Viral Inactivation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Viral Inactivation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The viral inactivation market is poised to grow at a CAGR of 12.5 % over the forecast period.

The outbreak of COVID-19 has turned the spotlight on the studied market as most of the biopharmaceutical players are involved in the development of novel therapeutics against the SARS-CoV2 virus. However, the research and development activities of non-COVID-19 drugs have slowed down due to the stringent guidelines by the regulatory authorities during the pandemic.​ According to a study that was published in the American Chemical Society Pharmacology and Translational Science, 2020, new potential therapeutics for COVID-19 that were discovered using a combined virtual and experimental screening strategy and chosen from among the medications that were already in use were examined to check for structural similarity against a library of almost 4000 medications that were already in use, with hydroxychloroquine (HCQ) serving as a reference medication. The study suggested remdesivir and favipiravir therapies as prospective adjuvants in COVID-19 treatment as well as zuclopenthixol, nebivolol, and amodiaquine as potential candidates for clinical trials against the early phase of the SARS-CoV-2 infection. Additionally, more than 1000 clinical trials are currently being conducted to repurpose FDA-approved medications and evaluate the safety and efficacy of investigational antiviral compounds in the fight against COVID-19, according to the study Drug Discovery of Small Molecules for the Treatment of COVID-19: A Review on Clinical Studies in 2021. This review concentrates on the potential of currently available FDA-approved medications and molecules that are in the clinical pipeline to treat viral infections like HIV, hepatitis B, Ebola virus, and other coronavirus family viruses because new medications can take months to years to develop and reach the market (SARS-CoV and MERS-CoV). Thus, the market was adversely affected by the pandemic.

The major factors attributing to the growth of the viral inactivation market are a rise in the global prevalence of chronic diseases like cancer, autoimmune disorders, and other diseases along with an increase in healthcare expenditure. Globocan 2020 reported that in 2020, the 5-year prevalence of all types of cancers in both sexes is 2,166,740 in Africa. It has also been reported that out of these cases, 1,298,101 cases were reported in females and 868,639 cases were reported in males of all ages. Such a large prevalence of cancer is driving the growth of the market over the forecast period. Additionally, the same source also reported the 5-year prevalence of cancer cases in Saudi Arabia there are about 82,640 cases of all types of cancer in both sexes and out of which 39,241 cases were reported in males and 43,399 cases in females in 2020. Rising approvals from Food and Drug applications for drug candidates are also expected to drive the growth of the studied market. For instance, according to the data published on Mid-Year Review: New Drug Approvals in June 2021, the United States Food and Drug Administration's (FDA) Center for Drug Evaluation and Research (CDER) has authorized 26 New Molecular Entity’s (NMEs) at the halfway point of 2021 (as of June 28, 2021), which was on par with the full-year 2020 approval rate of 53 NMEs. Except for 2018, when 59 NMEs were granted, the number of NMEs approved in 2020 was the second most in the last decade. ​ The rising approvals from FDA will further boost the research and development activities, which will in turn need toxicology screening studies which are expected to increase the adoption of viral inactivation technologies, thereby expected to propel the growth of this market. ​Thus, the above-mentioned factors are expected to increase market growth.

Key Market TrendsVaccines and Therapeutics Segment is Expected to Hold the Largest Market Share in the Viral Inactivation Market

The vaccines and therapeutics segment is anticipated to hold the largest market share in the viral inactivation market. The highest market revenue is due to higher incidences and the huge economic burden of chronic diseases such as Cancer, which demanded the inactivated vaccines along with increasing government support for pharmaceutical and biotechnology industries to invest in the R&D of novel therapeutics. According to International Agency for Research on Cancer (Globocan) 2020 figures, 495,773 new pancreatic cancer cases were diagnosed worldwide in 2020. The figures from GLOBOCAN 2020 also pointed out that the incidence of new pancreatic cancer cases in very high HDI (Human Development Index) countries was recorded at 275,036, followed by 187,205 in high HDI countries. Medium and low HDI countries had 24,705 and 8,586 cases, respectively. Similarly, increasing initiatives by market players are expected to increase the market growth. . In March 2022, Singapore-based biopharmaceutical company Prestige Biopharma (PBP) announced that its Innovative Discovery Centre (IDC) is under construction in Busan, South Korea. The IDC will lead PBP’s future vision through activities such as the development of antibody therapeutics, including pancreatic cancer treatment, and cutting-edge vaccine technology. There are also plans to introduce vaccines that can be used to treat pancreatic cancers. In October 2020, scientists from the Francis Crick Institute, London, United Kingdom presented an experimental immunotherapy-based vaccine that specifically targets the KRAS gene that is involved in the development of many types of cancer. Thus, the abovementioned factors are expected to increase the market growth.

North America is Expected to Dominate the Market Over the Forecast Period

North America is expected to dominate overall market, throughout the forecast period. In North America, the United States holds the largest market share in terms of revenue. Also, advanced healthcare infrastructure, the presence of major pharmaceutical and biopharmaceutical companies, and significant healthcare R&D expenditure by the government and companies in the United States are the key factors estimated to fuel the market in North America. According to ClinicalTrial.gov, Canadian pharmaceutical companies and research institutions had robust R&D pipelines in 2021, with 5,659 new studies in various stages of evaluation, 1,397 (24%) of which were in Phase III clinical trials approved by the food and drug administration (FDA) or EMA (European Medicines Agency), representing a wide range of therapeutic areas, and this condition will boost the market growth in the country. The Canadian government's Plan to Mobilize Science in 2020 includes USD 192 million for coronavirus research and medical countermeasures and also the government has invested up to USD 56 million to support clinical trials for a COVID-related vaccine candidate from Variations Biotechnologies Inc. Similarly, Mexico aims to strengthen pharmaceutical research and manufacturing in the long term in 2021 reported that Mexico plans to release its National Pharmaceutical Policy in April 2022, which will address a variety of supply chain and regulatory challenges, and the framework collaboration agreements signed by Mexico will strengthen scientific research and foster pharmaceutical innovation, and this will help in increase of drug discoveries in the country, thus increase the demand for viral inactivation. Moreover with new funding from Michigan Drug Discovery in 2021, researchers from throughout the University of Michigan are looking into ways to manage pain, cancer, and infection. In which four of the five studies will look for novel biologically active compounds that can be used to target crucial drug discovery targets, and this drives the market. Hence, owing to the above conditions the studied market is expected have a faster growth over the forecast period.

Competitive Landscape

The viral inactivation market is moderately consolidated, and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market with various development strategies. Some prominent players are making acquisitions and effective mergers to consolidate their market positions across the globe. Furthermore, new entrants are expected to enter the market with innovative product pipelines and continuous technological innovations that increase the market revenue over the forecast period. Some of the major market players are Cytiva (Danaher Corporation), Merck KGaA, Parker Hannifin Corp, Sartorius AG, and Texcell SA among others.

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