Virology Market (Type, Application) Valuation to Outstrip $5.27Bn by 2028 Growth Projection at 3.6% CAGR During 2021 to 2028 | The Insight Partners
According to our latest study on “Virology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, End User, and Geography,” the Virology Market is projected to reach US$ 5,276.48 million by 2028 from US$ 4,108.27 million in 2021; it is expected to register a CAGR of 3.6% from 2021 to 2028. The market growth is mainly attributed to the rising prevalence of viral infectious diseases and increasing number product launches.
Virology Market: Competitive Landscape and Key Developments
Abbott; Johnson & Johnson Services, Inc.; F. Hoffmann-LA Roche Ltd.; Thermo Fisher Scientific, Inc.; Qiagen; Illumina, Inc.; Siemens AG; GlaxoSmithKline Plc; Gilead Sciences, Inc.; and AbbVie, Inc. are among the key companies operating in the virology market. The leading market players are focusing on the launch of products, expansion and diversification of their market presence, and acquisition of new customer base, thereby propelling business opportunities.
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In May 2020, Aalto Bio Reagents launched New Recombinant Eukaryotic SARS-CoV-2 S1-S2 Spike Proteins. Thus, such active participation of the market players by product innovations and favorable government support is expected to bolster the growth of the virology market.
North America dominates the global virology market due to factors such as technological advancements, increasing product launches, and rising healthcare and research investments. Various diseases are spreading at a faster pace across the world. The transmission of infectious diseases has made the primary diagnosis of common diseases mandatory for travelers, which is further bolstering the demand for diagnostic tools as they can help control the outbreak at an early stage. In September 2019, the FDA approved OraQuick Ebola Rapid Antigen Test, a new rapid diagnostic test for Ebola in the US.
Viruses such as human immunodeficiency virus (HIV), flu virus, zika virus, Ebola virus, SARS-CoV-2, and poliovirus infect large population across the world. As the virus mutate and evolve continuously, drug resistance becomes a major challenge in viral infection management among the humans and animals. A virus transmits through various media based on its type. For instance, some viruses cause respiratory viral diseases, such as flu, common cold, and respiratory syncytial virus infection, and they are transmitted via droplets generated through coughing or sneezing, whereas some gastrointestinal viral diseases are transmitted through direct contact with the feces of infected people or through contaminated food or water. As per the UNAIDS Global HIV & AIDS statistics, more than 37.7 million people across the world were infected by HIV in 2020.
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The International Committee on Taxonomy of Viruses (ICTV) declared the novel coronavirus that caused COVID-19 as Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) in February 2020. The virus has undergone mutation a couple of times since its outbreak, which has added to the severity of the COVID-19 pandemic. For instance, as per the COVID-19 tracker data by the Centers for Disease Control and Prevention (CDC), as of August 2021, the seven-day case rate per 100,000 is 299.4, and over 164,952 new cases are reported in the US. Moreover, as per the European Centre for Disease Prevention and Control, as of August 2021, the total count of COVID-19 cases reached ~36,307,572 patients in the European Economic Area (EEA). Thus, such rising prevalence of viral infections is driving the growth of the virology market.
Based on type, the virology market is segmented into diagnostic test, viral infection controlling techniques, antiviral therapeutics, and interferons. The diagnostic test segment is expected to hold the largest market share in 2021, and it is expected to register the highest CAGR in the market from 2021 to 2028. Based on application, the virology market is segmented into skin and soft tissue infections, respiratory tract infections, GI tract infections, sexually transmitted diseases, urinary tract infection, and others. The respiratory tract infections segment is expected to hold the largest market share in 2021, and it is expected to register the highest CAGR during the forecast period. Based on end user, the virology market is segmented into hospitals, diagnostic laboratories, pharmaceutical and biotechnological companies, and research and academic institutes. The hospitals segment would account for the largest market share in 2021, and it is expected to register the highest CAGR in the market during 2021–2028.
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Virology is among the significant sections of the healthcare systems almost all countries. It has an extensive application in vaccine development, diagnostics, treatment therapies, and others. The market players continuously adopting strategies such as product innovations and developments to sustain the competition in the market. For instance, companies are investing significantly in the development of vaccines, testing kits, and other related products and services to support the COVID-19 management efforts of healthcare sectors. Following are a few of the developments related to the virology market:
In August 2021, the US Food and Drug Administration (FDA) approved the first COVID-19 vaccine—Pfizer-BioNTech. It will be marketed as ComiRNAty (Koe-mir’-na-tee). The vaccine is intended to prevent COVID-19 disease in individuals aged 16 years and above. It is also available under Emergency Use Authorization (EUA).
In April 2021, CerTest Biotec launched its CE-marked COVID-19 diagnostic test for the BD MAX System.
In May 2020, Bio-Rad received FDA approval for an authorized emergency use of the COVID-19 total antibody test.
Virology Market: Segmental Overview
Based on end user, the virology market is segmented into hospitals, diagnostic laboratories, pharmaceutical and biotechnological companies, and research and academic institutes. The hospitals segment held the largest market share in 2020, and the market for this segment is expected to grow at the highest CAGR during 2021–2028.
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