Viral Clearance Market size is estimated to garner robust revenue by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. Further, the market generated impressive revenue in the year 2022. The growth of the market can primarily be attributed to the rising demand for specialty drugs across the globe. For instance, in 2020, the specialty drug expenditure was estimated to hit 8% while in 2019, approximately 3.5% of the global population was projected to take at least 1 specialty drug.
Global market trends such as, rising government initiatives in each country in favor of viral clearance along with spiking penetration of infectious lung diseases and noteworthy growth in healthcare expenditure are projected to influence the growth of the market positively over the forecast period. As per the statistics provided by the World Bank, it was noticed that healthcare expenditure dropped to USD 1,121.9 per capita in 2019. Viral clearance is the difference found between the quantity of virus in the input sample and the fraction containing the product after purification. Moreover, ongoing development in novel technology and rising awareness of viral safety is further expected to flourish the growth of the market over the forecast period.
End-user (CROs, Pharmaceuticals, Biotechnology Company)
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.
Our in-depth analysis of the global market includes the following segments:
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.
Author Credits: Radhika Gupta, Shivam Bhutani