The growth of the global market viral inactivation hinges on to advancements in the fields of drug development, microbiology, and medication. Transparency Market Research (TMR) finds that the existing vendors in the global market for viral inactivation have tasted success at the back of increasing research and development in the field of life sciences and microbiology. The leading market vendors have been on the lookout for weak and defunct market players who can be acquired and replenished under a fresh brand name. It is expected that the market will undergo a weakening of barriers to the entry of new players which shall in turn result in a highly fragmented competitive landscape over the forthcoming years.
Research and development is projected to be at the forefront for vendors in the global viral inactivation market. Furthermore, the smaller market players are expected to stick to the basics and learn from the footsteps of their developed counterparts. Hence, it is safe to prognosticate that the market players in the global viral inactivation market would see the emergence of several new growth opportunities over the coming years.
The global market for viral inactivation is expected to accumulate revenues worth US$5.736 bn by 2025, escalating up from a value US$3.05 bn in 2016. Furthermore, the global market is prognosticated to grow at a CAGR of 7.4% over the period between 2017 and 2026. Based on geography, the splendid biopharmaceutical industry in the US and Canada is expected to fortify the market for viral inactivation in North America. Besides this, the blood and blood products segment is expected to outdo all the other segments based on application.
Need for Safer Biologics to Propel Market Demand
The introduction of several new drugs into the market has also necessitated the testing of these drugs, and this has created demand within the global market for viral inactivation. The field of bio-similar products and biologics has also undergone rapid advancements in recent times which have furthered the growth of the global viral inactivation market. The rising incidence of several infectious diseases has also played to the advantage of the global market.
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The biopharmaceutical industry has attracted the attention of several organizations, governments, and international entities, and the need to develop this industry has become an indispensable need across the globe. This is projected to be a huge plus for the global market for viral inactivation, and is anticipated to reap tremendous revenues into the market over the forthcoming years.
High Costs of Biosimilar Products to Mar Growth
Despite the fructuous growth of the global market for viral inactivation, the high costs associated with the manufacture of biosimilar products is expected to restrain market growth. Furthermore, discovery of new types of viruses that cannot be countered with the current forms of vaccinations has also proved to a roadblock for the growth of the global viral inactivation market. Nevertheless, the rising incidence of contagious diseases and an outburst of viral infections are expected to keep bolstering demand within the global market. Furthermore, the rising geriatric population that is frequently in need of biologic therapeutics is also an advantage for vendors in the global viral inactivation market.
The review is based on TMR’s report titled “Viral Inactivation Market (Method – Chemical and Radiation; Application – Blood and Blood Products, Vaccines, and Cell and Tissue Culture; End-user – Pharmaceutical and Biotechnology Companies, Blood Banks and Hospitals, and Contract Research Organizations) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”.
The report segments the global viral inactivation market along the following lines:
Global Viral inactivation Market: By Method
- Chemical Method
- Radiation Method
- Other Methods
Global Viral inactivation Market: By Application
- Blood & Blood Products
- Cell & Tissue Culture
Global Viral inactivation Market: By End-User
- Pharmaceutical & Biotechnology Companies
- Blood Banks & Hospitals
- Contract Research Organizations
Global Viral inactivation Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East Africa (MEA)
- Middle East