New York, May 19, 2023 (GLOBE NEWSWIRE) -- The global viral vector vaccines market was valued at US$ 738.4 million in 2022 and is projected to expand at a CAGR of 3.9% over the forecast period (2023 to 2033), as per this latest market study by Persistence Market Research. Demand for viral vector vaccines is set to reach US$ 1.23 billion by the end of 2033.
Development of gene therapy has paved the way for the use of viral vectors in vaccine development. This has led to the expansion of viral vector technology beyond traditional vaccine development. Advancements in technology have allowed for the creation of more efficient and safer viral vector vaccines. Use of synthetic biology and CRISPR/Cas9 has allowed for more targeted and precise gene editing. Use of viral vectors in gene therapy has led to the expansion of viral vector technology beyond traditional vaccine development.
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The success of gene therapies for genetic disorders has demonstrated the potential of viral vectors to target specific cells or tissues. Viral vector vaccines, which use weakened or modified viruses to deliver genetic material into cells to stimulate an immune response, have shown promise in treating a range of diseases, including cancer, HIV/AIDS, and other infectious diseases.
Other than this, an increase in government and private funding for the development of viral vector vaccines has encouraged pharmaceutical and biotech companies to invest in the development of these vaccines. Furthermore, the increase in government and private funding for research and development of gene therapy and viral vector vaccines has encouraged pharmaceutical and biotech companies to invest in the development of these therapies. All these factors will boost the global demand for this market over the forecast period.
Key Takeaways from Market Study
- The global viral vector vaccines market is predicted to reach a valuation of US$ 1.23 billion by the end of 2033.
- The adults segment held a market share of 64.5% in 2022.
- By distribution channel, hospitals led with a market share of 67.5% in 2022.
- The Middle East and Africa dominated the global market with North Africa contributing US$ 205.6 million in revenue in 2022.
- North America accounted for 28.7% market share in 2022.
“Advancements in biotechnology & genetic engineering and increased R&D activities are expected to boost the demand for viral vector vaccines over the forecast period,” says an analyst at Persistence Market Research.
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Market Competition
Leading manufacturers of viral vector vaccines are focusing on developing partnerships and collaborations with other companies as well as government institutes to expand their R&D activities related to various vaccines. Apart from this, they also involve themselves in expanding manufacturing capacity and diversifying product portfolios.
- In January 2021, Merck and UNICEF inked a contract to create the Ebola vaccine stockpile with ERVEBO. The ERVEBO vaccination is a significant milestone in the battle against Ebola, resulting from groundbreaking innovation and worldwide collaboration. The vaccination is recommended for individuals aged 18 and up to prevent illness caused by the Zaire ebolavirus.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the viral vector vaccines market in its latest study, presenting a historical demand assessment for 2017 to 2022 and projections for 2023 to 2033.
The research study is based on patient (pediatric and adults) and distribution channel (hospitals and government institutes), across four regions of the world (North America, Europe, East Asia, and the Middle East and Africa [MEA]).
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For additional insights on how the growth of the viral vector vaccines market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
Persistence Market Research’s Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
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