Market Overview:
The global viral vector vaccines market was valued at US$ 738.4 million in 2022 and is projected to expand at a CAGR of 3.9% over the forecast period (2023 to 2033), as per this latest market study by Persistence Market Research. Demand for viral vector vaccines is set to reach US$ 1.23 billion by the end of 2033.
Development of gene therapy has paved the way for the use of viral vectors in vaccine development. This has led to the expansion of viral vector technology beyond traditional vaccine development. Advancements in technology have allowed for the creation of more efficient and safer viral vector vaccines. Use of synthetic biology and CRISPR/Cas9 has allowed for more targeted and precise gene editing. Use of viral vectors in gene therapy has led to the expansion of viral vector technology beyond traditional vaccine development.
The success of gene therapies for genetic disorders has demonstrated the potential of viral vectors to target specific cells or tissues. Viral vector vaccines, which use weakened or modified viruses to deliver genetic material into cells to stimulate an immune response, have shown promise in treating a range of diseases, including cancer, HIV/AIDS, and other infectious diseases.
Other than this, an increase in government and private funding for the development of viral vector vaccines has encouraged pharmaceutical and biotech companies to invest in the development of these vaccines. Furthermore, the increase in government and private funding for research and development of gene therapy and viral vector vaccines has encouraged pharmaceutical and biotech companies to invest in the development of these therapies. All these factors will boost the global demand for this market over the forecast period.
Market growth Factors:
The viral vector vaccines market has witnessed significant growth in recent years, driven by several key factors:
- Efficacy and Safety: Viral vector vaccines have demonstrated high efficacy and safety profiles in clinical trials. This track record has increased confidence among both healthcare professionals and the general public, driving demand for these vaccines.
- Pandemic Preparedness: The COVID-19 pandemic underscored the importance of rapid vaccine development and deployment. Viral vector platforms proved valuable in developing and distributing vaccines at an unprecedented pace, leading to increased investment and interest in this technology for future pandemic preparedness.
- Versatility: Viral vectors can be engineered to carry a wide range of antigens, making them versatile platforms for vaccine development. This flexibility allows for the targeting of various diseases, including infectious diseases, cancers, and genetic disorders.
- Long-Lasting Immunity: Viral vector vaccines can elicit strong and durable immune responses, which is particularly important for diseases that require long-term protection. This property makes them suitable for diseases like HIV and malaria.
- Technology Advancements: Ongoing advancements in viral vector design, manufacturing, and delivery techniques have improved the efficiency and scalability of viral vector vaccine production. These developments have reduced production timelines and costs.
- Global Health Initiatives: Organizations like the World Health Organization (WHO), Gavi, the Vaccine Alliance, and governments worldwide are investing in viral vector vaccine development to address global health challenges and ensure equitable access to vaccines.
- Biotechnology Investments: Biotechnology companies and research institutions are heavily investing in viral vector research and development. This financial support has accelerated vaccine development programs.
- Collaborations and Partnerships: Collaborations between pharmaceutical companies, research institutions, and governments have facilitated the pooling of resources, expertise, and funding to advance viral vector vaccine projects.
- Regulatory Support: Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), have provided streamlined pathways and support for the development and approval of viral vector vaccines, expediting their entry into the market.
- Public Awareness and Acceptance: Public awareness and acceptance of viral vector vaccines have increased as a result of successful COVID-19 vaccination campaigns. This acceptance has positively influenced vaccination rates for other diseases and conditions.
- Emerging Infectious Diseases: The continued emergence of new infectious diseases and variants has highlighted the need for rapid vaccine development platforms like viral vectors to respond to evolving threats.
- Market Competition: Competition among pharmaceutical companies and biotech firms has spurred innovation and investment in viral vector vaccine research, leading to a diverse pipeline of vaccine candidates.
- Global Immunization Efforts: Efforts to achieve universal immunization coverage and address preventable diseases have created a sustained demand for viral vector vaccines.
Key Takeaways from Market Study
- The global viral vector vaccines market is predicted to reach a valuation of US$ 1.23 billion by the end of 2033.
- The adults segment held a market share of 64.5% in 2022.
- By distribution channel, hospitals led with a market share of 67.5% in 2022.
- The Middle East and Africa dominated the global market with North Africa contributing US$ 205.6 million in revenue in 2022.
- North America accounted for 28.7% market share in 2022.
“Advancements in biotechnology & genetic engineering and increased R&D activities are expected to boost the demand for viral vector vaccines over the forecast period,” says an analyst at Persistence Market Research.
Market Competition
Leading manufacturers of viral vector vaccines are focusing on developing partnerships and collaborations with other companies as well as government institutes to expand their R&D activities related to various vaccines. Apart from this, they also involve themselves in expanding manufacturing capacity and diversifying product portfolios.
- In January 2021, Merck and UNICEF inked a contract to create the Ebola vaccine stockpile with ERVEBO. The ERVEBO vaccination is a significant milestone in the battle against Ebola, resulting from groundbreaking innovation and worldwide collaboration. The vaccination is recommended for individuals aged 18 and up to prevent illness caused by the Zaire ebolavirus.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the viral vector vaccines market in its latest study, presenting a historical demand assessment for 2017 to 2022 and projections for 2023 to 2033.
The research study is based on patient (pediatric and adults) and distribution channel (hospitals and government institutes), across four regions of the world (North America, Europe, East Asia, and the Middle East and Africa [MEA]).
You Can Customize this Report As per Your Requirement Click Here@ https://www.persistencemarketresearch.com/request-customization/32746
Market Segmentation:
Patient:
- Pediatric
- Adults
Distribution Channel:
- Hospitals
- Government Institutes
Region:
- North America
- Europe
- East Asia
- Middle East & Africa
Persistence Market Research’s Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Persistence Market Research
Teerth Technospace, Unit B-704
Survey Number 103, Baner
Mumbai Bangalore Highway
Pune 411045 India
Email: [email protected]
Web: https://www.persistencemarketresearch.com
COMTEX_443890633/2840/2023-11-23T03:44:29
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.