Global Viral Inactivation Market: Keen Players Focus on R&D for Novel Products, notes TMR
Albany, NY -- (SBWIRE) -- 03/14/2018 -- With the presence of several large players, the vendor landscape of the global viral inactivation market is a fragmented one, says Transparency Market Research in a new report. Despite this scenario, a large percentage of market share is held by a few large players that hold prominence. These players are striving for research and development of newer viral inactivation processes that can help them gain competitive advantage. Expansion into regional markets by means of associations with local players is also on the cards of large companies in the viral inactivation market.
Some key players in the global viral inactivation market are Thermo Fisher Scientific Inc., Merck & Co. Inc., Cerus Corporation, Terumo BCT Inc., Sartorius AG, V.I.P.S. SA, Shandong Weigao Group Medical Polymer Company Limited, and Macopharma SA.
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According to the TMR report, the global viral inactivation market was valued at US$3.05 bn in 2016. The market is likely to attract a revenue of US$5.736 bn by the end of 2025 rising at a CAGR of 7.4% between 2017 and 2025. Among the various types of method, chemical method dominates the market with maximum market share due to its efficacy for inactivation of different types of viruses. Attributes of safe, cost-effective, and efficacy for high degree of purity of sample also stoke demand for chemical method. The radiation method, on the other hand, is likely to outpace other methods in terms of growth rate over the forecast period. Geography-wise, North America currently holds sway over other segments due to a robust biopharmaceutical industry and early adoption of newer viral inactivation methodologies.
Proliferation of Biologics Industry Serves to Push Market
At the forefront of driving the global viral inactivation market is rising approvals of new drugs, rules in place that monitor viral safety of biologics, and expansion of the biologics and biosimilars industry. These factors provide much of the impetus needed for the growth of viral inactivation market.
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The soaring demand for biosimilars in developed as well as developing countries on the backdrop of rising need for cost effective generics as an alternative to high-cost biologics brand is also serving to boost the viral inactivation market. As a matter of fact, biopharmaceutical products that are of high value are likely to witness patent expiration in the near future thereby providing a major push to the growth of the said market.
Moreover, rising incidence of contagious diseases along with widespread adoption of biosimilars therapeutic treatment for a myriad disease indication are also anticipated to act as a positive influencer for the growth of the said market.
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High Cost of Manufacture of Biologics Mar Growth
However, several factors mar the progress of the viral inactivation market. High cost associated with the manufacture of biologics and biosimilars is acting as a restraint to the growth of this market. The equipment involved with viral inactivation is also pricey and thus restrain the market's growth.
Nevertheless, efforts for the development of novel vaccines due to the emergence of many new viruses is likely to offer new growth opportunities for the viral inactivation market.
About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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