Pune, India, April 13, 2022 (GLOBE NEWSWIRE) -- The global viral clearance market size was USD 492.9 million in 2021. The market in 2022 was valued at USD 535.6 million and is expected to reach USD 1,519.7 million by 2029, exhibiting a CAGR of 16.1% during the forecast period. Robust investments in biotechnology, pharmaceutical products, rising research and development activities, and increasing healthcare expenditures may fuel industry progress. Fortune Business Insights™ presents this information in its report titled “Viral Clearance Market, 2022-2029.”
Viral clearance is crucial in manufacturing biosimilar, stem cell products, biopharmaceuticals, antibodies, and others. Robust investments in biotechnology are expected to boost the clearance’s adoption. Furthermore, increasing investments in pharmaceutical products may foster industry development. Moreover, the rising research and development activities are expected to bolster the process’ sales. In addition, the rising healthcare expenditures may fuel the industry's growth.
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Industry Development
- August 2021: WuXi Biologics received its first GMP certificate for its Suzhou biosafety testing facility, showcasing its compliance with the cGMP biosafety regulatory guidelines and testing standards.
Declining Diagnosis Procedures to Impede Market Development
This market is expected to be negatively affected during the COVID-19 pandemic due to declining diagnosis procedures. The alarming spike in COVID patients led to restrictions on surgical procedures. Furthermore, lack of medical equipment and beds is expected to impede the industry’s growth. However, post-COVID relaxations may enable healthcare providers to balance costs. This factor may promote market growth during the pandemic.
Segmentation
By method, the market is segmented into viral removal method, viral inactivation method, and viral detection method. Based on application, it is classified into blood and blood products, recombinant proteins, cellular & gene therapy products, vaccines, and others. As per end-user, it is categorized into pharmaceutical and biotech industry, academic research institutes, CROs, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Rising R&D Expenditures to Bolster Market Development
The rising research and development expenditures in pharmaceutical industries are expected to bolster market development. For example, according to the Indian Brand Equity Foundation (IBEF) analysis in 2019, pharmaceutical companies in India spent 8-13% of their turnover on R&D. The rising demand for innovative and high-quality products may increase viral clearance adoption. Furthermore, the manufacturing of novel biopharmaceuticals is expected to boost viral clearance adoption. These factors may drive the viral clearance market growth.
However, the high costs associated with the service may hinder the market’s progress during the pandemic.
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Presence of National Institutes Supporting Life Research to Fuel Market Growth in North America
North America is expected to dominate the viral clearance market share due to the presence of national institutes supporting life research. The market in North America stood at USD 184.6 million in 2021 and is expected to grow positively in the coming years. Furthermore, increasing drug approvals may foster market development.
In Europe, the strong foundation of biotechnology is expected to fuel the viral clearance adoption. Furthermore, development in manufacturing and the surge in medical research funding is expected to bolster market growth.
In Asia Pacific, the increasing manufacturing and generics development may foster the development of the industry globally.
Major Players Focus on Acquisition Strategies to Bolster Brand Image
Prominent companies operating in the market devise acquisition strategies to improve activities and boost their brand image. For example, Virushare GmbH acquired Bionique Testing Laboratories LLC. in December 2021. Bionique is a leading mycoplasma testing service and life-sciences service provider. This acquisition may enable the company to enhance its activities and boost its brand image. Furthermore, companies devise mergers, partnerships, acquisitions, product launches, collaborations, and other strategies with an aim to boost their market position worldwide.
List of Key Players Profiled in the Report
- Merck KGaA (Germany)
- Charles River (U.S.)
- WuXi Biologics (China)
- Texcell (France)
- Vironova (Sweden)
- Kedrion (Italy)
- Clean Cells (France)
- ViruSure GmbH (Austria)
- Sartorius AG (Germany)
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Table Of Contents :
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments (Mergers, Acquisition and Partnerships)
- Technological Advancements
- Key Industry Trends
- Regulatory Scenario
- Impact of Covid-19 on the Market
- Global Viral Clearance Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Method
- Viral Removal Method
- Viral Inactivation Method
- Viral Detection Method
- Market Analysis, Insights and Forecast – By Applications
- Blood and Blood Products
- Recombinant Proteins
- Cellular & Gene Therapy Products
- Vaccines
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical and Biotech Industry
- Academic Research Institutes
- CROs
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Viral Clearance Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Method
- Viral Removal Method
- Viral Inactivation Method
- Viral Detection Method
- Market Analysis, Insights and Forecast – By Applications
- Blood and Blood Products
- Recombinant Proteins
- Cellular & Gene Therapy Products
- Vaccines
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical and Biotech Industry
- Academic Research Institutes
- CROs
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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