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Viral Inactivation Market Report 2024 - Viral Inactivation Market Size, Trends And Demand
Viral Inactivation Market
According to The Business Research Company's, The viral inactivation market size has grown strongly in recent years. It will grow from $4.54 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to global air traffic growth, enhanced navigation capabilities, commercial aviation expansion, airline cost savings, improved flight safety, reduction in pilot workload.
The viral inactivation market size is expected to see rapid growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to autonomous flight development, next-generation aircraft designs, efforts for sustainable aviation, urban air mobility (uam), increasing demand for aircraft. Major trends in the forecast period include integration of advanced avionics, implementation of artificial intelligence, human-machine interface (hmi) innovations, retrofitting existing aircraft, global navigation satellite system (gnss) integration..
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Market Drivers and Trends:
Growing instances of various infectious diseases are expected to propel the growth of the viral inactivation market, going forward. Infectious diseases refer to the conditions that transmit from one individual to another, via polluted foods and beverages, and through pathogens such as viruses, bacteria, fungi, and parasites. Viral inactivation is widely applicable in human disease-control programs to inactivate viruses using physical and chemical disinfectants to prevent the spread of contagious viral infections, resulting in the growth of the viral inactivation market. For instance, in December 2022, according to the 'Annual Epidemiological Report for 2021', published by European Centre for Disease Prevention and Control, a Sweden-based, European Government Health Agency, 2021, the distribution of hepatitis C cases and rates per 100,000 population, in Germany, reached 4,718 cases and 5.7 rates respectively from 4,536 cases 5.5 rates in 2020. Therefore, the growing instances of various infectious diseases are driving the growth of the viral inactivation market.
The increasing use of technologically advanced processes is a key trend gaining popularity in the viral inactivation market. Companies operating in the viral inactivation market are adopting technologically advanced processes to sustain their position in the market. For instance, in March 2022, WuXi Advanced Therapies, a wholly owned subsidiary of WuXi AppTec, a China-based, biopharmaceutical company, launched Tetracycline-Enabled Self-Silencing Adenovirus (TESSA) Technology. This cutting-edge technology has enabled, the approval of new therapies by conducting all assay formulation, biosafety, viral clearance, product release, and testing, done simultaneously, in-house. This technique is a novel innovative method for producing adeno-associated virus (AAV) at Good Manufacturing Practices (GMP) grade without the need for transfection.
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Major Key Players of the Market:
Merck & Co. Inc.; PARKER HANNIFIN CORP.; Sartorius AG; Texcell SA; SGS SA; Charles River Laboratories Inc.; Clean Cells SAS; Rad Source Technologies; WuXi AppTec; Sigma-Aldrich Co. LLC; Thermo Fisher Scientific Inc.; Macopharma; Cerus Corporation; TERUMO BCT INC.; Shandong Weigao Group Medical Polymer Co. Ltd.; SCI Automation Pte. Ltd.; Pall Corporation And Eurofins Scientific; General Electric Company; Cytiva; Mettler Toledo; Viral Inactivated Plasma Systems SA; Eurofins Scientific SE; Lonza Group AG; Avantor Inc.; Bio-Rad Laboratories Inc.; F. Hoffmann-La Roche AG; Fujifilm Holdings Corporation; Pfizer Inc.; Novartis AG; Gilead Sciences Inc.; Johnson & Johnson Private Limited
Viral Inactivation Market 2024 Key Insights:
• The viral inactivation market size will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Rising Prevalence Of Infectious Diseases To Drive Market Growth
• Technological Advancements Driving Innovation In Viral Inactivation Market
• North America was the largest region in the viral inactivation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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