Virology, the study of viruses, is an unparalleled branch of life sciences. With immensely high prevalence of diseases such as flu, hepatitis, AIDS, and STDs, the importance of virology is repeatedly highlighted. The global virology market is expected to grow over 2015-2025.
FMI’s research identifies growing infectious diseases as a key force driving the market throughout the forecast period.
Key Drivers: Virology Market
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.
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.
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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.
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.
Virology Market: Segmentation
FMI's research on the global virology market provides a 10-year forecast, segmenting the market on the basis of product type, application, end-use, and region.
Based on product type, the global virology market is segmented into
Prions Diagnostic Test
Other Viral Tests
Viral Infection Controlling Methods
Active Prophylaxis (Vaccines)
Based on application, the global virology market is segmented into
Skin and Soft Tissue Infections
Respiratory Tract Infections
GI Tract Infections
Urinary Tract Infections
Sexually Transmitted Diseases
According to the end-user, the market is segmented into
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.
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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 in the Global Virology Market
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.
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This release was published on openPR.
Source : https://www.openpr.com/news/996817/Virology-Market-Expansion-Projected-to-Gain-an-Uptick-During-2015-2025.html