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Viral Vector Manufacturing Market Report 2024 - Viral Vector Manufacturing Market Trends, Size And Opportunities
Viral Vector Manufacturing Market
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According to The Business Research Company's, The viral vector manufacturing market size has grown exponentially in recent years. It will grow from $5.82 billion in 2023 to $7 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to growth in pipeline of gene therapies, clinical success and approvals, increased investment in biopharmaceuticals, increased prevalence of genetic disorders.
The viral vector manufacturing market size is expected to see exponential growth in the next few years. It will grow to $14.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to expanding applications in oncology, global collaborations in gene therapy research, adoption of viral vectors in vaccine development, continued clinical trials and commercialization. Major trends in the forecast period include technological innovations in vector production, emergence of next-generation vectors, regulatory compliance and standardization, collaborations and partnerships, global expansion of manufacturing facilities.
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Market Drivers and Trends:
The increase in the prevalence of cancer and infectious diseases is expected to propel the growth of the viral vector manufacturing market going forward. An infectious disease refers to a condition brought on by a virus or its toxic byproduct and spread to a susceptible host via contact with an infected person, animal, or item. Cancer refers to a broad range of illnesses that can develop in any organ or tissue of the body when aberrant cells grow out of control, cross their usual boundaries to invade neighbouring organs, and spread to other organs. Tumor antigens, or proteins on tumor cells, are produced via viral vectors to elicit the body's anticancer immune response. In pre-clinical and clinical trials, viral vectors have served as vaccines against various infectious illnesses. For instance, in May 2022, according to the World Health Organization, a Switzerland-based specialized health agency, compared to 245 million cases in 2020, there were 247 million cases of malaria in 2021. Furthermore, in June 2023, according to the Centers for Disease Control and Prevention, a US-based Department of Health and Human Services, there were 1,603,844 new cancer cases and 602,347 cancer-related deaths in the US in 2020. Therefore, the increase in the prevalence of cancer and infectious diseases is driving the growth of the viral vector manufacturing market.
Product innovation is a key trend gaining popularity in the viral vector manufacturing market. Major companies operating in the viral vector manufacturing market are introducing product innovations to sustain their position in the market. For instance, in August 2022, Merck KGaA, a German-based science and technology company, launched the VirusExpress 293 Adeno-Associated Virus (AAV) Production Platform. One of the first Contract development and manufacturing organizations and technology creators to offer an entire viral vector manufacturing package, including AAV, Lentiviral, CDMO, CTO, and process development. With the help of this innovative platform, biopharmaceutical businesses may shorten the time and expense of process development while accelerating the time to clinical manufacture
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Sanofi S.A., Thermo Fisher Scientific Inc., Merck Group, FUJIFILM Holdings Corporation, Lonza Group, Catalent Inc., Sartorius AG, Charles River Laboratories International Inc., AGC Biologics, Ultragenyx Pharmaceutical Inc., Novasep Holding SAS, Aldevron LLC,Oxford Biomedica plc, REGENXBIO Inc., LakePharma Inc., Voyager Therapeutics Inc., Mustang Bio Inc., Regenxbio Inc., VGXI Inc., BioNTech IMFS GmbH, FinVector Oy, Vigene Biosciences Inc., Univercells Technologies, Sirion-Biotech GmbH, Cevec Pharmaceuticals GmbH, Batavia Biosciences BV.
Viral Vector Manufacturing Market 2024 Key Insights:
• The viral vector manufacturing market size is expected to see exponential growth in the next few years. It will grow to $14.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%.
• Impact Of Rising Cancer And Infectious Diseases On The Viral Vector Manufacturing Market
• Product Innovation In The Viral Vector Manufacturing Market
• North America was the largest region in the viral vector manufacturing 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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