Respiratory Syntactical Virus (RSV) Market is anticipated to grow at 10.3% CAGR from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Respiratory Syntactical Virus (RSV) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Respiratory Syntactical Virus (RSV) market is estimated to be over US$ 1.73 Billion in 2019. It is anticipated to grow at 10.3% CAGR from 2020 to 2030.
The respiratory syncytial virus is a common and contagious virus, which is capable of affecting the respiratory tract of both adults and children. An RSV infection can also result in serious issues such as bronchiolitis and pneumonia in children younger than 1 year, especially in the United States. As for elderly people, this infection can be the cause of pneumonia, congestive heart failure, can worsen the cases of patients suffering from asthma and chronic obstructive pulmonary disease (COPD).
The respiratory syncytial virus market growth is acknowledged owing to the growing global burden of this virus. For instance, the Centers for Disease Control and Prevention’s statistics unveiled that around 177,000 elderly patients are hospitalized due to respiratory syncytial virus among which approximately 14,000 people die in the US per year. Besides, the growth recorded in the neonatal population base along with the robust demand for point of care facilities and in-vitro diagnostics also boost the business revenue generation for the market. Furthermore, the adoption of molecular diagnostics over immunoassays and the high approval rate of RSV diagnostic kits also propels the growth of the RSV market during the projected years.
On the other hand, factors such as the high cost of the treatment along with limited standardization norms for drugs and vaccines coupled with the existence of other pathogens resulting in similar respiratory distress conditions are likely to hamper the business growth. Alongside this, the innovations in diagnostic methods are expected to offer lucrative market growth opportunities in the near future. However, the on-going developments of RSV vaccines pose a major threat, hampering the global market growth.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Respiratory Syntactical Virus (RSV) Market, By Drugs Type (Palivizumab, and Ribavirin), By Dosage Form (Oral, and Injectable), By Diagnostics Method (Rapid Antigen Diagnostic Test, Direct Fluorescent Antibody Method, Gel Microdroplets, Chromatographic Immunoassay, Molecular Diagnostics, Diagnostic Imaging, and Flow Cytometry), By End-Use (Drug Stores and Retail Pharmacies, Hospitals and Clinics, and Clinical Laboratories) – Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/respiratory-syntactical-virus-rsv-market/416
Moreover, there is no approved drug or vaccine available to prevent or treat this infection. However, the patients are treated only by administrating prophylaxis drugs, including Palivizumab. However, the key player is focusing on the invention and development of a drug or a vaccine with better efficiency. This, in turn, favors the expansion of the global respiratory syncytial virus industry size. For instance, the efforts of Astra Zeneca resulted in the market approval of Synagis, the only approved immune-prophylaxis for pediatrics. In addition, Novavax Inc.’s achievement to compete in Phase 3 trials for RSV F Nanoparticle for maternal applications is also favoring the market growth.
Region-wise, North America dominates the RSV market, owing to the prevalence of this infection, majorly in infants, the presence of prominent players, increasing awareness among people. For instance, the data presented by the U.S. Department of Health & Human Services revealed that nearly half of the total children population globally gets infected with the respiratory syncytial virus within the first two years of birth, accounting for the viral infection outbreaks in winter and spring.
However, the Asia Pacific region is acknowledged to be the fastest-growing segment, owing to the launch of new products to prevent RSV infections, especially in India and urban China. Besides, Synagis is the only licensed product in Australia, South Korea, and Japan for the prevention of RSV infections in infants, which favors the market growth in this region. On the flip side, the high cost coupled with the restrictive label that has narrowed its applications to only the highest-risk infants may slow down the demand for therapeutics treating the infection.
Some prominent players in the respiratory syntactical virus market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, AbbVie, Inc., AstraZeneca Plc., ReViral Ltd., Becton, Dickinson, and Company (BD), Biocartis Group, BioMérieux SA, Teva Pharmaceuticals Industries, Thermo Fisher Scientific Inc., Danaher Corporation, Gilead Sciences, Inc., GlaxoSmithKline plc., Hologic, Inc., Luminex Corporation, MEDIVIR AB, Merck & Co., Inc., Fast Track Diagnostics Luxembourg S.à r.l., Valeant Pharmaceuticals International, Inc. among others.