Virology Market

Virology Market Size (2023 to 2028)

The global virology market is expected to showcase a CAGR of 6.53% from 2023 to 2028, and the market size is expected to be worth USD 3.28 billion by 2028 from USD 2.39 billion in 2023.

Virology is the branch of the sciences that focuses on studying viruses.

MARKET DRIVERS:

The growing number of patients suffering from diseases such as hepatitis, STDs, AIDS, and flu is propelling the virology market growth worldwide.

With the growing incidence of various infections, the demand for diagnostic tests, vaccines, and antiviral drugs is also growing. Poor hygiene and the emergence of new viruses are majorly contributing to the growing prevalence of viral infections. In research and therapy, virology has a specific use in gene therapy or vaccinology, which is undoubtedly a key driving factor for the global virology market to grow eventually. The rise in the incidences of various chronic disorders also promotes the market’s growth rate. In addition, the increasing number of initiatives and growing efforts by the government and non-government organizations to promote awareness around the availability of various diagnostic and treatment procedures are fuelling the growth rate of the virology market. The rising number of patients suffering from Flu, Zika virus, STDs, AIDS, and Ebola virus is also leveraging the market’s growth rate.  In 2016, the spread of the Zika virus in the Western Hemispheric region was officially announced by WHO as a warning signal. Furthermore, the disease vector Aedes aegypti, as a strong thrives in subtropical and tropical climate conditions, helped the global virology market to see aggressive growth. Stringent rules and regulations by the government to approve new products regarding people’s safety are showcasing a favorable impact on the virology market growth. 

The growing R&D efforts by the market participants further accelerate the growth of the global virology market. In addition, extensive virology applications in various therapies such as phage therapy, gene therapy, synthetic biology, and the formulation of vaccines are adding fuel to the growth. Moreover, an extension of virology fields, including pediatric virology, computational virology, molecular virology, and other forms. Also, during the forecast period, the awareness of programs worldwide and high research prospects are expected to see a spike, which is further predicted to favor the global virology market.

Furthermore, the emergence of the latest technologies in the medical sector and the focus on introducing innovative products are anticipated to create growth opportunities for the virology market. Besides, the rise in investments in pharmaceutical companies by public and private institutes significantly influences the growth rate of the virology market. Escalating healthcare services expenditure is also one factor fuelling the virology market growth.  As per the WHO (World Health Organisation), approximately 3.5 million people passed away due to COPD (chronic obstructive pulmonary disease), and nearly 235 million people have asthma. YOY growth in the population suffering from tuberculosis is the primary factor driving the demand for the bacteriology testing and virology markets. This growing incidence and prevalence are expected to offer significant growth scope to the global virology market. Furthermore, the rise in healthcare expenditure in developed and developing countries, the increasing investments by private and public bodies, and technological advancements in this field further boost the market's growth rate. Additionally, reimbursement policies in developing countries and regulating the scenarios in several ways are spurring the virology market.

MARKET RESTRAINTS:

However, fluctuations in the prices of vaccines and drugs due to the decreasing availability of raw materials are slowly degrading the market demand. The absence of skilled people in laboratories to deal with the latest equipment is also hampering the growth rate of the virology market. The challenging factor for the virology market players is the lack of standardization. Frequent changes in economic strategies may also negatively impact the growth rate of this market.

Impact of COVID-19 on the global virology market:

The recent severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) outbreaks (COVID-19) were brought to global attention and declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The COVID-19 pandemic has significantly affected the global economy at different levels, including the healthcare sector. Coronaviruses are small enveloped positive-stranded RNA viruses. The viral RNA genomes of these viruses are the largest known. Virology studies viruses and bacteria, identifying, classifying, and characterizing different species. Various methods can be used to diagnose viral infections, such as specific antibody identification, cell culture system, virus nucleic acid detection, antigen detection, and gene sequencing. Immunoprophylaxis, antiviral chemotherapy, and interferon will also help to control viral infection. The global virology market's businesses consistently focus on preventing and curing multiple diseases. And so, certain disorders need ongoing research and development to obtain high-quality treatment. Virology and bacteriology testing may be used to diagnose diseases of the respiratory system, urinary tract, bloodstream, gastrointestinal and periodontal diseases, sexually transmitted diseases triggered by viruses and bacteria, etc. Considering all these factors, the Virology market has had moderate growth during this Covid-19 pandemic.

REPORT COVERAGE:

This research report on the global virology market has been segmented and sub-segmented based on type, application, end-user, and region.

Virology Market – By Type:

• Diagnosing Test     
  • DNA Viruses
  • RNA Viruses
  • Prions Diagnostic Test
  • Other Viral Tests
• Viral Infection Controlling Methods             
  • Immunoprophylaxis
  • Active Prophylaxis (Vaccines)
  • Passive Prophylaxis
• Antiviral Chemotherapy    
  • Virucidal Agents
  • Antiviral Agents
  • Immunomodulators
• Interferons             
  • Cytokines

Based on type, the diagnosing test segment holds the largest share in the global virology market due to the rise in early diagnosis prevalence. In addition, an increasing number of viral infections worldwide is lavishing the segment's growth.

Virology Market – By Application:

• Skin and Soft Tissue Infections       
• Respiratory Tract Infections             
• GI Tract Infections
• Urinary Tract Infections     
• Eye Infections       
• CNS Infections       
• Sexually Transmitted Diseases       
• Perinatal Infections

Based on application, the skin and soft tissue infections segment accounted for the largest global market share in 2021 and is anticipated to hold the most significant share during the forecast period. Continuous economic growth, especially in developed and developing countries, is likely to bolster the segment's growth rate.   

Virology Market – By End User:

• Hospitals  
• Clinics        
• Laboratories           
• Diagnostic Centres
• Blood Banks
• Pharmacies

Based on end-user, the hospitals and clinics segments together accounted for more than 50% of the global virology market share in 2021. The domination of these segments is projected to continue during the forecast period. The rise in the construction of hospitals with the latest equipment with the government's support is one of the key factors propelling the segmental growth.

Virology Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Regionally, the North American virology market is predicted to hold the highest share of the global market during the forecast period owing to the rapid adoption of advanced technologies. In addition, launching innovative products in favor of the end-users also magnifies the market's growth rate. As a result, the U.S. virology market led the North American region in 2021. Furthermore, the domination of the U.S. is anticipated to continue in the North American region during the forecast period owing to the growing adoption of technological developments such as portable diagnostics. On the other hand, the Canadian market is estimated to project a healthy CAGR during the forecast period.  

The European virology market captured the second-largest share of the global market in 2021 and is anticipated to hold promising occupancy in the global market during the forecast period. The growth of the European market is primarily driven by the growing developments in the healthcare infrastructure, affordable diagnosis tests for viral diseases, and facilitating diagnostics access.

The Asia Pacific virology market is projected to have the highest CAGR among all regions in the coming years owing to the rapidly growing population, increasing investments in the construction of hospitals, and growing efforts on R&D by pharmaceutical companies. Japan is one of the lucrative regional segments in the Asia-pacific and is expected to grow considerably in the coming years. Also, APEJ and Africa are witnessing the most promising growth opportunities over the forecast period. APEJ region compressing China country, and India Country are contributing the largest revenue share in the virology market.   

The Latin American virology market is anticipated to hold a considerable share of the global market during the forecast period.

The virology market in MEA is expected to grow at a moderate CAGR in the global market in the coming years.

KEY MARKET PLAYERS:

Companies playing a noteworthy role in the global virology market profiled in this report are Boehringer Ingelheim Corporation, Merck, and Co. Inc, GlaxoSmithKline plc, Abbott Laboratories, Novartis International AG, Siemens, Johnson & Johnson, AstraZeneca AB, and Roche.

RECENT MARKET HAPPENINGS:

• The existence of a strong product pipeline, like Merck and Abbvie, with their healthy pipeline products targeting different viruses, is expected to aid the growth of virology therapeutics in the coming future.
• In April 2020, an announcement was made by GSK that they joined forces with Sanofi. This collaboration of the two largest companies helps against COVID-19 by combining their innovative technology to develop a vaccine for COVID-19.
• In June 2020, a scientific collaboration was made between Clover and GSK to discover the vaccine for the COVID-19 pandemic. These collaborations result in output as data from research activities within a few months.
• In 2016, ebola, hepatitis C viruses, and MERS 2 were influenced predominantly by the virology industry. In addition, many collaborations and acquisitions were made between major key players as a solution because of Zika Virus dominance.