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$ 4.22 Bn in 2023 and is expected to exhibit a CAGR of 4.0% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Various research institutes and 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 tumors, COVID-19, and chronic obstructive pulmonary disease (COPD). For instance, in October 2020, Biogen, a global biotechnology company, initiated a phase 2 clinical trial to evaluate the safety, tolerability, and descriptive efficacy of BIIB017 (peginterferon beta-1a) in pediatric participants with relapsing-remitting multiple sclerosis (RRMS).
Global Interferon Beta Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global interferon beta drugs market. 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.
Global Interferon Beta Drugs Market: Key Developments
The major factors driving growth of the global interferon beta drugs market include an increasing number of research and development activities, the approval and launch of novel drug candidates, and the rising prevalence of multiple sclerosis in children.
For instance, in June 2020, 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 the Multiple Sclerosis Society, around 5-10% of people with MS experience their first symptoms before the age of 16.
Browse 35 Market Data Tables and 31 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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