24 March 2020
Visiongain has launched a new pharma report Novel Coronavirus (COVID-19) Drugs in Development Market Forecast 2020-2030: Revenue Prospects by Type (Remdesivir, Chloroquine and Hydroxychloroquine, Ritonavir/Lopinavir, Ritonavir/Lopinavir + Interferon Beta, Others), Age Group (<10 Years, 10-19 Years, 20-29 Years, 30-80 Years, >80 Years) and Geography.
Coronavirus disease 2019 (COVID-19) is a respiratory disease which can spread from one person to another. The novel coronavirus was first identified during an investigation into an outbreak in Wuhan, China. The COVID-19- originally originated from an animal source, but now is spreading from person to person. The virus is thought to spread through respiratory droplets formed when an infected person coughs or sneezes primarily amongst people who are in close contact with each other (within about 6 feet). It may also be possible for a person to get COVID-19 by touching an object/surface with the virus on it, & then touching their own mouth, nose, or possibly eyes, but this is not thought to be the primary way the virus spreads.
As per the latest reports of UNCTAD (United Nations Conference on Trade and Development), COVID-19 pandemic has not only led to tragic human consequences but is projected to cost the global economy $1 trillion in 2020. The heavily-indebted growing economies, particularly commodity exporters, are anticipated to face a threat due to weaker export returns linked to a stronger US dollar.
Global corona virus vaccine market is anticipated to grow on account of growing number of existing and rising fresh cases at an exponential rate. As of 23rd March 2020, there were total 368,936 cases worldwide and has led to deaths of 16,307 individuals. China, Italy, USA, Spain, and Germany had 81,093; 63,927; 41,526; 33,089; and 28,865 cases respectively. The growing number of outbreaks has led to lockdown in major economies in order to manage the pandemic.
Visiongain anticipates that the Asia Pacific will dominate the global corona virus vaccine market owing to large patient pool across two largest economies of the world i.e. China and India. As of 23rd March, China had 81,093 people infected with the virus and caused 3,270 deaths since its inception. Talking about the Indian region, the number of cases has crossed the 450 mark. Owing to growing burden of the corona virus, the Indian government has taken strict steps and implemented lockdown in majority of the Indian states. Also, increasing healthcare spending in emerging nations and growing demand for proactive monitoring are anticipated to unleash opportunities for market players operating in this industry.
The rapid spread of the COVID-19 virus has caused medical researchers across the globe to look for effective treatments and vaccines. With the novel coronavirus extending its global threat to millions of populations, NIH (National Institutes of Health) & the U.S. FDA (Food and Drugs Association), are now slashing red tape to expedite the production of effective vaccines to cater the growing burden of the disease.
The pharmaceutical firms and research firms across the globe are racing to develop vaccine for coronavirus which has killed thousands of individuals so far. This is anticipated to create lucrative growth opportunities for the companies thus offering numerous incentives. Winning the race would help companies to showcase their bespoke technology and will bring in revenue from the stockpiling of vaccines by health organizations across the globe. The COVID-19 vaccine development process is taking place at a rapid pace; however, the presence of regulatory hurdles mean that it could take months before a drug is proven safe & authorized for humans use.
Some of the major player operating in this industry are National Institute of Allergy and Infectious Diseases, King Abdullah International Medical Research Center, CanSino Biologics Inc, Philipps University Marburg Medical Center, Naval Medical Research Center, SAB Biotherapeutics Inc, Novavax, Gilead, Inovio, Entos Pharmaceuticals, Inc among other prominent players. Majority of the players are working towards the development of COVID-19 vaccine in order to take a leap over its counterparts. For instance, on 22nd March 2020, California based biotech firm Gilead Sciences announced that it has paused the access to its COVID-19 contender remdesivir amid overwhelming demand. The company further states that it would only be made available to pregnant women and children under 18 with severe COVID-19. Furthermore, New York based biotech firm Regeneron Pharmaceuticals is testing a cocktail of antibodies to see if they can temporarily boost immune systems to fight the virus.
Inovio has already started testing its vaccine on animals & anticipates to start human trials in April 2020. The company has finalized the designs for clinical trials & has developed large-scale manufacturing plans. Additionally, the company is planning to launch clinical trials in the United States in approximately 30 healthy volunteers.
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