Market Trends of Global Viral Inactivation Industry
This section covers the major market trends shaping the Viral Inactivation Market according to our research experts:
Vaccines and Therapeutics Segment is Expected to Hold the Largest Market Share in the Viral Inactivation Market
The vaccines and therapeutics segment is anticipated to hold the largest market share in the viral inactivation market. The highest market revenue is due to higher incidences and the huge economic burden of chronic diseases such as Cancer, which demanded the inactivated vaccines along with increasing government support for pharmaceutical and biotechnology industries to invest in the R&D of novel therapeutics. According to International Agency for Research on Cancer (Globocan) 2020 figures, 495,773 new pancreatic cancer cases were diagnosed worldwide in 2020. The figures from GLOBOCAN 2020 also pointed out that the incidence of new pancreatic cancer cases in very high HDI (Human Development Index) countries was recorded at 275,036, followed by 187,205 in high HDI countries. Medium and low HDI countries had 24,705 and 8,586 cases, respectively. Similarly, increasing initiatives by market players are expected to increase the market growth. . In March 2022, Singapore-based biopharmaceutical company Prestige Biopharma (PBP) announced that its Innovative Discovery Centre (IDC) is under construction in Busan, South Korea. The IDC will lead PBP's future vision through activities such as the development of antibody therapeutics, including pancreatic cancer treatment, and cutting-edge vaccine technology. There are also plans to introduce vaccines that can be used to treat pancreatic cancers. In October 2020, scientists from the Francis Crick Institute, London, United Kingdom presented an experimental immunotherapy-based vaccine that specifically targets the KRAS gene that is involved in the development of many types of cancer. Thus, the abovementioned factors are expected to increase the market growth.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate overall market, throughout the forecast period. In North America, the United States holds the largest market share in terms of revenue. Also, advanced healthcare infrastructure, the presence of major pharmaceutical and biopharmaceutical companies, and significant healthcare R&D expenditure by the government and companies in the United States are the key factors estimated to fuel the market in North America. According to ClinicalTrial.gov, Canadian pharmaceutical companies and research institutions had robust R&D pipelines in 2021, with 5,659 new studies in various stages of evaluation, 1,397 (24%) of which were in Phase III clinical trials approved by the food and drug administration (FDA) or EMA (European Medicines Agency), representing a wide range of therapeutic areas, and this condition will boost the market growth in the country. The Canadian government's Plan to Mobilize Science in 2020 includes USD 192 million for coronavirus research and medical countermeasures and also the government has invested up to USD 56 million to support clinical trials for a COVID-related vaccine candidate from Variations Biotechnologies Inc. Similarly, Mexico aims to strengthen pharmaceutical research and manufacturing in the long term in 2021 reported that Mexico plans to release its National Pharmaceutical Policy in April 2022, which will address a variety of supply chain and regulatory challenges, and the framework collaboration agreements signed by Mexico will strengthen scientific research and foster pharmaceutical innovation, and this will help in increase of drug discoveries in the country, thus increase the demand for viral inactivation. Moreover with new funding from Michigan Drug Discovery in 2021, researchers from throughout the University of Michigan are looking into ways to manage pain, cancer, and infection. In which four of the five studies will look for novel biologically active compounds that can be used to target crucial drug discovery targets, and this drives the market. Hence, owing to the above conditions the studied market is expected have a faster growth over the forecast period.
