Global Interferon Beta Drugs Market, by Product Type (Interferon Beta-1A, Interferon Beta-1B, and Peginterferon Beta-1A), by Route of Administration (Intramuscular, Subcutaneous, and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,795.3 million in 2020 and is expected to exhibit a CAGR of 3.5% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Various research institutes, pharmaceutical and biotechnology companies are engaged in conducting clinical studies on interferon beta drugs to evaluate their effectiveness against various health conditions such as multiple sclerosis, malignant solid tumor, COVID-19, chronic obstructive pulmonary disease (COPD). For instance, in October 2018, Biogen initiated phase 2 clinical trial to evaluate safety, tolerability, and descriptive efficacy of BIIB017 (peginterferon beta-1a) in pediatric participants with relapsing-remitting multiple sclerosis (RRMS). Moreover, on August 4, 2020, National Institute of Allergy and Infectious Diseases (NIAID) initiated phase 3 clinical study (ACTT-3) to evaluate the effectiveness of a combination of interferon beta-1a and remdesivir compared to remdesivir alone for the treatment of COVID-19. Thus, the increasing number of clinical studies is expected to provide an opportunity for the market players to introduced novel interferon beta drugs targeting various disease conditions.
Global Interferon Beta Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
The spread of the novel coronavirus has hampered growth of the healthcare industry and the virus spread rapidly across the globe causing a concerning number of fatalities. In March 2020, the World Health Organization (WHO) declared COVID-19 as a global pandemic and suggested implementation of strict measures to minimize the spread of this disease. The outbreak of COVID-19 has created challenges for several industries and markets worldwide.
According the World Health Organization, in December 2019, the manifestation of coronavirus disease (COVID-19) resulted in more than 36.6 million infected individuals worldwide as of October 2020.
Furthermore, several research institutes and biotechnology companies are engaged in clinical trials of interferon beta drugs as a potential treatment for COVID-19. For instance, in March 2020, the World Health Organization (WHO) announced a large scale global trial called SOLIDARITY, to find out whether any drug can treat the coronavirus infection. Under this mega trial, the WHO is focusing on the four most promising therapies including remdesivir (an experimental antiviral compound) chloroquine, and hydroxychloroquine (the malaria medications), a combination of two HIV drugs, lopinavir and ritonavir, and that same combination plus interferon-beta, an immune system messenger that can help cripple viruses.
Browse 28 Market Data Tables and 30 Figures spread through 169 Pages and in-depth TOC on “Global Interferon Beta Drugs Market, by Product Type (Interferon Beta-1A, Interferon Beta-1B, and Peginterferon Beta-1A), by Route of Administration (Intramuscular, Subcutaneous, and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The major factors driving growth of the global interferon beta drugs market include an increasing number of research and development activities, approval and launch of novel drug candidates and the rising prevalence of the multiple sclerosis in children. For instance, in 2014, Plegridy (peginterferon beta-1a), a disease modifying therapy, was approved by the U.S. Food and Drug Administration for the long-term treatment of relapsing forms of multiple sclerosis. According to Multiple Sclerosis Society, around 5-10% of people with MS experienced their first symptoms before the age of 16.
Key Takeaways of the Global Interferon Beta Drugs Market:
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