In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
· November, 2020: Vibalogics announced to establish its presence in the United States in a facility near Boston, Massachusetts. It is planning to invest USD 150 million into the establishment of its US production site.
The adenovirus based virotherapy market is estimated to garner a large revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to factors such as growing number of cancer incidences around the world and increasing clinical trials to formulate effective oncolytic virotherapy in developing nations. According to the World Health Organization, cancer is the leading cause for deaths worldwide. The disease led to the demise of nearly 10 million people in the world. Along with these, escalating research & development concerned with adenovirus and surging demand for vector-based therapies are also projected to drive market growth in the coming years. Furthermore, rising government investments to spread awareness about early cancer detection is expected to provide ample growth opportunities to the market in the near future.
The market is segmented by application into solid tumors and hematological malignancies, out of which, the solid tumors segment is anticipated to hold the largest share in the adenovirus based virotherapy market on account of the commonness of cancers, namely breast, lung and prostate cancers, and rising R&D activities regarding cancer treatment across the world. According to the National Cancer Institute, the total number of cases of breast, lung and prostate cancer in the United States alone in the year 2021 are calculated to be 284,200, 235,760 and 248,530 respectively. In addition, the segment for imlygic is evaluated to observe highest growth during the forecast period owing to its efficacy in treating infected cancer cells by slowly hindering their growth and generating a systematic immune response. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the adenovirus based virotherapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is estimated to acquire the largest share over the forecast period on the back of availability of improved healthcare infrastructure, improvised reimbursement policies and high healthcare expenditure in the region. Additionally, presence of leading manufacturers is also expected to fuel the region’s market growth in the coming years. More than USD 510 billion were spent on medicines in the United States in 2019. Around 75% of drugs in the country are branded. Moreover, Asia Pacific is assessed to witness notable growth during the forecast period, which can be credited to the accelerated approvals of Asian cell and gene therapy, rising healthcare needs of the population, and increasing government and private investments to develop effective regenerative medication in the region.
The adenovirus based virotherapy market is further classified on the basis of region as follows:
Our in-depth analysis of the adenovirus based virotherapy market includes the following segments:
Ans: Rising prevalence of cancer around the world and increasing number of clinical trials in developed nations are the major growth drivers for market.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: High cost of adenovirus-based therapy is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the accelerated approvals of Asian cell and gene therapy and rising healthcare needs of the population.
Ans: The major players in the market are Merck Sharp & Dohme Corp., Amgen Inc., Vibalogics GmbH, Oncolytics Biotech, Inc., Transgene SA, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by pipeline therapy, application, treatment, and by region.
Ans: The solid tumors segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.