Viral Clearance Market Analysis by Method (Viral Inactivation and Viral Removal); by Application (Blood, Recombination, and Vaccine); and by End-User (CROs, Pharmaceuticals, and Biotechnology Company) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 3939 | Published Date: Feb 15, 2023
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.
Growth Drivers
Based on the report provided by the World Health Organization (WHO), it was noticed that around 50,000 people die every day owing to some infectious diseases worldwide.
Infectious diseases are caused by various fungi, bacteria, and viruses and can be life-threatening sometimes. Diseases and disorders associated with infections are triggered by certain organisms that require early diagnosis so that they can be healed before spreading to multiple parts of the body. Viral clearance becomes useful since it removes viral contamination utilizing membranes or chromatography.
According to the Centers for Disease Control and Prevention, it was noticed that 6 in 10 Americans have at least 1 chronic disease.
World Health Organization (WHO) stated that non-communicable diseases cause nearly 17.9 million people per year.
For instance, more than 150 million dengue virus infections are diagnosed every year across the globe.
Challenges
The global viral clearance market is segmented and analyzed for demand and supply by end-user into CROs, pharmaceuticals, and biotechnology company, out of which, the CROs segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the rising investment in the R&D of new medical technology and medicine. For instance, the total spending on medicine across the world is evaluated at around USD 1 trillion in 2021.
Regionally, the global viral clearance market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be ascribed to the presence of major key players in the region and the escalation in number of drug approval. As of 2021, nearly 48 novel drugs were approved by the United States Federal Drug Association (FDA) which was an increase from the recent decade when 24 drugs were being approved per year. Moreover, a higher number of CROs facilitating clinical and preclinical services is further estimated to hike the growth of the market during the forecast period.
The global viral clearance market is further classified on the basis of region as follows:
Our in-depth analysis of the global viral clearance market includes the following segments:
|
By Method |
|
|
By Application |
|
|
By End-User |
|
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.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Increasing cases of chronic disease and a significant increment in the number of viral fevers are estimated to majorly boost market growth.
Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2033.
Ans: Long-lasting development procedure for drug discovery and the lack of the requisite medical workforce is estimated to challenge the market growth.
Ans: The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Texcell Inc., Merck KGaA, Charles River Laboratories, Inc., Sartorius AG, SGS AG, Syngene International Limited, Lonza AG, Kedrion S. p. A., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by method, application, end-user, and by region.
Ans: The CROs segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
