Albany - NY, Sept. 21, 2017 (GLOBE NEWSWIRE) --
Approval of new drugs, regulatory guidelines framed by regulatory authorities for the viral safety of biologics products, and rapid growth of biologics and biosimilars industry are slated to provide a major impetus to the global market for viral inactivation.
“The demand for biosimilars products has growing rapidly in both developed and developing countries due to need for cost effective generic treatment alternative to high cost branded biologics. In fact, biopharmaceutical products worth over hundreds of billions of dollars will go off patents in the near future and this will provide a major boost to the market,” explains the lead analyst of the report.
As per a report by Transparency Market Research, the global viral inactivation market will likely rise at a healthy 7.4% during the period between 2017 and 2025. Rising at this rate, the market will likely become worth US$5.736 bn by 2025 from US$3.05 bn in 2016.
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Besides the increasing occurrence of infectious diseases and growing application of biosimilars therapeutic treatment for a range of diseases will also serve to have a positive influence on the market.
Development of Vaccines for New Viruses to Provide Avenues for Growth
Posing a challenge to the market, on the flipside, is the steep cost of developing and manufacturing biologics and biosimilars products and also the expensiveness of equipment for viral inactivation. However, emergence of new viruses and development of vaccines against these viruses and development and adoption of newer viral inactivation methods is expected to open up new avenues of growth in the market.
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Various methods have been developed and many more are under trial for viral inactivation during biopharmaceutical production and for blood and blood derived products. Depending upon the methods, the main segments of the global viral inactivation market are chemical, radiation, and others such as pasteurization, dry and moist heat treatment. Among them, the segment of radiation method for viral inactivation will likely outpace all others vis-à-vis growth rate in the near future because of the increasing uptake of UV-radiation equipment by the blood centers in developed countries of the U.S., the U.K, Germany, France, Italy, etc.
Depending upon geography, the key segments of the global viral inactivation market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America holds a leading share in the market on account of solid demand for blood and blood products and vaccine in this region. The market in the region is predicted to rake in a revenue of US$2.31 bn by 2025.
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Some of the dominant players in the global market for viral inactivation are Shandong Weigao Group Medical Polymer Company Limited, Merck & Co, Sartorius AG, Cerus Corporation, Macopharma SA, Terumo BCT, Inc., Thermo Fisher Scientific Inc., and V.I.P.S. SA. Merck & Co., Inc. among them, held a leading share in the market in 2016. The reasons behind its dominant position are a solid geographical outreach and strategic acquisitions.
Other keen companies operating in the global market for viral inactivation are also leveraging carefully-considered acquisitions to bolster their positions. They are also expending time and money into development of new products to cater to the different needs of the population.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.