Global Viral Clearance Service Market Highlights Over 2022 - 2031
The global viral clearance service market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~21% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing need for viral clearance, coupled with the growing demand for specialty drugs around the world. In 2019, the penetration of specialty drugs in the United States alone was more than 38%, whereas the same units in the United Kingdom and Germany was about 45% and 49% that year. Along with these, rising demand for virus inactivation in products, and large economic burden of chronic diseases are also expected to drive the growth of the market in the years to come. According to the Centers for Disease Control and Prevention (CDC), as of 2022, in the United States alone, 6 in 10 adults were suffering from a chronic disease. Also, these diseases amount for about USD 3.8 trillion in annual healthcare costs in the US. Furthermore, integration of techniques, such as chromatography and nanofiltration, in the field of biology is helping in the regulating the level of virus clearance. As a result, prominent pharmaceutical companies are investing heavily for conducting R&D activities, which in turn is projected to offer ample growth opportunities to the market in the near future.
The market is segmented by end user into pharmaceutical & biotechnology companies, and CROs, out of which, the CROs segment is anticipated to witness notable growth in the global viral clearance service market. This can be accounted to the ability of contract research organizations, or CROs, to invest in extensive drug discovery infrastructure. Apart from this, increase in the outsourcing of drug discovery services to CROs by academic institutes, biotechnology companies and pharmaceutical firms is also predicted to boost the market growth in the future. Additionally, on the basis of method, the viral removal segment is assessed to grab the largest share during the forecast period high utilization of this method as a result of its excellent speed, accuracy and flexibility. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Viral Clearance Service Market Regional Synopsis
Regionally, the global viral clearance service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing funding for medical research, and rise in generics development and manufacturing in the region. In addition, presence of a large number of CROs for providing preclinical and clinical research services, especially in China, is also expected to drive market growth in the coming years. Moreover, the market in North America is projected to occupy the largest share during the forecast period ascribing to the increase in the number of drug approvals, and strong footprint of market players are projected to offer ample growth opportunities to the market in the near future. The United States Federal Drug Association (FDA) approved 48 novel drugs in 2021, up from 24 drugs per year a decade ago. The 5-year average sits at 50 drugs per year in that country.
The global viral clearance service market is further classified on the basis of region as follows:
Our in-depth analysis of the global viral clearance service market includes the following segments:
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the increasing need for viral clearance across the globe, and growing demand for specialty drugs worldwide.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
The major players in the market are Labor Dr. Merk & Kollegen GmbH, Merck KGaA, Sartorius AG, Syngene International Limited, Mérieux NutriSciences Corporation, and others.
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.
The market is segmented by method, application, end user, and by region.
The viral removal segment is anticipated to hold largest market size in value and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Time-intensive development process for viral drugs is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing funding for medical research, and rise in generics development and manufacturing in the region.
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