The virology market size was USD 2.06 billion in 2021 and is expected to register a revenue CAGR of 5.0% over the forecast period, according to the latest report by Reports and Data.
The virology market size was USD 2.06 billion in 2021 and is expected to register a revenue CAGR of 5.0% over the forecast period, according to the latest report by Reports and Data. Increasing mortality rate and morbidity rate of viral diseases, such as rotaviral diarrhea, flaviviral dengue, hantaviral pulmonary syndrome, herpes, Middle East Respiratory Syndrome (MERS), and others, is a major factor driving market revenue growth. With an increase in their rates of infectivity, the need for production of more volumes of vials of anti-viral vaccines is necessary to develop. Several leading vaccine development companies are investing in Research & Development (R&D) of drug discovery. According to World Health Organization (WHO), there are over 25 million outpatient visits and over 2 million yearly hospitalizations owing to rotaviral infection. Dengue infections are also affecting 100 to 400 million people every year and advanced stage of dengue, which develops a disease called dengue hemorrhagic fever, has a mortality rate of 20%.
Outbreak of monkeypox virus in 2022 has also generated multiple investment opportunities in the virology market worldwide. According to WHO, though the outbreak primarily affected West Africa, the virus is expected to spread in non-endemic regions as well. This presents a significant scope for developing anti-monkey pox viral candidates, which is expected to drive market revenue growth in the global virology sector. Mortality rate of Hantaviral infection may reach up to 60% and it generates approximately 300 cases in the U.S. itself. In addition, rapid advancements in technology and global investments in R&D are significantly driving revenue growth of the virology market. In 2021, the government of Alberta provided a grant of USD 55.1 million to develop made-in-Alberta vaccines and drug development pipelines to develop anti-viral vaccines and drugs from discovery to manufacturing level.
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Various awareness programs conducted worldwide have played an effective role in earning the trust of public to take vaccines. Awareness campaigns, such as Citizen’s charter program by Government of Afghanistan, have generated necessary awareness and importance of taking vaccines even in remote areas of Afghanistan including Herat, Bamyan, and other provinces. These factors are further driving demand for vaccine development. Furthermore, novel opportunities in the field of virology can be attributed to the fact that vaccines for several viral diseases, such as human immunodeficiency virus, adenovirus, norovirus, and herpes simplex virus, are yet to be discovered by global scientific community.
Some Key Highlights From the Report
- The antiviral-drug segment accounted for largest revenue share in 2021. Rising demand for anti-viral drugs is attributed to growing number of grants funded by various governmental and non-governmental sources, which are targeted at drug discovery research as well as drug manufacturing domain.
- The hospital segment accounted for largest revenue share in 2021. Increasing cases of COVID-19 cases have generated a significant demand for COVID-19 detection kits and vaccines, which are majorly conducted in hospitals. Different vaccination drives are also conducted in various government and non-government hospitals, which drives revenue growth for the virology market.
- The polymerase chain reaction-based approaches segment accounted for largest revenue share in 2021. With increasing infectivity of COVID-19, there is an increasing demand for taking RT-PCR tests, which is largely attributed to various COVID-19 awareness campaigns.
- The North America market accounted for largest revenue share in 2021. Rising number of cases of COVID-19 in the U.S. is a significant factor that has generated demand for increased number of doses of vaccines and advanced diagnostic solutions to treat chronic and acute viral conditions. According to World Health Organization, there have been over 92 million confirmed cases of COVID-19, from January 2020 to August 2022 and 598 million doses of COVID-19 vaccines have been administered in the U.S., as of August 2022. Another factor driving the virology market is increasing funding for virology research and increasing number of virology products launched.
- In May 2022, National Institute of Health (NIH) awarded USD 68 million to Post Era, a biotechnology company for establishing nine Anti-Viral Drug Discovery Centers (AViDD) for pathogens of pandemic concern. These centers will focus on viruses including picornavirus, flaviviruses (such as dengue and zika viruses), filoviruses (such as Ebola and Marburg viruses), paramyxoviruses, togaviruses, and bunyaviruses.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
BioNTech SE, Novartis AG, GSK plc., Merck & Co., Inc., Pfizer Inc., Moderna, Inc., Johnson & Johnson services Inc., AstraZeneca, F. Hoffmann-La Roche Ltd, Boehringer Ingelheim International GmbH, and Shanghai Fosun Pharmaceutical（Group）
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Virology Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Anti-viral Drugs
- Anti-viral Chemotherapy
- Interferons
- Medical Instruments
- Others
Molecular Diagnostic Method Outlook (Revenue, USD Billion; 2019-2030)
- Polymerase Chain Reaction (PCR) based approaches
- In-vitro Studies
- In-vivo Studies
- Next Generation Sequencing
- Mass Spectrometry-based Analysis
- Others
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Molecular Diagnostic Laboratories
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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