Global Viral Vector Market is witnessing a high CAGR growth of 20% and is expected to reach USD 1,564.4 Mn by 2027.
The global viral vector market is growing significantly due to increasing number of clinical studies related to the genomics and growing potential applications in novel drug delivery approaches. Moreover, expansion of healthcare and research infrastructure and growing burden of cancer diseases aare expected to thrive the growth of viral vector industry. In addition, rising demand for site specific drug delivery is expected to boost the growth of viral vector industry during the forecast period.
Viral vector gene therapies are one of most booming fields in the science. However, only four in vivo viral-vector therapies are available in the market and ~100 gene therapies are in clinical trials phase with rigorous development in preclinical phase. Multinational pharmaceutical companies have diverted their focus on the potential of viral vectors along with developing acquisitions with more than 7 biotech-companies that valued above USD 1.0 Bn from last two years and is expected to increase more during the forecast period.
Moreover, the global sales of viral vector gene therapies are forecasted to elevate with the rate of ~50% with in next-five years which would have huge impact on the lives of more than 10,000 patients. Upcoming viral vector-based gene therapies are expected to pull the market for the development of innovative therapies.
Covid-19 pandemic has effectively impacted the growth of viral vector industry. Viral vector has played a significant role in development of covid-19 vaccine. Major pharmaceutical and biopharmaceutical companies are focused on the development of vector-based vaccine to meet the demand for growing covid infection crisis across the globe which uplifted the growth of viral vector industry and gained focus of companies for the development of viral vector-based therapies.
Global Viral Vector Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, Asia-Pacific is expected to witness remarkable growth during the forecast period due to growing research activities and an increase in viral vector product launches for novel gene therapy in China, India, and Mexico.
The Global Viral Vector Market Segmentation:
Global Viral Vector Market by Type Outlook (Revenue, USD Million, 2021-2027)
Global Viral Vector Market by Disease Type Outlook (Revenue, USD Million, 2021-2027)
Global Viral Vector Market by Application Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the Viral Vector market are