing during testing, rather than after the vaccines have passed the trials.
Besides the most promising Moderna program, several other big pharma companies are involved in COVID-19 vaccine work. Johnson & Johnson has pledged a manufacturing scale-up to 1 billion doses for its federally partnered program. Meanwhile, Sanofi has two partnerships underway—one with the federal government and another with Translate Bio.
Vaccine manufacturing ramp-up to drive the growth further;
While global drug makers are pouring massive resources into developing targeted therapies and vaccines, contract development and manufacturing organizations (CDMOs) are finding ways to ramp up the production of vaccines. In line with this, a new CDMO from Belgium's Univercells is offering its expertise to help drug makers scale up their manufacturing.
Pfizer and BioNTech have initiated plans for clinical trials and producing millions of doses, if the trials succeed. The companies expect to have millions of doses of a COVID-19 vaccine ready to go by year-end if the companies begin human testing as planned by late April. Pfizer and BioNTech are hoping to advance multiple mRNA vaccine candidates.
Currently, around 155 molecules are under clinical investigation, and about 45 molecules are under preclinical development to be targeted against COVID-19. In this list, four promising drugs have been repurposed for use against COVID-19.
- Chloroquine and hydroxychloroquine
- Lopinavir and ritonavir (and that same combination plus interferon-beta)
- An immune system messenger that can help stop the multiplication of viruses
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North America is expected to account for the largest share of the COVID drugs market in 2020. The large share of North America is attributed to the increasing prevalence of COVID-19, rising demand for repurposed drugs, collaborations among manufacturers and academics, and the implementation of favorable initiatives by the government in the US and Canada. The North American market is also expected to grow at the highest rate during the forecast period.
Key Market Players
Key players in the COVID-19 vaccines market include Pfizer Inc. (US), Johnson & Johnson Services, Inc (US), GlaxoSmithKline plc. (UK), Sanofi (France) Serum Institute of India (India), among others. Major players in the COVID-19 drugs market include Gilead Sciences, Inc. (US), Sanofi (France), F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Janssen Pharmaceuticals, Inc. (Belgium) among others.