Rise in Death Toll due to COVID-19 Pandemic to Boost Sales in Remdesivir Drugs Market
Global Remdesivir Drugs Market: Introduction
Remdesivir is an antiviral medication being studied for the treatment of coronavirus disease 2019 (COVID-19) caused by the SARS-CoV-2 virus. Remdesivir is a prodrug of a nucleotide analogue that is intracellularly metabolized to an analogue of adenosine triphosphate that inhibits viral RNA polymerases. Remdesivir has not undergone the standard review to be approved by the FDA for use. However, the FDA has approved an Emergency Use Authorization (EUA) to allow adults and children who are hospitalized with severe COVID-19 to receive Remdesivir. Remdesivir has broad-spectrum antiviral activity both in vitro and in vivo in animal models against multiple emerging viral pathogens, including Ebola, SARS, Marburg, MERS and SARS-CoV-2; the virus that causes COVID-19.
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Key Drivers of Global Remdesivir Drugs Market
Rise in geriatric population
The global geriatric population continues to increase at an unprecedented rate. Presently, 8.5% of people across the world (617 million) are aged 65 and over. According to a new report – An Aging World: 2015, the percentage is projected to jump to nearly 17% of the world’s population by 2050 (1.6 billion). According to the National Institutes of Health, the population aged 65 and over in the U.S. is anticipated to nearly double in the next three decades, from 48 million to 88 million by 2050. The global population aged 80 and older is expected to more than triple between 2015 and 2050, from 126.5 million to 446.6 million. The population aged 80 and older in some countries in Asia and Latin America is likely to quadruple by 2050.
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Increasing prevalence of COVID-19
According to Spandidos Publications 2020- Molecular Medicine Reports, the global spread of COVID?19 can be described as the worst pandemic in humanity in the last century. To date, COVID?19 has infected more than 3,000,000 people worldwide and killed more than 200,000 people. Obese patients are at a higher risk of hospital admission regardless of their viral status. Furthermore, obese patients are at a higher risk of hospitalization as compared to normo-ponderal ones, when affected by influenza. The World Health Organization (WHO) has characterized both the COVID-19 outbreak and obesity ‘epidemic’ as international public health emergencies. Global clinical and epidemiological observations confirm that CoVs can cause more severe symptoms and complications in people with obesity-related conditions. According to WHO World Health Organization, on March 19, 2020, around 209 839 (16 556) confirmed cases of COVID-19 and 8778 deaths (828) were recorded globally.
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North America to Account for Major Share of Global Remdesivir Drugs Market
- North America is projected to account for major share of the global Remdesivir drugs market during the forecast period. The market in the region is anticipated to expand at a rapid pace in the next few years due to an increase in research & development and various government initiatives to reduce the pandemic conditions. Europe is expected to be the second-largest market during the forecast period.
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- The Remdesivir drugs market in Asia Pacific is likely to expand at a high CAGR during the forecast period.
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