Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The global viral clearance market size was valued at USD 492.9 million in 2021. The market is projected to grow from USD 535.6 million in 2022 to USD 1,519.7 million in 2029, exhibiting a CAGR of 16.1% during the forecast period. Rising research and development activities increasing healthcare, biotechnology, and pharmaceutical investments may foster industry growth. Fortune Business Insights™ provides 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.
Key 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.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 16.1% |
| 2029 Value Projection | USD 1,519.7 Million by 2029 |
| Base Year | 2021 |
| Viral Clearance Market Size in 2021 | USD 492.9 Million in 2021 |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 128 |
Key Takeaways
- R&D for new biological products raises demand for related services.
- Regulations increase need for effective studies during pharmaceutical development.
- The market for viral control techniques had the largest share i.e. 45.6% in 2021.
- The North American market was worth USD 184.6 million in 2021.
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Drivers and Restraints:
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.
Segments:
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 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 strategies undertaken by the market's key players.
Regional Insights:
Rising Drug Approvals to Bolster Market Progress in North America
The market in North America stood at USD 184.6 million in 2021 and is expected to gain a huge portion of the global viral clearance market share during the forecast period. Rising drug approvals in the region may boost the adoption. Furthermore, national institutes supporting life research are expected to propel market progress.
In Europe, rising medical research funding and development in manufacturing may boost viral clearance adoption. Furthermore, the strong foundation of biotechnology is expected to bolster industry development.
In Asia Pacific, increasing generics development is expected to increase viral clearance adoption. Moreover, the rising manufacturing development may foster industry progress.
Competitive Landscape:
Prominent Companies Focus on Acquisition Strategies to Improve Brand Image
Prominent companies operating in the market devise acquisition strategies to boost their brand image. For example, In December 2021, Virushare GmbH acquired a leading mycoplasma testing service and life-sciences service provider, Bionique Testing Laboratories LLC. This acquisition will allow the company to improve its brand image. Furthermore, companies devise mergers, partnerships, acquisitions, product launches, collaborations, and other strategies to boost their market position worldwide.
List of Key Players Mentioned 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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Major Table of Contents:
- 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
TOC Continued…!
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