Virology, the study of viruses, is an unparalleled branch of life sciences. With immensely high prevalence of diseases such as flu, hepatitis, AIDS, and STDs, the importance of virology is repeatedly highlighted. The global virology market is expected to grow over 2015-2025.
The global virology market is estimated at $1693 million in 2017 and is estimated to grow at a CAGR of 5.4% during the forecast period 2018-2023. North America is the largest virology market led by the U.S., owing to technological advancements such as rapid, portable diagnostics. N. America is expected to retain the top market position over the forecast period as well.
Europe is projected to maintain the position as the second largest market globally. During the forecast period, Europe is anticipated to record the highest CAGR, attributed by enhanced healthcare infrastructure, facilitated access to diagnostics, and growing affordability of diagnostic tests for viral diseases.
Japan is currently a growing virology market, which is estimated to grow at a remarkable CAGR through to 2025. However, APEJ and Africa are expected to witness the most promising growth opportunities during the forecast period. While China will be a leading APEJ market, India will contribute a considerable revenue share to the APEJ virology market.
Key Players in the Global Virology Market
The notable players identified in the global virology market include GlaxoSmithKline plc, Abbott Laboratories, Boehringer Ingelheim Corporation, Merck and Co. Inc., Novartis International AG, Siemens, Johnson & Johnson, AstraZeneca AB, and Roche.
Merck and Co. Inc. has several drug candidates in phase 2, including cancer, diabetes, cardiac arrest, and hepatitis C, and some candidates in phase 3, including breast cancer, atherosclerosis, Alzeimer's, ebola, and HIV. The company also has many other candidates, which are currently under review.
Abivax, a high profile biotech company in Paris, France, has already successfully produced candidates against dengue and chikungunya viruses. The company has a few more candidates against HIV and ebola, currently under development.
Virology Market: Segmentation
Virology Market is segmented By Product Type into Diagnosing Test: DNA Viruses, RNA Viruses, Prions Diagnostic Test, and Other Viral Tests.
On the basis of diagnosis tests, hepatitis B, Hepatitis C, HIV, Human papillomavirus (HPV), and other tests (like influenza, Ebola, and dengue) are estimated to hold the largest market share globally during the forecast period. Viral Infection controlling Methods include Immunoprophylaxis, Active Prophylaxis (Vaccines), Passive Prophylaxis, Antiviral Chemotherapy (Veridical Agents, Antiviral Agents, Immunomodulators), Interferon’s (Cytokines). Immunoprophylaxis therapy and antiviral drugs are the fastest growing market segments in the estimated forecast period.
Virology Market is segmented By Applications into Skin and Soft Tissue Infections, Respiratory Tract Infections, GI Tract Infections, Urinary Tract infection, Eye Infections, Sexually Transmitted Diseases, Perinatal Infections. STDs, Urinary tract infections, and respiratory tract infections are currently dominating as compared to the other application types in the global virology market. Virology Market is segmented By End Users into Hospitals, Clinics, Laboratories, Diagnostic Centers, Blood Banks, Pharmacies.
Global Vaccines Market: Snapshot
The global vaccine market is driven by the rise in prevalence of infectious diseases, as it is considered to be the best way to prevent such diseases. In addition, emerging vaccines (Zika vaccines, dengue vaccines, cancer vaccines, and others), production of technologically advanced vaccines, advancements in vaccine delivery devices, and increase in immunization programs supplement the market growth.
According to the market research study in 2016, the global vaccines market was worth US$ 28.0 Bn and is projected to reach a value of US$ 48.0 Bn by the end of 2025. The market is predicted to register a promising 6.0% CAGR between 2017 and 2025.
Competitive Market Share
Some of the major players in global market are AstraZeneca, Abbott, Bristol-Myers Squibb, Merck & Co., Johnson & Johnson, Sanofi Pasteur, Pfizer, GlaxoSmithKline, Emergent BioSolutions, Novartis, Astellas Pharma, CSL and Novavax. Industry players focus on new product development, mergers, and acquisition to strengthen their market position. Companies should face intense competition for development of novel products.