Pune, India, Nov. 23, 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.
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.
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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.
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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.
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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.
List of Companies Covered in the Pharmaceuticals Market Report:
- 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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Impact of Covid-19 On The Pharmaceuticals Market Segmentations:
Market segments with a low level of exposure to the COVID-19 outbreak
- Oncology
- Cardiovascular
- Anti-diabetic
Market segments with a high level of exposure to the COVID-19 outbreak
- Dermatology
- Gastroenterology
Markets Witnessing Significant Traction due to the Impact due to COVID-19 Outbreak
- Anti-infectives
- Anti-viral
- Vaccines
- Respiratory Drugs
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