Indeed; it's one of the truly perplexing questions. Global infections have reached 23.5m but deaths are climbing far more slowly, and have only reached 809,106. Of course, that's still far too high, but a lot of epidemiologists are currently scratching their heads.
From the Guardian:
"Most statistics indicate that although cases of Covid-19 are rising in many parts of Europe and the United States, the number of deaths and cases of severe complications remain relatively low. For example, patients on ventilators have dropped from 3,000 at the epidemic’s peak in Britain to 70. At the same time, the number of cases in the UK have begun to rise in many areas.
What lies behind this trend?
Doctors are unsure exactly what is going on. Some suggest that medical interventions are more successful at treating those who suffer complications from the disease. For example, the drug dexamethasone was recently shown to improve survival rates among patients requiring ventilation. Others argue that different factors are involved. One suggestion is that Covid-19 is now becoming a disease of younger people who are less likely to die or suffer serious complications.
Does that indicate that the worst may be over?
No. Other researchers point to the situation in the US where there was a recent spike in cases among people in their 20s and 30s – but which was then followed by a spike in cases in older people who picked up the disease from younger people. As a result, there has been a jump in deaths. A similar pattern could occur in Europe and in the UK, possibly in a couple of weeks, some scientists warn."