by West Nile virus is a flavivirus that is transmitted through bites of infected mosquitoes. The infection caused by the virus can cause West Nile fever or severe West Nile disease. Growing prevalence of West Nile virus infections and rising research and development activities for developing effective vaccines and drugs for treatment are the major factors propelling growth of the market.
The global West Nile Virus Market is estimated to be valued at US$ 634.8 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing Research and Development Activities
The key trend propelling the growth of the West Nile virus market is increasing research and developmental activities in the sector. Market players are focusing on developing advanced vaccines and drugs to treat West Nile virus infection. For instance, in June 2020, researchers from Walter Reed Army Institute of Research, in collaboration with VBI Vaccines Inc., initiated phase 1 safety and immunogenicity trial of VBI-1901, a novel recombinant, enveloped virus-like particle (VLP) vaccine against West Nile virus. Such ongoing clinical trials and new drug developments are expected to bring novel treatment options and drive the market growth over the forecast period.
SWOT Analysis
Strength: The market has strong presence of key players who are constantly investing in R&D to develop advanced treatment and diagnostic options.
Weakness: Virus spreads rapidly and vaccines have limited efficacy, there are chances of resurgence. Early symptoms are flu like hence it is difficult to diagnose exact cause at early stage.
Opportunity: With rising incidence rates across regions, there remains need for advanced preventive measures and wide vaccination programs. Governments are increasing funding for awareness programs.
Threats: Environmental changes can support rapid spread in new regions. Other mosquito borne diseases hinder exact diagnosis of West Nile virus.
Key Takeaways
Global West Nile Virus Market Size is expected to witness high growth over the forecast period.
Regional analysis
The North American region currently dominates the market due to high prevalence in countries like United States. As per CDC data, more than 2,100 cases were reported in US in 2021. The region is expected to retain its dominance during the forecast period due to widespread vaccination programs and advanced healthcare facilities. Asia Pacific is expected to be the fastest growing market supported by developing healthcare infrastructure and rising medical tourism in countries like India.
Key players
Key players operating in the West Nile virus market are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffmann-La Roche, Novartis, Cipla, Gilead Sciences. Sanofi and Pfizer collectively hold over 35% market share due to their flagship vaccines for West Nile. Other major players are focusing on expanding regional presence with collaborative supply agreements with governments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
