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Pharmacy benefit management market
MOLNUPIRAVIR MARKET REPORT OVERVIEW
The global molnupiravir market size was USD 0.05 billion in 2023 and will touch USD 0.09 billion in 2032, exhibiting a CAGR of 6.5% during the forecast period.
Lagevrio, the trade name for molnupiravir, is prescribed to patients who are at high risk of experiencing severe COVID-19 symptoms. It represents the orally bioavailable small molecule, an artificial ribonucleoside and N-hydroxyl cytidine prodrug displaying hobby in competition to SARS-CoV2 and other RNA viruses. Molnupiravir is an antiviral treatment that works on the replication and multiplication of viral RNA, the virus dies following this course. Initially, it had been developed to treat influenza at Emory University but was later used to treat SARS-CoV-2 and as of December 2021, the US Food and Drug Administration (FDA) had authorised it under Emergency Use Authorisation (EUA) as outpatients, mild to moderate COVID-19 risk patients with comorbidities no other treatment available. The United Kingdom had passed it earlier in that same year.
Molnupiravir is permitted for use in case of emergency for patients that have confirmed SARS-CoV-2 infection and at least one underlying risk factor such as age, impaired immunity, overweightness, type 2 diabetes with kwashiorkor, chronic kidney disease without dialysis, active IBD or pregnancy. The normal dosage is 800 mg, which is given in the form of tablets or capsules two times for five days after the beginning of the infection preferably within its first five days. Assessments of molnupiravir confirm it is possible to reduce threats of newly-hospitalized and death occurrences though the possible side impacts include the capability of mutating the virus. It is strictly prohibited during pregnancy indeed because its effects are terrible on an organism in the process of development. This medication is still useful but is more probably to cause side effects associated with diarrhoea, nausea and dizziness and severe reactions to this drug are extremely rare. Therefore, molnupiravir is not as invasive as intravenous remedies, however, further investigation is essential to assess the medication’s effects on health and potential applicability for various patient populations in the future.
COVID-19 Impact: Market received emergency use authorization (EUA) in various countries to fuel the market
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Molnupiravir has been granted EUA mainly in countries which made it easier to standardize the drug for use in managing mild to moderate COVID-19 subjects considered to have a high risk. This authorization was especially helpful when infection rates were still high and other forms of treatment were unavailable. Since approved by the EUA, molnupiravir has been prescribed by healthcare providers to high-risk adults who need more treatments to counteract the impacts of COVID-19 by preventing hospitalization and deaths. Due to its ability to be administered orally rather than IV, patients could now take it at home and in outpatient departments, thus relieving much pressure on the hospitals and healthcare plans during the peak.
LATEST TRENDS
"Consumer’s increasing demand for sustainable and eco-friendly products and services to drive market growth"
Consumers of molnupiravir are slowly developing an awareness of environmental effects, hence changes that are displayed by organizations include using environmentally friendly products in the manufacturing process, packaging and transportation of products. Being environmentally conscious is another goal because companies are trying to ensure they have a minimal effect on the environment in the use of materials, reduction of wastage and energy conservation in industries. Such improved packaging includes the use of recyclable and biodegradable materials to phase out plastics. Also, companies are introducing environmentally friendly supply chain practices to minimize emissions such as employing the shortest transport paths and use of electric or hybrid transport means for conveying goods to the markets. These measures also complement sustainable development strategies and help companies gain a better reputation while meeting the client’s expectations and being concerned about the environmental impact of their activities.
MOLNUPIRAVIR MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Patented Drug and Generic Drug.
- Patented Drug: Molnupiravir, for which they have been awarded exclusive production and pricing authority, to safeguard their significant research expenditures. Regulatory approval entails strict clinical trials such as the MOVe-OUT. The MPP agreement now enables 27 more generic makers to manufacture molnupiravir without royalty during the COVID-19 emergency and improve affordability and availability in LMICs, while maintaining quality and safety.
- Generic Drug: Subsequently to the licensing agreement with the MPP, 27 generic makers are permitted to make molnupiravir, enhancing its availability and price in LMICs. Most of these manufacturers must adhere to high-quality standards to guarantee the effectiveness and safety of the product. The increased production capacity as well as the distribution networks shall be deemed to take proper consideration of health inequalities by delivering efficient COVID-19 treatments in developing regions.
By Application
Based on application the global market can be categorized into Antiviral Drug and COVID-19.
- Antiviral Drug: Molnupiravir was initially synthesized as a broad-spectrum antiviral for influenza, which can inhibit a wide range of RNA viruses since it introduces errors in the viral RNA replication process. Further studies are being conducted to determine the effectiveness of the compound in other infections hence increasing its market. Increases in sales are attributed to regulatory approval and increased viral infections while competitive viruses may affect the prices and market share.
- COVID-19: Molnupiravir, which targets mild to moderate COVID-19 with high-risk factors for severe disease, showed a substantial decrease in those hospitalized and in deaths in the MOVe-OUT trial. Several licensing agreements signed with the Medicines Patent Pool enhanced global access to it, particularly in LMICs. Availability depends on the pandemic development, immunization and emerging strains, therefore, defining its permanent use and possible future uses.
DRIVING FACTORS
"Increase in health-conscious awareness among consumers has boosted the market "
Increased awareness of health-conscious products and services is playing a major role in the global molnupiravir market growth for products and services. This is due to the increase in consciousness towards health and a desire to take charge of their health which the COVID-19 pandemic has impacted. Molnupiravir, as an antiviral therapy for COVID-19, is relevant to current susceptible populations by mitigating the risk of developing severe complications and getting hospitalized. Furthermore, they presented ease of use and convenience as an oral antiviral over the systemic formulation to the patients as well as the healthcare providers. With consumers focusing more on prevention and the right treatments, there would be an increase in the quest for such reliable antiviral therapies as molnupiravir, thus emphasizing the importance of its contribution towards positive and healthy living.
"Higher tendency among consumers of personalized, customized products and services to expand the market"
Personalization and customization are prevalent in the molnupiravir market as consumers continue to look for personalised products and services. Data analytics and AI have been adopted in developing individual treatment plans and dosage regimens based on their profile, health history, required dosages and other characteristics. These technologies help to enhance the effectiveness of molnupiravir as they provide specific data about the patient therefore, patient care will be as appropriate as it can be. It also increases the level of patient satisfaction and compliance with recommendations received during and after treatment. Also, the specific packaging and delivery options help enhance consumer satisfaction in availing the antiviral therapy. With personalization increasingly being the strategic competitive advantage in the future of healthcare, the companies that are implementing these advanced technologies are probably to find themselves at an advantage competitively in the marketplace of the future.
RESTRAINING FACTORS
"High initial investment for the development and installation of the product to put barriers to the market"
The relatively large amount of capital to invest in implementing and developing molnupiravir solutions, especially in mass projects, also significantly limits the market’s growth. This involves costs, which are typical for performing research, development, trials and obtaining approvals, all of which can put substantial pressure on businesses with limited financial resources or those that are entering the market. Furthermore, establishing factories that have to meet various quality and safety requirements is an expensive process that demands a large amount of money. The investment also covers distribution networks and marketing activities necessary to create a market niche for the drug in the highly saturated antiviral market. These high costs can hinder implementation and limit the growth of molnupiravir solutions, affecting their accessibility and cost. This aspect of the financial barrier to entry is very critical in expanding the market breadth as well as establishing long-run growth of the antiviral market.
MOLNUPIRAVIR MARKET REGIONAL INSIGHTS
"North America’s swift EUAs for the product have established it as a crucial market"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
The quick issue of emergency use authorisations (EUAs) for the global molnupiravir market share in North America has played a significant role in its distribution and acceptance as one of the primary treatments for COVID-19. This fast-track procedure enabled molnupiravir to quickly gain market access when people most needed it during the ongoing pandemic. Through EUAs, regulatory agencies allowed healthcare providers to extend this antiviral option to affected high-risk patient populations, decreasing the probability of developing severe illness and hospitalizations. The EUA framework enabled the use of molnupiravir at the right time when there were limited treatment options during the pandemic’s early phases. These actions help manage the pandemic and establish molnupiravir as relevant in the context of COVID-19 treatment, therefore, it is more easily accepted and incorporated into treatments.
KEY INDUSTRY PLAYERS
"Key industry players are investing in collaboration with biotechnology firms or research institutions to expand the market"
The key industry players collaborating with biotechnology companies and research institutions to drive the development of molnupiravir. These collaborations help companies streamline the drug development process and allow the utilization of expertise and advanced technology, resulting in increased innovation. Partnerships also allow for joint capacity development and access to information, which can make research and clinical trials faster, coping with technical difficulties and choosing the best ways to take molnupiravir for treatment. These strategic collaborations also help in securing further financing, understanding the regulatory environment and tapping new markets to optimize the reach and effectiveness of the drug. These collaborations are essential in tackling various scientific and regulatory challenges, thereby enhancing the effectiveness of molnupiravir as a leading antiviral therapy and increasing its accessibility to combat viral diseases.
List of Market Players Profiled
- Merck & Co., Inc. (U.S.)
- Optimus Pharma (India)
- Sun Pharma (India)
- Beximco (Bangladesh)
INDUSTRIAL DEVELOPMENT
March 2024: The PANORAMIC substudy revealed that although molnupiravir reduced viral loads in early COVID-19 patients, its use was associated with slower viral clearance and an increase in SARS-CoV-2 mutations, including those affecting the ACE2 receptor binding domain. This results in concerns about possible viral genetic evolution and spread. In the face of such revelations, the use of molnupiravir from a starting advantage poses other questions over competing antivirals.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 0.05 Million in 2023 |
Market Size Value By |
US$ 0.09 Million by 2032 |
Growth Rate |
CAGR of 6.5% from 2023 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2024 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What value is the molnupiravir market expected to touch by 2032?
The global molnupiravir market is expected to reach USD 0.09 billion in 2032.
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What CAGR is the molnupiravir market expected to exhibit by 2032?
The molnupiravir market is expected to exhibit a CAGR of 6.5% by 2032.
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Which are the driving factors of the molnupiravir market?
Increase in health-conscious awareness among consumers, and higher tendency among consumers of personalized, customized products and services are some of the driving factors of the molnupiravir market.
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What are the key molnupiravir market segments?
The molnupiravir market segmentation that you should be aware of, which include, Based on type the molnupiravir market is classified as Patented Drug and Generic Drug. Based on application the molnupiravir market is classified as Antiviral Drug and COVID-19.