The global COVID-19 oral medicine market is expected to grow at a CAGR of around 10.5% during the forecast period of 2022-2028. The COVID-19 outbreak has caused havoc globally and affected millions of individuals. The pandemic outbreak has surged the need for the development of therapeutic solutions for treating it. COVID-19 can be treated using a range of drugs such as antivirals, monoclonal antibodies, and kinase inhibitors.
The increasing investment by key players in the market serves as one of the major driving factors for the growth of the COVID-19 oral medicine market during the forecast period. For instance, in June 2022, Pfizer Inc. announced to strengthen its commitment to US manufacturing with a US$ 120 million investment at its Kalamazoo, Michigan, facility, enabling US-based production in support of its COVID-19 oral treatment, PAXLOVIDTM (nirmatrelvir and ritonavir).
In August 2021, the World Health Organization (WHO) released a report stating that Artesunate, imatinib, and infliximab are three new potential medications being investigated in the latest phase of the global Solidarity clinical trials to find effective COVID-19 therapies. In addition, medicines approved to be used in case of emergency include Eli Lilly and Company’s monoclonal antibodies bamlanivimab with etesevimab; Regeneron’s casirivimab and imdevimab; GlaxoSmithKline/Vir Biotechnology’s Xevudy (sotrovimab); Roche’s Actemra; Celltrion’s Regkirona; and convalescent plasma.
Awareness about self-administration is expected to increase the market share for oral antiviral
The market will see an increase in demand for oral antivirals backed by the global outbreak of COVID-19 in recent years. As the number of cases increased, governments and private healthcare organizations around the world expanded their research and development efforts to find a cure for the novel coronavirus. A spike in demand for biological drugs for the treatment of coronavirus has boosted the sales of oral antivirals in recent times.
The increasing number of patients in home care settings and increased awareness of self-administration present lucrative growth opportunities for the oral antivirals segment. However, as a result of oral pharmacological effects occurring in first-pass metabolism, a lack of comprehension and efficacy is likely to impede growth.
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Asia Pacific to gain significant traction
China is expected to be the most lucrative country in the Asian market as a direct result of the growth of the biologics industry as well as the increased research and development efforts. India, on the other hand, is expected to observe significant growth in the regional market on account of increased research and development activities and increasing government efforts to curb COVID-19-related diseases.
The government of India has introduced reimbursement policies in order to reduce the COVID-19 burden, which has driven the demand for COVID-19 oral medicines sales in the country. In North America, the US is dominating on account of the presence of well-established healthcare infrastructure and increased government efforts. The US is one of the major contributing countries to the growth of the market owing to the presence of key players coupled with the increasing investment by private and public stakeholders. For instance, in June 2021, the US government announced to invest over US$ 3 billion to accelerate the development and manufacturing of antiviral medicines to treat COVID-19.
Market Structure and Competition Landscape
Some of the key players in the global COVID-19 oral medicine market are Pfizer Inc., Merck & Co., Inc., Ridgeback Biotherapeutics, Strides Pharma Science Limited, Atea Pharmaceuticals, F. Hoffmann-La Roche Ltd., Emcure, Glenmark Pharmaceuticals Ltd., BioNTech SE, Dr. Reddy’s Laboratories Ltd., Novartis AG, Molecular Partners, among others.
To maintain their market position, the key players in the COVID-19 oral medicine market focus on various growth strategies such as partnerships, collaborations, geographical expansion, product launches, etc. Some of the key developments in the COVID-19 oral medicine market are;
- In March 2021, Pfizer Inc. announced the initiation of a PHASE 1 study of a new oral antiviral therapeutic agent against SARS-COV-2.
- In October 2020, Atea Pharmaceuticals Inc. collaborated with Roche to jointly develop AT-527, a direct-acting antiviral (DAA), in Phase-2 clinical trials.
- In August 2020, Dr. Reddy Laboratories launched Avigan (favipiravir) tablets in India to treat patients with mild to moderate Covid-19 infection. Currently, Fujifilm Toyama Chemical Co. manufactures this antiviral drug.
- In June 2020, The Indian Drug Regulatory authority granted approval to Glenmark to manufacture Favipiravir tablets under the brand name Fabiflue for the treatment of mild to moderate coronavirus in India.
Key Market Segmentation
RationalStat has segmented the global COVID-19 oral medicine market based on the drug class, distribution channel, end user, and region.
- By Drug Class
- Monoclonal Antibodies
- Immune Modulators
- Others (Sedatives etc.)
- By Distribution Channel
- By End User
- Home Settings
- Others (Academic & Research Institutes)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, white papers, research reports, trade fairs, and company documents.
- Available industry and market-related documents in the public domain.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others.
- Whitepapers, research papers, and industry blogs
Why Buy this Report?
The report is intended for pharmaceutical companies, drug manufacturers, API manufacturers, third-party distributors, distribution healthcare organizations, investment firms, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global COVID-19 oral medicine market is expected to grow at a CAGR of approximately 10.5% during the forecast period 2022-2028.
Asia Pacific holds a prominent share of the market.
The global market for COVID-19 oral medicine was US$ 110 Billion in 2021.
The rising public and private investments is anticipated to spur the growth of the global COVID-19 oral medicine market.
Major companies operating in the global COVID-19 oral medicine market are Pfizer Inc., Merck & Co., Inc., Ridgeback Biotherapeutics, Strides Pharma Science Limited, Atea Pharmaceuticals, F. Hoffmann-La Roche Ltd., Emcure, Glenmark Pharmaceuticals Ltd., BioNTech SE, Dr. Reddy’s Laboratories Ltd., Novartis AG, Molecular Partners, among others.