Viral Clearance Market is anticipated to grow at a double digit CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Viral Clearance Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global viral clearance market is estimated to be over US$ 200 Mn in 2017. It is anticipated to grow at a double digit CAGR from 2019 to 2030.
The continual increasing adoption of biopharmaceuticals, namely biologics and other biotherapeutics has presented a bright prospect for the growth of viral clearance market. Increasing funding for R&D has further led to wide scale application of such techniques and application of virus clearance devices.
Growth of Biotechnology & Pharmaceutical Industries
Increasing preference for biopharmaceuticals and other forms of biotherapeutics have been crucial in governing the extensive growth of the biotechnology and pharmaceutical industries. In India, the biopharmaceutical sector accounted for the highest share, approximately around 64% of the entire biotechnology industry. Similarly, in the year 2016, the Indian biotechnology industry witnessed a staggering YoY growth of 57.14%. Growing preference for biopharmaceuticals owing to benefits has been pivotal in complementing the growth of these industries. Growth of these industries is anticipated to substantially contribute to the growth of viral clearance market, as these products are extensively used in these industries to obtain contamination free products and laboratories.
Increasing Investments in R&D
Rising prevalence and incidences of several diseases worldwide has triggered the need for advanced R&D scenario across all sectors of biotechnology, pharmaceuticals and research establishments. Both public and private sectors are now focusing on new innovative techniques, ideas to obtain latest medical breakthroughs. According to studies, it was estimated that the total spending on R&D by mid-market biotechnology companies, witnessed an increment of approximately 18% between 2015 and 2016. Growing need to address several forms of ailments has been crucial in dictating the funding and R&D spending by governmental establishments as well as major market players and other research institutes. Increasing R&D investments and spending is anticipated to positively contribute to the growth of the global viral clearance market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Viral Clearance Market by Method (Viral Removal, and Viral Inactivation) Application (Blood & Blood Products, Recombinant Proteins, Vaccines), End User (Pharmaceutical & Biotechnology Companies, Academic Research Institutes, Contract Research Organizations) and Region - Global Forecast to 2023 - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/viral-clearance-market/18
High Costs and Time Associated with Drug Development Process
Drug development process incurs costs and is a time consuming procedure and is one of the major factors affecting the growth of the viral clearance market. The entire process of drug formulation is extremely tedious, requiring soaring investments both in terms of revenue as well as technology and man power. Thereby, increasing cost of the products, also various regulatory approvals are required accompanied with stringent government rules making this a process costly and is time consuming. Hence, limiting the use of viral clearance studies and techniques and restraining the extensive growth of the market during the forecast period
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing growth of the biopharmaceutical industry, continuously growing economy, and increasing burden of chronic diseases is anticipated to present a lucrative growth scenario for the viral clearance market in this region. Furthermore, improving research facilities, coupled with increasing R&D expenditures in the region is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Viral Clearance Market
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