Viral Vector Manufacturing Market is anticipated to grow at a CAGR of 15.2% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Viral Vector Manufacturing Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global viral vector manufacturing market accounted for over US$ 350 million in 2019. It is anticipated to grow at a CAGR of 15.2% from 2020 to 2030.
The growth of the viral vector manufacturing market can be attributed to several factors such as increased incidences of infectious diseases, increased utilization of viral vectors to develop gene therapies and vaccines, and increased support & investments in gene therapies and vaccines. However, challenges associated with viral vector production & manufacturing, the presence of stringent regulatory policies, and risks associated with viral vectors may hamper the growth of the vector industry over the forecast period.
Due to the increasing incidences of various life-threatening diseases, such as diabetes, heart diseases, HIV, cancer, and hemophilia A, the development of therapies involving viral vectors is in high demand. Scientists utilize viral vectors to establish curative medicines for cancers including prostate cancer, skin melanoma, lung & bronchial cancer, and others. This is because viral vectors are a promising method for vaccine production and gene therapy. Thus, the rising prevalence of chronic diseases during the forecast period will contribute to the growing global demand for viral vectors at a CAGR of over 15 percent.
The utilization of viral gene transfer vectors has expanded due to the acceptance of treatments, the introduction of late-stage clinical trials to treat genetic defects & various types of cancer, and the need for vaccinations to prevent infectious diseases. With growing interest around viral vectors and their widespread adoption by biopharmaceutical industries, there is an imperative on engineering safer & more efficacious vectors and cost-effective production platforms for industrialization. Additionally, adeno-associated virus vectors are among the most widely utilized in vivo gene therapy virus vectors since they can transduce non-dividing and dividing cells, further contributing to long-term and stable transgene expression. This trend will have a positive effect on the overall growth of the sector.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Viral Vector Manufacturing Market By Type (Adenoviral Vectors, Retroviral Vectors, and Adeno-associated Viral Vectors), By Disease Indication (Cancer, Genetic Disorders, and Infectious Disease), By Application (Vaccinology andGene Therapy), and By End-User (Research Institutionsand Pharmaceutical & Biopharmaceutical Companies) – Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/viral-vector-manufacturing-market/365
The high cost of manufacturing and possible mutagenesis are factors that will hamper growth of the global viral vector manufacturing market to a certain extent during the forecast period. Additionally, in-house manufacturing has been hampered to some extent by the lack of expertise in terms of scale, complexities, and quality assurance for vector production.
North America will hold a major market share during the forecast period. It is primarily due to advancements in medical treatment practices and increasing healthcare spending by countries in the region. Additionally, the Alliance for Cancer Gene Therapy (ACGT) is a U.S. public charity foundation that offers support for progress from laboratory to clinical trials of cancer gene therapies.
The prominent players in the viral vector manufacturing market are Spark Therapeutics, Inc., Brammer Bio, Merck KGaA, Lonza, Oxford BioMedica, uniQure, CGT Catapult, Novasep, Creative Biogene, and Thermo Fisher Scientific Inc., among others
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