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COVID-19

Coronavirus (COVID-19) Current Therapy Market Experiencing Significant Decline

Strategic Insights

— 2 min read

The global coronavirus (COVID-19) current therapy market is experiencing a significant decline due to the Russia-Ukraine war, which has disrupted economic recovery from the COVID-19 pandemic. The market is expected to fall from $28.16 billion in 2021 to $16.43 billion in 2022 at a compound annual growth rate (CAGR) of -41.7%. The decline is attributed to economic sanctions, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services affecting many markets globally. Despite the decline, the market is expected to reach $1.57 billion in 2026 at a CAGR of -44.4%.

Key Takeaways:

  • The Russia-Ukraine war has significantly impacted the global economy, causing a decline in the coronavirus (COVID-19) current therapy market.
  • The market is expected to fall from $28.16 billion in 2021 to $16.43 billion in 2022 at a CAGR of -41.7%.
  • The decline is attributed to economic sanctions, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services affecting many markets globally.
  • The market is experiencing a high demand for repurposed drugs that are used for corona therapy due to the lack of officially approved drugs for COVID-19.
  • The Convalescent Plasma Therapy is an experimental therapy used to treat COVID-19 patients, and it is recommended as an investigational product during a public health emergency by the FDA.
  • Sanofi and Regeneron Pharmaceuticals have planned to initiate clinical trials of the rheumatoid arthritis drug Kevzara (sarilumab) for the treatment of COVID-19 symptoms.
  • The high costs involved in the research and development of therapeutic drugs and vaccines, and the long waiting time required for each phase of the clinical trial and drug approval process, are expected to limit the growth of the coronavirus (COVID-19) current therapy market.

Statistics:

  • 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 CAGR of -41.7%.
  • The market is expected to fall to $1.57 billion in 2026 at a CAGR of -44.4%.
  • Around 2,004 participating sites in the US had been registered for the convalescent plasma therapy by 30th April 2020.
  • 7,774 patients have enrolled, and 3,809 of them have undergone convalescent plasma transfusion.
  • It takes an average of 12 years for an experimental drug to reach the market.
  • The cost of developing a new prescription medicine and gaining marketing approval is estimated to be $2.6 billion.

Sources:

  • ReportLinker (2023)
  • World Health Organization (WHO) (2020)
  • Journal of Health Economics (Tufts Center for the Study of Drug Development)
  • FDA (2020)
  • ReportLinker (2023)

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