Pune, April 27, 2020 (GLOBE NEWSWIRE) -- The global pharmaceuticals market size is set to decline marginally in 2020, from the pre-coronavirus outbreak projection of USD 1,316.0 billion to USD 1,310.0 billion, exhibiting a CAGR of 4.0% for the current year. Fortune Business Insights™ has revised its analysis of this market and brought out a special report, titled “Impact Of Covid-19 On The Pharmaceuticals Market”, to study the short- and long-term effects of the pandemic on the growth of this market. According to Johns Hopkins University in the US, the global tally of confirmed COVID-19 cases has risen to 2.7 million, with the death toll standing at around 190,000 as of April 24, 2020. With most countries facing a treatment-deficit for this infection, pharmaceutical companies have diverted all their investment energies towards developing quick and effective drugs to cure affected people.
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Highlights of the report include:
- Thorough assessment of the drivers and restraints created by the COVID-19 outbreak that will shape the future of this market;
- Comprehensive evaluation of the various market segments and the extent of impact each segment is likely to face due to this pandemic;
- Forecasting of emerging opportunities for players in this market and their response to this outbreak; and
- In-depth study of the regional developments of this outbreak shaping the market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Growing Preference for Telemedicine to Create Several Avenues for Expansion
The COVID-19 outbreak has forced governments to impose nationwide lockdowns and social distancing norms, choking economic activity and shutting down businesses. Fear of getting infected has led people to avoid crowded places and healthcare facilities in particular. As a result, there is a paradigmatic shift in preference from physical interface to virtual interaction with health and medical professionals.
For example, in March, Boston Medical Center in the US launched a telemedicine site and within two days it managed to get 1500 patients onboard. Similarly, the University of South California has been actively promoting the telemedicine route for seeking medical advice. In India, the Medical Council of India and the NITI Aayog prepared telemedicine guidelines for doctors to prescribe mild drugs such as paracetamol and provide tele-consultation services to patients. Thus, the spread of the coronavirus has spiked the adoption of telemedicine, which is likely to mitigate some of the negative effects that the pharmaceutical industry is being expected to bear.
North America to Lead the Market Share as COVID-19 Cases Skyrocket in the US
In 2018, North America accounted for 47.0% of the global market, thereby dominating the pharmaceuticals market share. In 2020 as well, the region is expected to lead the market on account of skyrocketing number of infected people in the US. According to the Centers for Disease Control and Prevention (CDC), as of April 22, confirmed coronavirus cases in the US were at 828,441 and the death tally stood at 46,379. Pharmaceutical giants based in the US have, therefore, spurred into action to develop treatments and vaccines for the infection, whilst continuing their development of medication for other co-morbid diseases such as diabetes and cancer. Thus, the market in North America is likely to remain steady, since the US and Canadian governments have poured massive amounts of funds into biomedical research and development activities.
However, the global pharmaceutical industry is vulnerable in the current situation as the pandemic has caused severe supply-chain disruptions of Active Pharmaceutical Ingredients (API). Since China is the world’s largest API supplier and India the largest manufacturer of generic drugs, imposition of trade restrictions and export quotas in these two countries has crippled the cross-border movement of essential drugs.
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Market Players to Singularly Focus on Clinical Trials for COVID-19 Treatment Drugs
The pharmaceuticals market is primarily composed of pharmaceutical giants such as Pfizer and GlaxoSmithKline, who are putting in intensive efforts to develop effective solutions for the COVID-19 infections. While research on vaccine for the infection is also taking place simultaneously, the immediate concern is to provide efficient treatment to coronavirus patients around the world.
Industry Developments:
- April 20, 2020: Novartis AG has been given the green light by the US Food and Drug Administration (FDA) to proceed with the Phase-III of its clinical trial to test the efficacy of hydroxychloroquine in treating hospitalized COVID-19 patients. Sandoz, the generics and biosimilars arm of Novartis, will supply the drug for the trial.
- April 6, 2020: GlaxoSmithKline and Vir Biotechnology entered into a collaboration to develop treatment solutions to tackle the current and probable future outbreaks of infections similar to the COVID-19. Under the partnership, the companies will leverage GSK’s research in functional genomics and Vir’s monoclonal antibody technology to create effective preventive and therapeutic options for the coronavirus.
List of Key Companies Covered in the Impact Of Covid-19 On The Pharmaceuticals Market Research Report are:
- Pfizer, Inc.
- Novartis AG
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson Services Inc.
- Merck & Co.
- Sanofi
- GlaxoSmithKline
- AbbVie
- Takeda Pharmaceuticals Ltd.
- AstraZeneca
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Detailed Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Major Factors Driving the Impact of COVID-19
4.2. Impact of COVID-19 on the Supply Chain
4.3. Opportunities Offered by the Impact of COVID-19
4.3.1. Short-term Impact
4.3.2. Long-term Impact
4.4. Steps Being Taken to Minimize Impact of COVID-19
4.4.1. By Major Companies
4.4.2. By Government
4.4.3. By Industry
4.5. Key Industry Developments – In Response to the COVID-19 Impact
4.6. Regulatory and Reimbursement Changes – In Response to the COVID-19 Impact
5. Global Pharmaceuticals Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Drugs
5.2.1.1. Prescription Drugs
5.2.1.2. OTC Drugs
5.2.2. Vaccines
5.3. Market Analysis, Insights and Forecast – By Indication
5.3.1. Anti-viral
5.3.2. Anti-infective
5.3.3. Anti-hypertensive
5.3.4. Oncology
5.3.5. Respiratory Disorders
5.3.6. Cardiovascular Disorders
5.3.7. Neurology Disorders
5.3.8. Diabetes
5.3.9. Others
5.4. Market Analysis, Insights and Forecast – By Distribution Channel
5.4.1. Hospital Pharmacies
5.4.2. Online Pharmacies
5.4.3. Retail Pharmacies
5.5. Market Analysis, Insights and Forecast – By Country
5.5.1. North America
5.5.2. Europe
5.5.3. Asia pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
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