The Coronavirus Infection Market Size is estimated to reach $191.8 billion by 2027 and it is poised to grow at a CAGR of 7.6% over the forecast period of 2022-2027.
The Coronavirus Infection Market Size is estimated to reach $191.8 billion by 2027 and it is poised to grow at a CAGR of 7.6% over the forecast period of 2022-2027. Corona Virus infection is caused by SARS -CoV-2 Virus from the largest category of coronavirus. It was discovered in December 2019 in Wuhan, China hence it is popularly known as COVID-19. The Covid 19 pandemic challenged the healthcare industry in terms of policy, risk management, supply chain management and healthcare infrastructure. Coronavirus infection shows symptoms like fever, cough, tiredness and difficulty in breathing which happens in chronic bronchiolitis, owing to common symptoms and changing nature of the coronavirus make it difficult to detect at the first stage of the pandemic. To diagnose coronavirus infection nucleic acid amplification tests like polymerase chain reaction (PCR) and antigen test are developed. Severe infection of coronavirus shows severe acute respiratory syndrome (SARS), with respiratory tract infections that cause pneumonia. At the end of May 20, 2022, coronavirus infection cases and deaths are rising in the United States and marked 1 million deaths. Such increasing prevalence of coronavirus infection helps to drive the Coronavirus Infection Market size over the forecast period 2022-2027.
Coronavirus Infection Market Report Coverage
The report: “Coronavirus Infection Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments in the Coronavirus Infection Market.
By Diagnosis: Serological test, Chest computed tomography (CT), Magnetic Resonance Imaging (MRI), Antigen Test, Polymerase Chain Reaction Test (PCR) and Others.
By Drugs: Remdesivir (Veklury), Ritonavir, Paxlovid, Molnupiravir and Baricitinib.
By Therapy: Immune-based Therapy, Anti-inflammatory Therapy and Others.
By Healthcare Equipment: PPE kit (Personal Protective Equipment), Diagnostic Tests, Surgical-Mask, Sterilizers, Ventilators and Others.
By Specimens: Nasal, Nasopharyngeal, Blood and Others.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia and New Zealand and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (the Middle East and Africa).
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021, owing to the increasing prevalence of coronavirus infection and increase in mortality owing to covid cases.
- The Coronavirus Infection Market size is predicted to increase owing to the increasing prevalence of covid disease and increasing research and developments to provide new drugs and technologies by key market players to consumers and healthcare. However, the high cost of research and development may limit market growth over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Coronavirus Infection Market Report.
Coronavirus Infection Market: Market Share (%) by Region, 2021
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Coronavirus Infection Market Segmentation Analysis- By Diagnosis
Coronavirus Infection Market based on diagnosis can be further segmented into Serological tests, Chest computed tomography (CT), Magnetic Resonance Imaging (MRI), Antigen tests, Polymerase Chain Reaction Test (PCR) and Others. The Polymerase Chain Reaction Test (PCR) segment held a dominant Coronavirus Infection market share in the year 2021, owing to the high efficiency and accurate result provided by the Rapid PCR test. According to the Indian Council of Medical Association (ICMR), the accuracy rate of PCR testing for Covid-19 is about 98.1%, of the positive nasal sample. Such high accuracy result of Covid-19 detection by PCR analysis develop rapid advancement in healthcare products manufactures company.
However, the antigen test is estimated to grow with the fastest CAGR rate of 8.3% over the forecast period. Owing to the easy handling and quick results rapid antigen testing is popular among health care professionals. Rapid antigen testing is cost-cutting technology and helpful to perform in the mass population to quickly detect corona infection and enables to take further measures to limit and treat infections. Recently in May 2022, Nanomix obtained a CE mark for its covid-19 rapid point of care (POC) antigen panel. Also, key market players like Abbott, Access Bio, ACON laboratories and others are working on innovative product launches to diagnose corona infection; and several products have been approved by FDA. Such factors help to grow Coronavirus Infection Market size over the forecast period 2022-2027.
Coronavirus Infection Market Segmentation Analysis- By Drugs
The Coronavirus Infection Market based on drugs can be further segmented into Remdesivir (Veklury), Ritonavir, Paxlovid, Molnupiravir and Baricitinib. The Remdesivir (Veklury) segment held a dominant Coronavirus Infection market share in the year 2021. This is owing to the increasing use of Remdesivir to treat coronavirus infection in adults above age 12. Remdesivir act as a nucleoside analog that inhibits RNA-dependent RNA polymerase (RdRp) of coronavirus including SARS-CoV-2. It is approved by FDA and EUA to treat coronavirus infection, also Remdesivir with a combination of Baricitinib has been granted by FDA and EUA for clinical use. As a result of increasing hospitalization owing to a hike in coronavirus cases demand for Remdesivir is hike respectively. Such increasing use of Remdesivir helps to drive Coronavirus Infections Market.
However, Baricitinib is estimated to grow with the fastest CAGR rate of 8.1% over the forecast period 2022-2027. The medicine Baricitinib is used to treat coronavirus infection in hospitalized patients aged 2 to less than 18 years of age with the FDA's approval and an Emergency Use Authorization (EUA). This drug is more helpful in changing the nature of coronavirus infection cases in children and teenagers by limiting pneumonia, bronchiolitis, respiratory tract infection, and Severe Acute Respiratory Syndrome. It is found that the use of Baricitinib and Remdesivir is cost-effective compared to using Remdesivir alone, as per a research article published in Springer. Such factors demand the use of Baricitinib for the treatment of coronavirus infection which helps to grow the coronavirus infection industry over the forecast period 2022-2027.
Coronavirus Infection Market Segmentation Analysis- By Geography
The Coronavirus Infection Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant Coronavirus Infection market share of 34% in the year 2021. This is owing to increasing cases of coronavirus infection and an increase in mortality by this disease. There are 82,459,419 cases reported of coronavirus infection in the U.S.A with 130,452 cases reported on a single day of May 25 2022, and a total number of deaths are 994,931 occurred to coronavirus infection as data published by World Health Organisation (WHO). Also, the cases of coronavirus infection are hiked by 13% in May 2022, according to Reutres Graphics report. Such increasing cases of coronavirus infections and high rate of mortality help to drive North America Coronavirus Infection Industry.
Furthermore, the Asia-Pacific is estimated to grow with the fastest CAGR over the forecast period 2022-2027. This is the result of the recent outbreak of coronavirus in countries like China, on 7th March 2022, China reported 268 new cases of coronavirus infection within 24 hours. In India on 23 May 2022, 94 deaths by coronavirus infections were reported. According to Johns Hopkins University case fatality ratio in India is observed at 1.2%. According to the Health Minister of Maharashtra and Karnataka 4th wave of Covid-19 will hit between June 2022 to July 2022 and last till September 2022 as the increasing rate of coronavirus infection noted in these two states. Up to 26th May 2022, 192,820,355 doses of covid-19 vaccines were completed in India. Owing to such an increase in the number of coronavirus infections, mortality rate and vaccination help to grow the Asia-Pacific Corona Virus Infection Market over the forecast period 2022-2027.
Coronavirus Infection Market Drivers
Changing Nature of Corona Virus and Increasing Number of Deaths is Driving the Market Growth.
Since the emergence of Covid-19 the nature of the virus has been changing its nature as its genome is encoded in RNA like HIV and Influenza, a mutation that occurred in SARS-CoV-2 is the result of errors that occurred during the copy of RNA which leads to the production of different kind of enzymes. For instance, as per Lucy Van Dorp, a computational geneticist at University College London, a Sample of two SARS CoV-2 viruses collected from anywhere in the world shows a difference of 10 RNA letters out of 29903. As of May 2022, CDC listed only one variant of coronavirus as a variant of concern, that is the ‘Omicron’ variant. As per a research article published in WebMD, there are 99.9% cases of coronavirus reported in the United States and daily deaths crossed 2200 deaths in January 2022. Such an increasing number of deaths with new variants of coronavirus helps to drive the Coronavirus Infection industry over the forecast period.
Innovative Products Launched by Key Market Players and funding Provided by Governments and Organizations are Aiding the Market Growth.
Coronavirus infection spread over community-level with record break cases and deaths within a short period of time. There were 37 million Covid-19 cases and 1 million deaths were reported globally between October to December 2020. Nearly half of these cases (48%) and deaths (55%) continue to be reported in the Region of the Americas with the United States of America, Brazil and Argentina accounting for the greatest numbers of new cases and deaths in the region. Numerous academic institutions, governmental research facilities, and pharmaceutical firms have made significant financial investments in R&D to lessen the mortality rate and the effects of diseases including pneumonia, bronchiolitis, respiratory tract infections, and severe Acute Respiratory Syndrome. The International Monetary Fund $1 trillion for an unprecedented number of emergency financing requests for the Covid 19 relief fund. On 18 May 2022, WHO contribute a total fund of 3.35 billion for the vaccine, therapeutics, diagnostics, health systems and response. In February 2022, Cipla Health launched Naselin Anti-Viral Nasal Spray with Povidone-Iodine to protect against coronavirus and respiratory tract infection. Also in the same month, Glenmark Pharma and SaNotize Research launch Nasal Spray for Covid-19 treatment in India. Such a new launch of products and an increase in healthcare funding for diagnosis, treatment and prevention of covid-19 help to drive the market.
Coronavirus Infection Market Challenges
High Treatment Costs and Shortages of Essential Medical Supplies Limit Market Growth.
When a patient needs life support like a ventilator, the expense of hospitalization and medication is generally high. As coronavirus is a highly contagious illness that spreads through contact with infected people and the air, it has expanded quickly throughout the world and put a strain on the healthcare sector. The situation is made worse in nations like India where there are just 0.5 beds per 1,000 inhabitants, which is extremely low compared to other developing nations. The price inflation is also brought on by the increased demand for oxygen tanks and medications like Remdesivir as well as those products' limited supply. According to a January 2022 article in Down to Earth Organization, the average cost of Covid-19 treatment was INR112,179 in government hospitals and INR 297,577 in private hospitals. Prior to the pandemic, the cost for all symptoms combined, such as fever, respiratory infection, chest pain, and breathlessness, was only INR 4,622 in government hospitals and INR 28,932 in private hospitals. Therefore, the market is facing difficulties as a result of the inflation in drug prices. Over the projection period of 2022–2027, the Coronavirus Infection & treatment industry may be hampered by such high mortality and treatment costs.
Coronavirus Infection Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Coronavirus Infection Market. The top 10- Coronavirus Infection Market companies are-
1. Altimune Inc.
2. Moderna Inc.
3. Gilead Sciences
4. Novavax Inc.
5. Inovio Pharmaceuticlas
6. AbbVie
7. Regeneron Pharmaceuticals
8. GlaxoSmihKline Plc.
9. Co-Diagnostics
10. Steris Healthcare
Recent Developments
- In March 2022, Moderna entered into a strategic partnership with the Australian Government to establish a state-of-art, domestic mRNA vaccine manufacturing facility in Australia. The new center provides access to a domestically manufactured portfolio of mRNA vaccines against respiratory viruses, including Covid-19, seasonal influenza, respiratory syncytial virus (RSV) and other potential respiratory viruses.
- In March 2021, Altimmune Inc. collaborated with Lonza to expand the production of AdCOVID -a single-dose intranasal vaccine for COVID-19. AdCOVID activates systemic immunity (neutralizing antibodies and T cell responses) and mucosal immunity in the respiratory tract which has been proved in preclinical studies.
- In March 2021, Gilead Sciences and Merck entered into an agreement to co-develop and co-commercialize long-acting treatment in HIC than combine Gilead’s investigational capsid inhibitor, lenacapavir and Merck’s investigational nucleoside reverse transcriptase translocation inhibitor, islatravir, into a two-drug regimen with the potential to provide new, meaningful treatment options for people living with HIV.
