Increased Prevalence of Respiratory Syncytial Virus
Respiratory syncytial virus is among the leading causes of lower respiratory tract infections in infants and young children. This can be attributed to less therapeutic options available to prevent or treat disease which is expected to propel the market growth. According to the Centers for Disease Control and Prevention (CDC), in the US, there is an average of 1.5 million infant outpatient visits, out of which around 57,000 are hospitalized each year due to RSV infection.
Advances in technologies
Increased understanding of RSV biology for the development of drugs and vaccines to cure, treat, and prevent the infection owing to the innovations in technology is projected to drive the market growth.
Less Availability of Safe and Effective Antiviral Drugs
Unavailability of approved drugs and vaccines for the treatment of RSV infection, due to lack of effectiveness and resistance against the infection is estimated to impede the growth of the market, over the forecast period.
Additionally, the high prices of monoclonal antibody injections used for the treatment and prevention of infection is also anticipated to hamper the market growth.
The market is showing a significant growth on account of RSV being a major cause of respiratory diseases globally. Additionally, increased incidences of respiratory infections and rising neonatal population are also among the major factors driving the growth of the market. Development of drugs and vaccines with better effectiveness and limited drug toxicity in the upcoming years is also projected to positively impact the growth of the market, during the forecast period.
The global human respiratory syncytial virus treatment market is anticipated to project a CAGR of over 12%, during the forecast period (2019-2027). The market is segmented by route of administration into oral and parenteral form, out of which, the parenteral form segment is anticipated to witness higher demand in the global human respiratory syncytial virus treatment market on account of its high therapeutic concentrations that are achieved reliably and readily.
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Our in-depth analysis of the global human respiratory syncytial virus treatment market includes the following segments:
By Route of Administration
By Distribution Channel
On the basis of geography, the global human respiratory syncytial virus treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in North America is expected to show a significant growth owing to the increased prevalence of viral infection among infants in this region. According to a survey conducted by the National Institute of Allergy and Infectious Diseases (NIAID), in the United States, all the two-year old children, become infected by RSV, with 75,000 to 125,000 of them being hospitalized every year. Moreover, an estimated of 64 million people get affected, out of which 160,000 deaths occur each year, globally.
The market in Asia Pacific is also anticipated to show a considerable growth as a result of the high population density and rising incidences of infections in the region.
The global human respiratory syncytial virus treatment market is further classified on the basis of region as follows:
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.