Virology Industry Unveils a Surge, Charting a Course towards a Projected Valuation of US$ 3.53 Billion by 2032-FMI Projection
Virology Industry
The virology industry sales is expected to grow at a 5% CAGR over the course of the forecast period, from US$ 2.07 billion in 2021 to US$ 3.53 billion by 2032.
During the forecast period (2022-2032), the virology market is expected to grow significantly due to public awareness campaigns on the Flu, Zika virus, STDs, AIDS, and Ebola virus.
FMI’s research identifies growing infectious diseases as a key force driving the market throughout the forecast period.
Key Drivers:
Early in 2016, the WHO officially issued a warning about the possible spread of zika virus to each Western Hemispheric region, as the disease vector Aedes aegypti was found to thrive strong in tropical and sub-tropical climatic conditions. This has been a key driver of market growth throughout 2016.
The virology market is constantly catering to the prevention and cure needs put forth by the healthcare sector; however, several diseases continue to demand R&D of novel applications, driving the growth of virology market. Various treatments and diagnostic processes also employ virology applications, further fuelling the market growth.
Get a Sample Copy of the Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1150
Burgeoning applications of virology research in gene therapy, phage therapy, formulation of vaccines, and synthetic biology is another factor fostering the overall growth of the virology market.
Moreover, the field of virology is extending in various forms, including molecular virology, paediatric virology, computational virology, and many more, prompting at increasing research findings throughout the forecast period. Research prospects are high and FMI indicates a continuing need for trained virologists in the near future.
Public awareness programmes conducted worldwide on flu, zika virus, STDs, AIDS, and Ebola virus are also a key factor increasing public awareness and eventually influencing the market.
Key Restraints to Market Growth
Maintaining the quality and safety standards of viral a controlling therapy has been a longstanding challenge, which is anticipated to hamper the market in the forecast period as well. Moreover, stringent approval processes for antiviral drugs is also foreseen to be a restraint to market growth. Another factor identified for affecting the market growth includes resistance toward and side effects of antiviral drugs for new treatment options.
Current Trends in the Virology Field
In 2015, the virology industry was predominantly influenced by ebola, MERS, and hepatitis C viruses. In 2016, zika virus is dominating the research, with better prospects in the near future. Virologists are persistently investigating novel applications for viruses. Currently, an ongoing research is experimenting on the exploitation of viruses for plant production, aiming at the efficient production of high quality, eco-friendly food.
Unlock exclusive insights with our expert analysts:
https://www.futuremarketinsights.com/ask-question/rep-gb-1150
Global Virology Market: Competitive Landscape
By 2017 end, a few important patents are approaching expiry, including Tamiflu, Sustiva, Tenofovir, Combivir, Relenza, and Telbivudine. Following expiry of these blockbuster drugs, the market is estimated to discover a dynamic competitive landscape. The generic competition in the virology market will be at a high pace 2017 onward.
Apart from expiring drugs, the market also has some late stage pipeline drugs, including Inavir, Elvitegravir, Vicriviroc, Rilpivirine, and Rapiacta. These drugs are set to enter the global market, fostering the competition globally.
Regional Outlook: Global Virology Market
North America is the largest virology market led by the U.S., owing to technological advancements such as rapid, portable diagnostics. N. America is expected to retain the top market position over the forecast period as well.
Europe is projected to maintain the position as the second largest market globally. During the forecast period, Europe is anticipated to record the highest CAGR, attributed by enhanced healthcare infrastructure, facilitated access to diagnostics, and growing affordability of diagnostic tests for viral diseases.
Japan is currently a growing virology market, which is estimated to grow at a remarkable CAGR through to 2025. However, APEJ and Africa are expected to witness the most promising growth opportunities during the forecast period. While China will be a leading APEJ market, India will contribute a considerable revenue share to the APEJ virology market.
Segment-wise Market Forecast
Immunoprophylaxis therapy and antiviral drugs are the fastest-growing market segments in the estimated forecast period.
STDs, urinary tract infections, and respiratory tract infections are currently dominating compared to other application types in the global virology market.
On the basis of diagnosis tests, hepatitis B, hepatitis C, HIV, human papillomavirus (HPV), and other tests (influenza, ebola, and dengue) are estimated to attract the largest market shares globally.
Hospitals and laboratories projected to continue the most dominating end-use segments, accounting for almost 50% market share globally.
Key Players:
The notable players identified in the global virology market include GlaxoSmithKline plc, Abbott Laboratories, Boehringer Ingelheim Corporation, Merck and Co. Inc., Novartis International AG, Siemens, Johnson & Johnson, AstraZeneca AB, and Roche.
Merck and Co. Inc. has several drug candidates in phase 2, including cancer, diabetes, cardiac arrest, and hepatitis C, and some candidates in phase 3, including breast cancer, atherosclerosis, Alzeimer’s, ebola, and HIV. The company also has many other candidates, which are currently under review.
Abivax, a high profile biotech company in Paris, France, has already successfully produced candidates against dengue and chikungunya viruses. The company has a few more candidates against HIV and ebola, currently under development.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, accessories and applications.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Unlock Tailored Insights: Customize Your Report for Maximum Impact :
https://www.futuremarketinsights.com/customization-available/rep-gb-1150
Virology Market: Segmentation
Based on product type, the global virology market is segmented into
- Diagnosing Test
- DNA Viruses
- RNA Viruses
- Prions Diagnostic Test
- Other Viral Tests
- Viral Infection Controlling Methods
- Immunoprophylaxis
- Active Prophylaxis (Vaccines)
- Passive Prophylaxis
- Antiviral Chemotherapy
- Virucidal Agents
- Antiviral Agents
- Immunomodulators
- Interferons
- Cytokines
FMI’s research on the global virology market provides a 10-year forecast, segmenting the market on the basis of application, end-use, and region.
Based on application, the global virology market is segmented into
- Skin and Soft Tissue Infections
- Respiratory Tract Infections
- GI Tract Infections
- Urinary Tract Infections
- Eye Infections
- CNS Infections
- Sexually Transmitted Diseases
- Perinatal Infections
According to the end-user, the market is segmented into
- Hospitals
- Clinics
- Laboratories
- Diagnostic Centres
- Blood Banks
- Pharmacies
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-57
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
Editor Details
-
Company:
- MARKITWIRED
- Website:
